Vacuum Packaging Market Is Expected To Reach USD 28.67 Billion By 2023

Market Highlights:
Vacuum packaging is an efficient way of decreasing food spoilage. Vacuum packaging has become a promising solution which guarantees product safety as well as longer life. Urbanization, technological advancements, new and innovative developments which includes production of vacuum packages that holds recyclable packaging and light-weight packaging are enhancing the value for vacuum packaging market. Moreover, vacuum packaging also helps to store non-food items like bedding, clothes, soft toys etc. as it reduces the volume of the package. The upcoming technology such as “Intelligent Packaging” with the use of RFID technology provides opportunity to the vacuum packaging market. Intelligent packaging helps the users to assess the quality of the materials inside the packaging due to its ability to sense and detect the external as well as internal changes in the product. The global market is expected to cross USD 28 Billion by the end of 2023, growing at a CAGR of 4.89% in the forecast period.

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Market Research Analysis:
Asia pacific region holds largest share in the global market. Awareness among consumers about importance of packaging as well as changing preference towards packaging products for convenience are driving the market of vacuum packaging. Moreover, Availability of packaging materials and new innovation and technology for ecofriendly and light weight packaging are expected to support the growth in demand for packaging in vacuum industry. Additionally, changing lifestyle and economic growth, coupled with rising population in Asia Pacific countries such as China and India has spiked the growth rate of vacuum packaging in the region.

Scope of the Report:
This study provides an overview of the global vacuum packaging industry, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global vacuum packaging market as material, Package type and application. On the basis of material it is segmented as PE, PA, and others. On the basis of package type it includes rigid packaging, flexible packaging, and semi-rigid packaging. On the basis of application it is segmented as pharmaceutical, food, industrial, consumer goods and others.

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Key Players:
The key players of global Vacuum Packaging market report includes E. I. duPont de Nemours and Company (U.S.), Bernis Company Inc.(U.S.), Amcor Ltd. (Australia), Berry Plastic Corp. (U.S.), Linpack Packaging Ltd. (U.K.), Sealed Air Corp. (U.S.), Coveris Holdings (Luxembourg), Winpak, and Green Packaging Material (Jiangyin) Co., Ltd. (China).

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