According to a report by Grand View Research, Inc., global oxygen scavengers market is projected to value USD 2.67 billion by 2025. Growing need for fresh, healthy, and high-quality packaged food products is anticipated to fuel demand for oxygen scavengers. They are likely to offer oxygen absorption properties to retain quality of consumable food items such as vegetables, dairy products, fruits, and bakery products.
High demand for fresh and quality packed food among consumers is expected to fuel growth of market in the coming years. Growing concerns regarding wastage of food owing to spoilage is likely to boost market growth. Increasing adoption of ready-to-eat food items owing to hectic schedules and long shelf-life can influence growth of market. Growing need for active packaging techniques to protect food from microorganisms and retain nutritional value is anticipated to boost growth of market during the forecast period (2014 to 2025).
Several health hazards related to use of oxygen scavengers can hinder market growth. More exposure or consumption of raw materials such as carbon, iron oxide, and hydrazine can be harmful to human health. In addition, it can also lead to irritation in eyes, headache, dizziness, breathing problems, and high blood pressure in humans. Hence, extra focus on instructions and safety measures can be taken into consideration while packaging of oxygen scavengers.
Full Research Report On Oxygen Scavengers Market Analysis: https://www.grandviewresearch.com/industry-analysis/oxygen-scavengers-market
The oxygen scavengers market can be segregated on the basis of product type, end-use, region. Based on product type, the market can be bifurcated into metallic and non-metallic. In 2016, metallic segment dominated the market and accounted for maximum market share. Growing use of metallic oxygen scavengers to prevent mold formation, spoilage, and color change in food items can boost demand. In addition, easy handling and quick reaction of these agents can fuel growth of segment.
On the contrary, the non-metallic segment is expected to grow at a fast pace during the forecast period. It had generated revenue close to USD 632.0 million in 2016. Increasing use of non-metallic oxygen scavengers to pack products where metal detection can form taints is likely to spur its demand in the forthcoming years.
Based on end-use, the market can be classified into pharmaceuticals, chemicals, oil & gas, food & beverage, and others. In 2016, food & beverage segment dominated the market and accounted for maximum market share. Increasing use of oxygen scavengers in food products to extend their shelf-life and prevent rancidity as well as loss of nutritional value can fuel market growth in the coming years.
Growing adoption of oxygen scavengers in boiler water treatment to remove dissolved oxygen can influence its demand in chemical industry. In addition, growing need for effective corrosion inhibitors in oil and gas companies can spur its demand in the forthcoming years. Moreover, oxygen scavengers can also be used in other industries such as electronics, sugar, power, and pulp & paper.
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Regional segmentation includes Europe, North America, Asia Pacific, South & Central America, and Middle East & Africa. In 2016, North America dominated the market and U.S. accounted for revenue share equivalent to USD 580.4 million in the same year. Growing need for hermetically sealed foods coupled with stringent food safety regulations outlined by the Environmental Protection Agency (EPA) can boost growth of market. In addition, increasing adoption of oxygen scavengers in food, chemical, and beverage sectors can spur market growth during the forecast period.
In Asia Pacific, the market is anticipated to grow well in the coming years owing to high demand for safe and healthy food producing least amount of wastage. In addition, shifting focus of manufacturers towards emerging countries such as India and China coupled with expansion of end-use industries can encourage demand for oxygen scavengers in this region.
In Europe, Germany and France are expected to contribute to regional demand for oxygen scavengers in the forthcoming years. Extensive research and development conducted to enhance packaging technologies can augur regional market growth in the coming years.
Some of the leading companies offering oxygen scavengers are BASF SE; Arkema Group; Baker Hughes; Innospec Inc.; and Accepta Limited. Most companies are expected to invest in R&D activities to develop innovative products that are less toxic. Developments combined with competitive pricing can support growth of market during the forecast period.
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