The global oxygen scavenger masterbatch market size for food packaging is set to grow from its current market value of over $17 million to over $25 million by 2025. These were the findings of a new research report by Global Market Insights, Inc..
Innovations in food packaging sector has been proved to be a great driving force for the oxygen scavenger masterbatch market for food packaging. To ensure food safety and edibility of perishable products, several new technological advancements have been made in oxygen scavenger masterbatch industry for food packaging. New packaging materials and techniques preserving quality of food products are also offering impetus to the industry.
Growing concerns over the deterioration of dairy items due to reaction with oxygen has generated the need for the specialty masterbatches in the food packaging sector. The rising demand and consumption of fresh dairy products is likely to offer a push to the oxygen scavenger masterbatch market for food packaging.
Between 2019 and 2030, the global demand growth for milk and milk products is anticipated to be three times the level of the current US milk production. Currently, about 876 million tonne of milk are produced globally, with the European Union (EU), India, and Oceania among the top producers.
Cheese consumption in the US is expected to continue to increase between 2017 and 2022. By 2030, milk production and demand is forecast to increase in total by 35 per cent, simultaneously expanding the oxygen scavenger masterbatch market size for food packaging.
The snacks and confectionery end-user segment will hold about 20 per cent share of the overall market throughout the study period. The presence of oxygen inside the packaging can deteriorate the quality of the snacks and confectionery.
The rising consumption of the savoury snacks and baked items across the developed countries will propel the oxygen scavenger additives demand in next few years.
The European oxygen scavenger masterbatch market for food packaging will reach to a value of over $8 million by the end of the forecast time period. This is owing to the growing consumption of alcoholic products, dairy products, and meat in Europe.
Furthermore, stringent government regulations related to packaging materials used for food and beverages will also increase the demand for active and intelligent packaging in the near future.
US oxygen scavenger masterbatch market for food packaging size, by application 2014–2025 ($ million)
Major industry players in the market comprise Albis Plastic, Clariant, Gabriel Chemie, Henkel, Tosaf and NanoBioMatters.
These companies are strategically investing to expand the capacities for the active packaging and related products, and are actively entering partnerships with other players to offer significant competition in the market.
Various packaging needs varying with the type of food item and packaging requirements are going to contribute in the growth of oxygen scavenger masterbatch industry for food packaging.
Several technological advancements and innovations are being made by the companies like Ilip that are setting examples for the market players like Clariant, Albis Plastic, Gabriel Chemie etc. to put extra efforts in the direction of development.
Increasing demand of meat and dairy products is also a key factor contributing to the value of the oxygen scavenger masterbatch market for food packaging, which is estimated to be over $25 million by 2025.