The Oxygen Scavengers Market is projected to reach USD 2.41 billion by 2022, at a CAGR of 5.1% from 2017 to 2022. The increasing demand for high-quality packaged food is one the major drivers for the growth of oxygen scavengers market. Factors, such as increasing disposable income and changing lifestyle of the middle-class population in emerging countries are expected to fuel the demand for packaged food. This increase in demand is consequently expected to drive the growth of the oxygen scavengers market in the coming years. The growing awareness regarding the reduction of food wastage and the increased demand for advanced packaging among consumers are expected to further aid the growth of the market.
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Market Dynamics:
Drivers
• Increasing demand for fresh and quality packaged food
• Growing consumer concerrn for food wastage reduction and demand for advanced packaging
Restraints
• Non-volitile nature of oxygen scavengers
Opportunities
• Growing demand for packaged food and increasing disposable incomes in emerging economies
Challenges
• Requirement of technical expertise for handling certain oxygen scavengers
Major Key Players:
Mitsubishi Gas Chemical Company (Japan), BASF SE (Germany), Ecolab Inc. (US), Clariant Ltd. (Switzerland), and Kemira OYJ (Finland) are the leading players operating in the oxygen scavengers market.
New Product Developments/Product Showcases and Mergers & Acquisitions were the Key Strategies Adopted by the Leading Players to Grow in the Oxygen Scavengers Market
New product developments/product showcases and mergers & acquisitions were the key strategies adopted by major players in the oxygen scavengers market. These strategies accounted for a share of 60.7% of the total growth strategies adopted by major market players between 2012 and 2017. Companies operating in the oxygen scavengers market adopted investments & expansions as a strategy to expand their regional presence. This strategy accounted for a share of 28.6% of the total growth strategies adopted by the players between 2012 and 2017. Partnerships, agreements, and collaborations accounted for a share of 10.7% of the total growth strategies adopted by the market players between 2012 and 2017.
Mitsubishi Gas Chemical Company (Japan), one of the leading manufacturers of oxygen scavengers, adopted new product developments/product showcases as its primary growth strategy. The company provides oxygen scavengers through its information and advanced materials business segment. Mitsubishi Gas Chemical Company is strengthening its foothold in the oxygen scavengers market through new product developments and product showcases. For instance, in 2017, the company participated in Interphex Osaka in Japan and showcased its pharmaceutical oxygen scavengers, namely, Ageless ZM, and Ageless Omac. The product showcase will help strengthen the position of the company’s products in the market. In 2016, Mitsubishi Gas Chemical Company launched Oxycapt multilayer-plastic containers for injectable drugs in an exhibition in the US. The product launch will help the company to strengthen its position in oxygen scavengers market.
BASF SE is also one of the major manufacturers of oxygen scavengers in the water treatment application. The company has developed a strong client base by expanding its distribution network to better serve its customers and offer customized products in Europe, North America, and Asia Pacific. The company provides oxygen scavengers through its performance products segment, which accounted for 26.1% of the company’s total revenue in 2016. The company is focusing on strengthening its position in the market by adopting organic growth strategies. In March 2017, the company invested approximately USD 57 billion (€50 million) in its new innovation campus in India, which accelerated BASF’s growth in the oxygen scavengers market.
Food & Beverage is Major End use Industry for Oxygen scavengers:
Food & beverage is one the major end-use industries for oxygen scavengers. Oxygen scavengers are mainly used to extend the shelf life and maintain the natural properties of food products. Oxygen scavengers protect the food products against oxygen degradation, thus increasing the shelf life, customer acceptability, and food safety. With rising disposable income and improving lifestyle standards, the consumption of processed food is also increasing. According to Wageningen Economic Research and United Nations Industrial Development Organization (UNIDO), Europe is the world’s largest food & beverage industry followed by China and the U.S. in terms of turnover. The Economist Intelligence Unit stated that there will be an increase by 60% in global demand for food by 2050. With the increasing growth of the food & beverage industry, the use of oxygen scavengers will also rise.
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