New York, Sept. 15, 2020 (GLOBE NEWSWIRE) -- The Global Oxygen Scavengers Market is forecast to reach USD 2.78 Billion by 2027, according to a new report by Reports and Data. Growing demand for packaged nutritious, fresh, and premium products is expected to boost the market growth. The properties of oxygen absorption provided by scavengers help to preserve the consistency of different consumables. Demand for oxygen scavengers in the food and beverage industry is escalating since they protect the products against external micro-organisms, spoilage, loss of color and nutrients, and rancidity of food. Food goods are perishable and need protection from ambient oxygen, such as potatoes, nuts, dairy products, and refined grains. Many food goods like nuts, baking objects, and some drinks often need preservatives to prolong their shelf life and avoid food wastage. Rising demand from the chemical processing industry is also anticipated to accelerate the market. Surging R&D operations and numerous government regulations are likely to propel production, boosting consumer demand.
In an effort to remain profitable, owing to the rising application of oxygen scavengers, a substantial number of producers are focused on accommodating consumer demand for producing less harmful scavengers. Metallic oxygen scavengers held around 62.99% of the market share in 2019. The market demand is mounting due to these scavengers' widespread usage, quick response, increased efficiency, and cost-effectiveness. Where metal detecting presents an issue, non-metallic scavengers are likely to be effective. They are used in dietary products that involve iron contact avoidance. Technological innovations to develop advanced packaging solutions will likely fuel market growth over the forecast period. North America is the leading region in the oxygen scavengers market due to growing consumer concerns about food safety and waste.
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Extensive research & development carried out in various countries by leading manufacturers to develop packaging techniques to offer protection against outside oxygen. Oxidative loss is one of the challenges many drugmakers face in the pharmaceutical industry. The product prevents the permeation of oxygen by packaging and preserves the potency of pharmaceutical products for an extended period. It also assists in cost optimization during the manufacture and distribution of medications. Surging R&D activities underpinned by huge financial investments will soon accelerate the growth of the pharmaceutical packaging sector. The abovementioned patterns are expected to fuel demand development during the forecast era. The food & beverage sector will rise exponentially as the product is being used for the active packaging of various foods and beverages, which helps increase their shelf life and preserve nutritional value. However, there is a low level of consumer acceptance of oxygen scavengers available in sachet form that would impede market development.
Additionally, the oxygen scavenger used in the treatment of boiler feed water, such as hydrazine hydrate, is dangerous to human health. The Asia Pacific region would significantly contribute to the overall demand for oxygen scavengers. With the presence of a substantial number of end-user sectors, the regional industry shows positive developments in the future. Growing competition from the food & beverage and pharmaceutical packaging industries would likewise fuel business development.
COVID-19 Impact Analysis
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to meet the demand for Oxygen Scavengers created during the pandemic. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. With an unhealthy global situation, several states look vulnerable to export-dependent economies. Due to a lack of downwind demand, the pandemic transformed the global oxygen scavengers industry, with some manufacturing plants either shutting down or decreasing their capacity. Others, however, stopped their output by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of state officials themselves, customers are becoming more important. Business dynamics in the Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
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Further key findings from the report suggest
- Based on the type, non-metallic generated a revenue of USD 709.25 Million in 2019 and is projected to grow considerably with a CAGR of 4.5% in the forecast period due to its less hazardous environmental impact and improved usage of scavengers in food packages.
- The liquid form is expected to grow with a CAGR of 4.9% in the forecast period as it can effectively eliminate residual oxygen in boilers, thereby preventing degradation in various sections.
- The food and beverage application is the major contributor to the Oxygen Scavengers Market. The food and beverage sectors of the North America region are the major shareholder of the market and held around 27.3% of the market in the year 2019, owing to the growing usage of oxygen scavengers in food items to prolong their shelf-life and to avoid rancidity and nutrient loss.
- North America dominated the market for Oxygen Scavengers in 2019 due to the growing demand from the pharmaceutical packaging and oil & gas industries, coupled with the predominance of substance retention procedures. The region held approximately 33.3% of the market share, followed by Asia Pacific, which contributed to around 28.6% market in the year 2019.
- Key participants include SUEZ Water Technologies & Solutions, Mitsubishi Gas Chemical Company Inc., Henkel AG & Co. KGaA, Multisorb Technologies Inc., Clariant International Ltd., Angus Chemical Company, Sealed Air Corporation, Tetra Technologies Inc., BASF SE, and Arkema Group, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/oxygen-scavengers-market
For the purpose of this report, Reports and Data has segmented the global Oxygen Scavengers Market on the basis of type, form, application, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Metallic
- Non-Metallic
Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Sachets/Canisters/Bottle Caps & Labels
- OS Films & PET Bottles
- Liquid
- Powder
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Food & Beverage
- Pharmaceutical
- Chemicals
- Oil & Gas
- Power Generation
- Others
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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