by Oxygen scavenger compounds are chemicals added to products that require protection from oxygen to extend shelf life. They react with oxygen, preventing oxidation of packaged goods. Common oxygen scavengers react with molecular oxygen through oxidation-reduction reactions, making them an indispensable tool for packaging food, pharmaceuticals, and other oxygen-sensitive products. By removing oxygen from packages, scavengers help maintain product quality while extending shelf life.
The Global Oxygen Scavenger Market Size Is Estimated To Be Valued At US$ 2.4 Bn In 2024 And Is Expected To Exhibit A CAGR Of 5.4% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the Global Oxygen Scavenger Market are BASF SE, Mitsubishi Gas Chemical Company, Inc., Ecolab Inc., Clariant Ltd., Kemira OYJ, Arkema Group, Baker Hughes Company, Sealed Air Corporation, Solenis LLC, Polyone Corporation, Avient, Cortec Corporation. The increasing demand for extended shelf life of packaged foods and beverages coupled with rising online food delivery services is propelling oxygen scavenger consumption. Leading players are investing in R&D to develop innovative solutions and explore opportunities in emerging markets like Asia Pacific and Latin America to tap into the growing demand for food preservation globally.
Growing Demand In The Market:
The global packaged food market has been growing at a fast pace. The demand for longer shelf life and better preserved packaged food products is driving the oxygen scavenger market. These scavengers react with residual oxygen present in headspaces of rigid plastic and flexible packaging formats, creating a modified atmosphere ideal for food preservation.
Global Expansion Of Market:
BASF, Mitsubishi Gas Chemical Company and Clariant have been expanding their production facilities globally to tap into the growing demand. They are focusing on emerging markets in Asia Pacific and Latin America with rapidly growing food industries. The growth of the e-commerce industry with online food delivery boom is another key factor fueling opportunities.
Market Key Trends:
Sustainable polymers from renewable sources that can incorporate oxygen scavenging properties is a key trend. Such bio-based and compostable solutions help address environmental concerns over conventional petroleum-based packaging. Innovation in active and intelligent packaging with oxygen detection indicators is also gaining traction. Continuous innovation to develop new formulations compatible with various substrates will drive future growth in the oxygen scavenger market.
Porter’s Analysis
Threat Of New Entrants: Oxygen scavengers require expertise to develop and already contain strong competitors in the market.
Bargaining Power Of Buyers: There are various oxygen scavenger options available so buyers can negotiate on price.
Bargaining Power Of Suppliers: Suppliers have the advantage as their raw materials require specialized processing.
Threat Of New Substitutes: Limited threat as no close substitutes have been identified yet. Competitive Rivalry: Intense competition exists among major players due to their global presence.
The global oxygen scavenger market value is highly concentrated in North America and Europe. North America alone accounts for over 30% share due to the strong presence of key players and established end-use industries like food and beverages, pharmaceuticals.
The Asia Pacific region excl. Japan is poised to witness the fastest growth during the forecast period owing to the increasing food production and rising pharmaceutical sector in countries like China and India. Expanding middle-class population and their growing disposable income will further propel the market demand in the Asia Pacific region.
What are the key data covered in this Global Oxygen Scavenger Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Oxygen Scavenger Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Oxygen Scavenger Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Global Oxygen Scavenger Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Oxygen Scavenger Market vendors
FAQ’s
Q.1 What are the main factors influencing the Global Oxygen Scavenger market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Oxygen Scavenger Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Oxygen Scavenger market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
