The market for oxygen scavengers is expected to register a CAGR of over 4%, during the forecast period. One of the key factors driving the market is the increasing demand for fresh and quality packaged food. However, the non-volatile nature of oxygen scavengers is likely to restrain market growth.
- The food and beverage industry is expected to dominate the market, during the forecast period.
- Increasing demand from industrial boilers is expected to create growth opportunities for the market, in the future.
- North America accounted for the highest market share globally.
Key Market Trends
Food and Beverage Industry to Dominate the Market
- The food and beverage industry accounted for the highest market share globally.
- Oxygen scavengers are used to extend the shelf life and maintain the natural efficacy of food products. They protect food products against oxygen degradation, thus increasing the shelf life, customer acceptability, and safety of food products.
- The use of oxygen scavengers in packaging eliminates the need for preservatives, thereby improving the quality of product offered to the consumer.
- In developing countries, like India and China, the demand for packaged, processed, and ready-to-eat food is growing at a high rate, owing to urbanization and changing lifestyle.
- Hence, the food and beverage industry is expected to dominate the market, during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- The Asia-Pacific oxygen scavengers market is witnessing strong growth, owing to the increasing demand from countries, like India and China.
- The Chinese food and beverage industry is enormous and plays an important role in the country’s economy. The food and beverage industry is expected to register continuous growth, due to the increasing number of the middle-class population, with more purchasing power, as well as growing attention on food safety and food quality.
- China is a hub for chemical processing, accounting for a major chunk of the chemicals produced worldwide. With the increasing demand for various chemicals worldwide, the demand for oxygen scavengers from this sector is projected to grow over the forecast period.
- Moreover, the consumption of oxygen scavengers is high in oil and gas, and the downstream production has increased in the country, further increasing the production capacities of petrochemicals, thus augmenting the consumption of oxygen scavengers in the country.
- India is the second-largest producer of food in the world, and one of the major consumers of packaged food and beverages. Increasing population and rising demand for packaged foods and flexible packaging are boosting the demand for oxygen scavengers.
- Hence, Asia-Pacific may witness the highest growth rate during the forecast period, owing to the aforementioned factors.
The market for oxygen scavengers is partially fragmented, as the market share is divided among several companies. Some of the key players of the market include BASF SE, MITSUBISHI GAS CHEMICAL COMPANY INC., Ecolab, Arkema, and Clariant, among others.
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