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DUBLIN--(BUSINESS WIRE)--Sep 20, 2022--
The "Oxygen Scavengers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Oxygen Scavengers Market to Reach $2.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Oxygen Scavengers estimated at US$2 Billion in the year 2022, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 4.4% over the analysis period.
An ever growing demand for advanced food packaging will be the major driver of growth in the global market. As healthy snacks become more popular in the developed countries and the leading FMCG multinationals adopt eco-friendly and recyclable packaging materials, oxygen scavenger requirement will spiral in future.
Moreover, new methods of producing oxygen scavengers such as the utilization of aerobic microorganisms as active compounds, particularly for foods packaging, is yet another notable factor. The market will also be driven due to customers wanting more and more premium and fresh packaged foods in the foreseeable future.
Other factors driving the oxygen scavengers market growth includes the increased demand pertaining to high quality packaged food; wherein demand for packaged food and consequently advanced packaging is increasing due to changing lifestyle and increased disposable income of the middle class people in developing countries.
Demand is likely to decline in the aftermath of the Covid-19 crisis, particularly from the chemicals, and oil and gas end-use sectors. However, the decline is expected to be offset by growth in food and beverage, and pharmaceuticals end-use industries.
Metallic, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$1.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Metallic segment is readjusted to a revised 5% CAGR for the next 7-year period.
This segment currently accounts for a 37% share of the global Oxygen Scavengers market. The industry is currently dominated by oxygen scavengers of the metallic type, as they extend product shelf-life more as against their non-metallic counterparts. The metallic oxygen scavengers exhibit superior features, especially in preventing rancidity, color change, mold growth, spoilage, and depletion of product quality and nutritive values.
Metallic scavengers are finding extensive application in water treatment. They are available at an affordable cost in comparison to the non-metallic oxygen scavengers. The growth in Non-Metallic segment is linked to improved scavenger usage in foods where metals present a challenge. Such non-metallic oxygen scavengers include lime, ascorbic acid, oxidase oxygen, activated charcoal, and hydrazine.
The U.S. Market is Estimated at $582.5 Million in 2022, While China is Forecast to Reach $353.5 Million by 2026
The Oxygen Scavengers market in the U.S. is estimated at US$582.5 Million in the year 2022. The country currently accounts for a 28.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$353.5 Million in the year 2026 trailing a CAGR of 6.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$374.9 Million by the end of the analysis period.
The US market dominates growth in the North America region due to a growing requirement for high-quality packaged foods being developed through perpetually ongoing research and development to preserve food freshness. Demand in the European market is being driven by burgeoning pharmaceuticals packaging sector.
Moreover, the busy lifestyles of Europeans and their growing disposable incomes are making people opt more for packed foods instead of traditional home-cooked meals. A major reason behind the Asia Pacific market growing is the growing number of end-user industries in the region.
Furthermore, burgeoning population, growing GDP, as also the presence of numerous major manufacturers open up huge opportunities to enhance foods and beverages production in the region.
What`s New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 46 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/outiwf
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KEYWORD:
INDUSTRY KEYWORD: PACKAGING CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/20/2022 10:45 AM/DISC: 09/20/2022 10:47 AM
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