Global Oxygen Scavenger Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Global Oxygen Scavenger Market Trends

• Active packaging with oxygen scavenging properties: Active packaging with oxygen scavenging properties long read sequencing technologies like nanopore and PacBio allow sequencing of full length 16S rRNA genes and even complete bacterial and archeal genomes from metagenomic samples. This provides finer resolution and accurate taxonomic classification as compared to short reads. Long reads also aid better genome assembly and annotation from complex metagenomes. With improving accuracy and throughput, long read sequencing usage is increasing for metagenomics.
• Rising demand from cosmetics industry: Oxygen scavengers are finding growing usage in cosmetics packaging to preserve ingredients prone to oxidation such as oils and vitamins. Scavengers protect cosmetic products from degradation and performance issues. The cosmetics industry is expected to be an important end-use segment.
• Rising popularity of active oxygen scavengers: The popularity of active oxygen scavengers is growing rapidly in the global packaging industry. Active oxygen scavengers continuously absorb oxygen from the headspace of packaging and prevent oxidation of contents. These scavengers work throughout the shelf life of products and ensure long term freshness. These are being increasingly used in food, pharmaceutical and beverage packaging where protection from oxygen is crucial. Several consumer goods manufacturers have started incorporating active oxygen scavengers in their products due to rising consumer demand for extended freshness.

Global Oxygen Scavenger Market- Regional Insights

• North America- North America dominates the global oxygen scavenger market during the forecast period. The region accounts for over 41.3% of the total market share owing to strong presence of end-use industries such as food and beverage packaging in countries like the U.S. and Canada. These countries are the largest producers as well as consumers of packaged foods and drinks globally. Stringent packaging regulations regarding oxygen scavengers usage in North America has further boosted the regional market.
• Europe is expected to be the second-largest market for oxygen scavenger, accounted 28.7% of the market share in 2022. The growth of the market in Europe is due to increasing healthcare & pharmaceutical applications of oxygen scavengers in the region.
• Asia Pacific is expected to be the fastest-growing market for oxygen scavenger, with a CAGR of over 22.6% during the forecast period. Asia Pacific region has emerged as the fastest growing market for oxygen scavengers globally. Rapid industrialization and urbanization along with improving economic conditions have fueled the growth of Asia Pacific's food packaging industry significantly over the past decade. Countries such as China, India and Japan are now the manufacturing and exporting hubs for packaged foods and beverages not only in Asia Pacific but globally as well. This has boosted the regional demand for oxygen scavengers as their usage becomes a necessary part of packaging in these countries.

Figure 1. Global Oxygen Scavenger Market Share (%), By Region, 2023