Global Oxygen Scavenger Market Is Estimated To Witness High Growth Owing To Opportunity Of Increasing Demand From Food And Beverage Industry

Oxygen scavengers help remove oxygen from sealed food and beverage packaging, thereby extending shelf-life of products without compromising quality and taste. The most commonly used oxygen scavengers are iron-based and ascorbic acid-based oxygen scavengers that react with molecular oxygen through oxidation-reduction reactions. With growing consumption of packaged foods and ready-to-eat meals across regions, oxygen scavengers are increasingly being used by food producers to prevent spoilage.

The global Oxygen Scavenger Market was valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Opportunity:

The growing demand from food and beverage industry presents a major market opportunity for oxygen scavenger manufacturers and suppliers. With rising disposable incomes and busy lifestyle, demand for packaged and ready-to-eat food products is surging globally. Oxygen scavengers play a vital role in extending shelf life of various food products without using preservatives or refrigeration. Their ability to absorb oxygen helps maintain freshness, taste and nutrient content of packaged foods. This is driving many food producers to increasingly incorporate oxygen scavengers during processing and packaging of various foods. The market potential remains high particularly in emerging nations witnessing Westernization of diets and expanding middle class population.

Porter’s Analysis :

Threat of new entrants: There is moderate threat of new entrants in the global oxygen scavenger market as a significant investment is required to develop new technology and establish R&D facilities.

Bargaining power of buyers: The bargaining power of buyers is moderate as oxygen scavengers are available from various established players and buyers can opt for alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in oxygen scavengers are widely available. Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for oxygen scavenging.

Competitive rivalry: The competitive rivalry is high among the key players to gain major market share through product innovation and expanding their global presence.

SWOT Analysis:

Strength: Technological advancements leading to development of new and innovative oxygen scavengers.

Weakness: High capital requirement for R&D activities and setting up of manufacturing facilities.

Opportunity: Increasing demand from food packaging and pharmaceutical industries due to stringent government regulations regarding product quality and safety. Threats: Volatility in raw material prices and availability of substitutes.

Global Oxygen Scavenger Market Segmentation:

• By Type:
• Organic
• Inorganic
• By Application:
• Flexible Packaging
• Rigid Packaging
• Others
• By End User:
• Food & Beverage
• Pharmaceutical
• Oil & Gas
• Chemicals
• Others

Key Takeaways

The Global Oxygen Scavenger Market Size is expected to witness high growth at a CAGR of 5.4% during the forecast period of 2023 to 2030.

Regional analysis indicates that Asia Pacific dominates the global market and is expected to grow the fastest during the forecast period.

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, and Avient.y.

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