Oxygen Scavenger Market Report 2024 - Oxygen Scavenger Market Size, Opportunities, And Trends

"The Business Research Company recently released a comprehensive report on the Global Oxygen Scavenger Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The oxygen scavenger market size has grown strongly in recent years. It will grow from $2.42 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to food preservation, pharmaceutical industry, beverage industry, chemical industry, environmental regulations.

The oxygen scavenger market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to aerospace and defense, e-commerce, oil and gas exploration, industrial automation, electronics industry, medical devices and diagnostics. Major trends in the forecast period include sustainability and green packaging, water treatment, industrial automation, advanced packaging materials, corrosion prevention.

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Market Drivers and Trends:
The increase in demand from the food and beverage industry is expected to propel the growth of the oxygen scavengers market going forward. The food industry involves the production, processing, preparation, conversion, preservation, and packaging of foodstuffs. Oxygen scavengers are added to the foods and beverages to reduce or completely remove dissolved oxygen to extend shelf life and maintain the original food quality. For instance, in September 2022, according to a report published by Statistics Sweden, a Sweden-based government agency, the revenue generated from food and beverage sales reached $29.85 billion (SEK 334 billion), marking a 2.9 percent growth. This growth can be attributed to a 2.5 percent rise in sales volume and a 0.4 percent uptick in the prices of food and beverages. Therefore, the increased demand from the food and beverage industry is driving the oxygen scavenger market growth.

Major companies operating in the oxygen scavenger market are developing innovative products such as eco-friendly packaging solutions to meet larger customer bases, more sales, and increase revenue. Eco-friendly packaging solutions, also known as sustainable or green packaging, refer to packaging materials and practices that are designed to have minimal negative impacts on the environment throughout their lifecycle. For instance, in July 2023, Mitsubishi Gas Chemical, a Japan-based chemical company, launched AGELESS, a PFAS-free oxygen absorber. MGC is pioneering a groundbreaking universal packaging solution by eliminating a toxic grease-proofing agent from its oxygen absorbers. This innovation resulted in the introduction of AGELESS oxygen absorbers that are entirely free of PFAS, a first in the industry. Importantly, this PFAS-free solution does not compromise on quality, performance, or safety. These AGELESS oxygen absorbers, which are free from PFAS, retain their oil-resistant properties and effectively deoxidize the interior of sealed packages. As a result, they preserve the flavor, color, fragrance, and nutritional value of freshly prepared food while significantly extending the shelf life of the packaged products.

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Major Key Players of the Market:
Mitsubishi Gas Chemical Company Inc., BASF SE, Clariant AG, Ecolab Inc., Accepta Ltd., Arkema Group, Eastman Chemical Company, Henkel AG & Co. KGaA, Aditya Birla Chemicals, Esseco Ltd., Kuraray Co. Ltd., DOW Chemical Company, Conventya Inc., Chemco Industries Inc., Kemira Oyj, Hydrite Chemical Co., Kurita Water Industries Ltd., Baker Hughes, Innospec Inc., GE Water & Process Technologies, Veolia Water Technologies, Nalco Water, ChemTreat Inc., Italmatch Chemicals S.p.A., BWA Water Additives US LLC, Carus Corporation, SNF Group, Buckman Laboratories International Inc., Solvay SA, Lubrizol Corporation, Huntsman Corporation, AkzoNobel N.V., Evonik Industries AG, Calgon Carbon Corporation, Sumitomo Chemical Co. Ltd., Tosoh Corporation, Weifang Yaxing Chemical Co.Ltd., Chemworld Overseas Private Limited

Oxygen Scavenger Market 2024 Key Insights:
• The oxygen scavenger market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Food And Beverage Industry Demand Fueling Oxygen Scavenger Market Growth
• Industry Leaders Embrace Eco-Friendly Packaging Innovations
• North America was the largest region in the oxygen scavenger market in 2023

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This release was published on openPR.