The global oxygen scavengers market size is expected to be worth USD 2.67 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand for fresh, healthy, and quality packaged food is likely to propel market growth. The oxygen absorption properties offered by scavengers help in retaining the quality of various consumable products.
The demand for oxygen scavengers in food and beverage industry is witnessing a rise as they provide protection from various microorganisms, spoilage, color & nutrient loss, and rancidity of food. Food products, such as vegetables, fruits, dairy products, and processed foods, are perishable in nature and require protection from atmospheric oxygen. Other food products such as nuts, bakery items, and several beverages also require protection to extend their shelf life and reduce food wastage.
Additionally, augmenting demand from chemical and pharmaceutical industries is anticipated to accelerate the market growth. Rising research & development activities and various government regulations are likely to trigger the production, thereby driving the market demand. Due to the expanding uses of oxygen scavengers, a large number of manufacturers are inclined toward the market for the development of less toxic scavengers in an attempt to stay competitive.
Metallic oxygen scavengers accounted for 63% of the global market in 2016. The demand can be attributed to the widespread use, fast reaction, better quality, and cost-effectiveness of these scavengers. Non-metallic scavengers are likely to be used where metal detection poses a problem. The scavengers are used for dietary products that require the avoidance of contact with iron. The technological advancements in the market to develop advanced packaging solutions are likely to fuel the market demand over the forecast period.
North America is the leading market for oxygen scavengers owing to the growing concerns among the consumers regarding the safety and wastage of food. Extensive research & development carried out by leading manufacturers to develop packaging techniques to offer protection from outside oxygen in countries such as the U.S. and Canada is anticipated to propel market growth. Countries such as Germany, France, China, India, and Japan are also rapidly developing markets for oxygen scavengers.
The market is likely to register a CAGR of 4.9% from 2017 to 2025 on account of increasing awareness as well as health and safety concerns among the consumers. In terms of revenue, food and beverage segment is expected to denote the highest CAGR from 2017 to 2025 owing to expanding applications in the sector for oxygen scavengers in developed as well as emerging countries.
North America was valued at USD 580.4 million in 2016 and is expected to witness significant development on account of rising demand for fresh food that is healthy and can restore its nutrient value for a longer period of time
Key market players include BASF SE; Baker Hughes; Innospec Inc; Arkema Group; Accepta Ltd.; Clariant International Ltd.; Eastman Chemical Company; Sealed Air Corporation; PolyOne Corporation; Kemira OYJ; Mitsubishi Chemical Corporation; and Plastichem (PTY) LTD. The companies mainly focus on extensive innovation and increasing their production capacities to meet the global demand.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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