4 trends that will garner substantial proceeds for oxygen scavenger masterbatch market for food packaging by 2025
Innovations in food packaging sector has been proved to be a great driving force for 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.
Some of the key trends and factors which are expected to propel oxygen scavenger masterbatch market for food packaging by 2025 are as follows:
Increasing consumption of dairy products will foster oxygen scavenger masterbatch market size for food packaging:
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. 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 current U.S. milk production. Currently, about 876 million tons of milk are produced globally with EU, India, and Oceania among the top producers. Cheese consumption in the U.S. is expected to continue to increase between 2017 and 2022. By 2030, milk production and demand is forecasted to increase in total by 35%, simultaneously expanding oxygen scavenger masterbatch market size for food packaging.
Growing inclination towards meat consumption to lift the share of oxygen scavenger masterbatch market for food packaging:
Besides increasing demand of dairy items, meat consumption and demand is also rising and offering driving impetus to the growth of oxygen scavenger masterbatch industry for food packaging. Global meat consumption increased by 58% over the past 20 years to reach 360 million tons in 2018. Population expansion has been accredited for 54% of this increase.
In the 20 years leading up to 2018, developing countries are credited for approximately 85% of the rise in global meat consumption. Between 1998 and 2018, Chinese consumption of meat increased by almost 72%. In the United States and Australia, meat consumption increased over the same time period because of higher poultry consumption.
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When meat is exposed to oxygen, the meat appears bright red which is identified to be fresh by consumers. However exposure to too much oxygen leads to meat turning brown which is not readily bought by consumers. Therefore oxygen scavenger masterbatch has become an essential part of meat packaging.
Rising adoption of intelligent packaging to expand oxygen scavenger masterbatch market landscape for food packaging:
Due to changes in lifestyle trends and consumer demands in commercialization, packaging has played a key role in preserving fast moving consumer goods. Globally active and intelligent packaging was assessed to amount to more than $4.5 billion in 2018 and is likely to grow at a considerable rate in the times to come. Escalating adoption of active and intelligent packaging will set the oxygen scavenger masterbatch market growth for food packaging in greater motion.
For instance, packaging that can transmit real-time information about the ripeness of fruits packed inside was lately launched at Italian trade fair Macfrut held in Rimini. The latest technology called Smart Ripe has been fostered by Italian company Ilip in collaboration with the University of Turin’s Department of Agricultural, Forest and Food Sciences, a spin-off of the University of Rome Tor Vergata, and Radio6ense.
Ilip has stated that the system leverages a highly sensitive radio-frequency identification (RFID) tag implanted inside the packaging. The tag can sense certain dielectric variations in the fruit pulp related to ripeness, such as acidity, water and sugar content, and turgidity. The technology has the potential to bring new value to fresh produce by ensuring that the consumers get desired shelf-life and product quality.
Flexible packaging to influence revenue share of oxygen scavenger masterbatch market for food packaging:
The key user segments of flexible packaging are beverages, snacks and confectionaries, fresh and frozen foods, dairy products etc. The growth of flexible packaging sector will directly influence the expansion of oxygen scavenger masterbatch market for food packaging. The size of the Indian flexible food packaging sector has been estimated to be $900 million, growing at around 20 percent annually. Replacement of conventional packaging materials like glass, tin, paper, jute etc. with flexible materials in several applications added impetus to the flexible packaging segment. The segment is growing at around 104 percent annually in India and is expected to grow to $482 billion by 2020.
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 value of oxygen scavenger masterbatch market for food packaging which is estimated to be over $25 million by 2025.
Author Name : Anchal Solanki