LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global oxygen scavengers market to grow at a CAGR of approximately 5% during the period 2018-2022, according to their latest report.
A major trend that is being witnessed in the market is the increasing demand from pharmaceutical and nutraceutical industries. Human healthcare, being the utmost priority, has made the pharmaceutical industry one of the most important industrial sectors. Nutraceuticals, commonly considered as the pharmaceuticals end-user segment, are food products that are sold in medicinal forms. They are defined as food or part of it that provides health benefits including prevention and treatment of disease, as well as the basic nutritional value found in food. Nutraceutical is an upcoming application segment for the oxygen scavengers market and has experienced major growth in the last decade. Personalization and customization are the driving factors behind the development of nutraceuticals, particularly in the developed regions of the world.
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In this report, Technavio analysts highlight the increasing demand for packaged food as a key factor contributing to the growth of the global oxygen scavengers market:
Increasing demand for packaged food
The packaging industry is a mix of organized medium to large players as well very small players. Fast-moving consumer goods (FMCG) companies are widely adopting sustainable packaging technologies to decrease the packaging cost and to ensure usage of recyclable, eco-friendly packaging material. Snacks constitute more than 10% of meal occasions in the US. The American Consumers are not just reaching for potato chips and cookies, but they are also becoming increasingly concerned about a healthy diet that is rich in vegetables.
According to a senior analyst at Technavio for specialty chemicals, “The consumers in Europe are concerned about healthy snacking. Around two-thirds of Europeans enjoy savory snacks such as chips and nuts at least once a week. Almost one-third of Europeans care more about the presence of natural ingredients in their food compared to the fat content or calorie count or even the presence of organic ingredients.”
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Global oxygen scavengers market segmentation
This market research report segments the global oxygen scavengers market based on type (metallic and non-metallic) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major types, the metallic segment held the largest market share in 2017, accounting for nearly 63% of the market. This segment is anticipated to dominate the market throughout the forecast period.
The Americas was the leading region for the global oxygen scavengers market in 2017, accounting for a market share of nearly 41%. It was followed by APAC and EMEA. The Americas will witness steady growth during the forecast period.
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