Market Overview

The market for oxygen scavengers market is expected to grow at a CAGR of over 4% during the forecast period of 2019-2024.One of the key factors driving the market is increasing demand for fresh and quality packaged food.However, non-volatile nature of oxygen scavengers is likely to restrain the market growth.

- Food and beverage industry is expected to dominate the market during the forecast period.
- Increasing demand from industrial boilers is expected to create growth opportunities for the market in the future.
- North America has accounted for the highest market share during 2018.

Key Market Trends

Food & Beverage Industry to Dominate the Market

- Food & beverage industry accounted for the highest market share in 2018.
- Oxygen scavengers are used to extend the shelf life and maintain the natural efficacy of food products. They 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.
- In developing countries like India and China, the demand for packaged processed, and ready-to-eat food is growing at a high rate owing to urbanisation and changing life style.
- Hence, food & beverage industry is expected to dominate the market during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

- Asia-pacific oxygen scavengers market is witnessing a strong growth owing to the incresing demand from countries like India and China.
- The Chinese food and beverage industry is enormous and plays an important role in the country’s economy. The food and beverage industry is expected to register continuous growth, due to the increasing number of middle-class population, with more purchase power, as well as growing attention on food safety and food quality.
- China is a hub for chemical processing, accounting for a major chunk of the chemicals produced worldwide. With increasing demand for various chemicals worldwide, the demand for oxygen scavengers from this sector is projected to grow over the forecast period.
- Moreover, the consumption of oxygen scavengers is high in oil and gas, and the downstream production has increased in the country, further increasing the production capacities of petrochemicals, thus augmenting the consumption of oxygen scavengers in the country.
- India is the second largest producer of food in the world, and one of the major consumers of packaged food and beverages.With the increasing population and rising demand for packaged foods, the demand for flexible packaging, thus boosting the demand for oxygen scavengers.
- Hence, Asia-Pacific to witness the highst growth rate during the forecast period owing to the aforementioned reasons.

Competitive Landscape

The market for oxygen scavengers is partially fragmented as the market share is divided among several companies.Some of the key players of the market include BASF SE, MITSUBISHI GAS CHEMICAL COMPANY, INC., Ecolab, and Clariant among others.

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