Oxygen Scavengers Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and, by End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact analysis

The COVID-19 epidemic has thrown a halt to a variety of enterprises and industries around the world. This has had a negative influence on the oxygen scavengers business. During the COVID-19 pandemic, however, there is a ray of hope for the oxygen scavengers market. The SARS-CoV-2 pandemic caused governments around the world to issue stay-at-home directives. Because of this instruction, many people around the world have decided to stay at home. COVID-19 has had a three-fold influence on oxygen scavengers: directly influencing production and demand, disrupting supply chains and marketplaces, and having a financial impact on enterprises and financial markets.

Top Impacting Factors

The market is projected to benefit from rising demand for active packaging solutions that protect food from germs and help retain nutrient content, notably in North America and Asia-Pacific. Metallic oxygen scavengers currently dominate the market, and the category is expected to grow significantly over the forecast period, due to enhanced performance in terms of product shelf life compared to non-metallic absorbers. Advanced packaging necessitates the use of oxygen absorbers to extend the shelf life of perishable products such fruits, vegetables, beverages, frozen meals, nuts, and bakery items, which is projected to drive market growth. The increased use of oxygen scavengers is expected to drive the market in the next years due to their specific intrinsic advantages. Major industry players are constantly working to improve their technological capabilities in order to manufacture better products and boost efficiency.

Market Trends

• The growing use of oxygen scavengers in the food and beverage industry is expected to boost their market. Furthermore, producers must adhere to a variety of rules and restrictions set forth by authorities in various places. However, there are significant environmental concerns associated with the use of oxygen scavengers.
• Human safety may be jeopardized by increased exposure to raw material intake substances such as hydrazine, oil, and iron oxide. Furthermore, it is likely to cause irritation of the skin, mouth, and nose, as well as tiredness, backache, respiratory failure, pneumoconiosis, respiratory difficulties, and high blood pressure in humans. As a result, precautionary procedures and warnings for their labelling and usage rules must be implemented.
• During the projected period, the market demand is expected to be boosted by the rising need for fresh and high-quality packaged food among customers all over the world. Growing concerns about food waste and safety problems are predicted to emerge as important drivers around the world.
• Because of their ability to absorb oxygen, oxygen scavengers have seen a significant increase in demand, preventing the deterioration of food and other products. Customers nowadays want ready-to-eat foods that can be kept for longer periods.
• Metallic oxygen scavengers currently dominate the market, and the category is expected to hold a significant share during the forecast period due to their superior efficiency in extending the shelf life of goods over non-metallic absorbers.
• The use of oxygen absorbers in innovative packaging to extend the shelf life of unpreserved commodities such as fruits, vegetables, beverages, processed food, nuts, and bakery items is expected to boost market growth. During the projected period, increased acceptance of oxygen scavengers due to their inherent distinguishing advantages is expected to enhance demand.
• The global oxygen scavengers market may be divided into North America, Europe, Asia-Pacific and Latin America, and the Middle East and Africa based on region. During the projected period, North America is expected to be the leading region for oxygen scavengers. North America is a major purchaser of packaged foods and pharmaceuticals.
• The market for oxygen scavengers in North America is likely to be fueled in the near future by factors such as a big industrial base, high disposable income, and a high standard of living among the region's population. Government initiatives and policies aimed at attracting investments from various multinational companies are expected to encourage the expansion of various oxygen scavenger end-use sectors, thereby propelling the market.

Key Benefits of the Report

• This study presents the analytical depiction of the oxygen scavengers market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the oxygen scavengers market share.
• The current market is quantitatively analyzed to highlight the oxygen scavengers market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed oxygen scavengers market analysis based on competitive intensity and how the competition will take shape in coming years.