
The global oxygen scavenger market is primarily driven by the growing demand from food and beverage industry. Oxygen scavengers helps in increasing the shelf life of packaged food products by removing oxygen from food product packages. They protect packaged food from oxidative deterioration and prevents the growth of aerobic bacteria, yeast and mold. Various types of oxygen scavengers available are metal catalyzed, ascorbic acid and erythorbate/D-ribose. Metal catalyzed oxygen scavengers remains the largest and fastest growing segment due to its wide application scope and effectiveness.
Global oxygen scavenger market is expected to reach US$ 3.5 Bn by 2030, from US$ 2.4 Bn in 2023, exhibiting a CAGR of 5.4% during the forecast period.
Key TakeawaysKey players operating in the global oxygen scavenger market are BASF SE, Mitsubishi Gas Chemical Company, Inc., Ecolab Inc., and Clariant Ltd.Growing demand for extending the shelf life of food products without preservatives and changing consumer preferences towards preservative-free food products present significant growth opportunities for players in the market.Major players are focusing on capacity expansion plans and new product launches to consolidate their presence across major markets. Increasing focus on emerging economies of Asia Pacific and Latin America will further drive the global expansion of the Global Oxygen Scavenger Market over the forecast period.
Market driversThe increasing demand from food & beverage industry is one of the major drivers of the global oxygen scavenger market. Oxygen scavengers helps increase the shelf life of packaged food and prevent the growth of aerobic bacteria and yeast, thereby reducing the chances of food spoilage. Growing awareness about benefits of oxygen scavengers along with rising demand for packaged and convenient food products is expected to drive the oxygen scavenger market during the forecast period.
PEST Analysis
Political: Regulations regarding the oxygen and contaminants levels in packaged goods help drive demand for oxygen scavengers. Regulations ensure product and consumer safety.
Economic: Growth of industries such as food and beverage, pharmaceuticals and chemicals aid market growth. Rising disposable incomes boost demand for packaged consumer goods requiring oxygen scavengers.
Social: Changing lifestyles and rising health awareness increase demand for extended shelf-life of products. Growing demand for fresh and minimally-processed food enhances market prospects.
Technological: Advances in materials enable development of innovative and efficient oxygen scavenger formulations. Integration of advanced technologies aids precision in oxygen absorption and extension of product shelf-life.The global oxygen scavenger market witnesses high concentration in terms of value in North America and Europe. North America dominates the market backed by widespread Product demand from major industries located in US and Canada. Europe also accounts for a significant market share due to stringent regulations regarding oxygen and contaminant levels in packaged goods.The Asia Pacific region has emerged as the fastest growing market for global oxygen scavengers. Factors such as growth of food processing industries, rising disposable incomes and changing lifestyles in developing countries of Asia Pacific boost product demand. Moreover, increasing foreign investments in APAC countries for setting up production plants by leading manufacturers further support market growth.
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