Oxygen Scavenger Market worth $2.95 billion by 2027
The global oxygen scavenger market size is projected to reach USD 2.95billion by 2027 from USD 2.3 billion in 2021, at a CAGR of 5.6% during the projected period. The increasing demand for oxygen scavenger from the processed food sector is giving new direction to the market. Also, increasing understanding around reducing food wastage due to unhygienic as well as not organized packaging are also driving the oxygen scavenger market. The growing in demand for industrial process water from various industries such as food & beverage, power, oil & gas, chemical, and pulp & paper and growth in cities in the emerging economies, such as APAC, Middle East & Africa, and South America, are also heading the market.
Based on type, inorganic oxygen scavengers is hoping to be the largest market in the overall oxygen scavenger market in 2022.
Inorganic oxygen scavengers are largely used in food & beverage industry. The inorganic oxygen scavengers segment is the largest, which is forecasted to continue till 2027. The key growth driver of the high consumption of these oxygen scavengers is their use by the food & beverage industry in packaging applications to achieve better quality and longer shelf life. Inorganic oxygen scavengers are also used in water handling equipment's such as boiler water systems, and feedwater systems for reducing dissolved oxygen for safeguarding equipment's from decaying.
Based on end-use industry, food & beverage is expected to be the largest oxygen scavenger segment in 2021-22
Food & beverage is the largest end-use industry of the oxygen scavengers market owing to the growing order for better quality packaged food items, increase in demand for convenient foods, reduction in food wastage, as well as growing cities in the emerging economies. These chemicals helps the processed foods fresh for a longer time and increase the shelf life of the products. Plus, the demand in income levels along with the growth of the middle-class population are also heading the demand for oxygen scavengers in the F and B industry.
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