Global Oxygen Scavengers Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Oxygen Scavengers Market
The oxygen scavengers market is expected grow at a significant rate during the forecast period, majorly driven by the growing demand for flexible packaging. They have high oxygen absorption ability, which prevents the spoilage of food items and other consumables.
Growing Demand for Fresh and Quality Packaged food driving the Market
The increasing demand for high-quality packaged food is one the major drivers for the growth of oxygen scavengers market. Factors, such as increasing disposable income and changing lifestyle of the middle-class population in emerging countries are expected to fuel the demand for packaged food. This increase in demand is consequently expected to drive the growth of the oxygen scavengers market during the forecast period.
Food & Beverage Industry Dominating the Oxygen Scavengers Market Growth
The food & beverage segment is estimated to be the largest segment of the oxygen scavengers market during the forecast period. These scavengers are used to extend the shelf life and maintain the natural efficacy of food products. Oxygen scavengers protect food products against oxygen degradation, thus, increasing the shelf life, customer acceptability, and safety of the food products. The use of oxygen scavengers in packaging eliminates the need for preservatives, thereby improving the quality of product offered to the consumer.
Asia-Pacific Dominating the Oxygen Scavengers Market Growth
The Asia-Pacific oxygen scavengers market is projected to witness the highest growth during the forecast period, owing to factors, such as increasing demand for packaged food and growing urbanization in the region. India is the second largest producer of food in the world, and one of the major consumers of packaged food and beverages. The Indian packaging industry has been growing at an annual rate of about 9%. With the increasing population and rising demand for packaged foods, several food manufacturing MNCs are setting up their manufacturing base in the region, which, in turn, is increasing the demand for flexible packaging, thus boosting the demand for oxygen scavengers. China, Japan, India, and South Korea are some of the key countries in the region contributing to the growth of the oxygen scavengers market in Asia-Pacific.
Major Players: Mitsubishi Gas Chemical Company, BASF SE, Ecolab Inc., Clariant Ltd., and Kemira Oyj, Among others.
Reasons to Purchase Oxygen Scavengers Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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