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Global Vacuum Packaging Market - Opportunity, Segment and Key Trends 2016-2024
The global vacuum packaging market is largely consolidated, notes Transparency Market Research (TMR). Some of the prominent players operating in the global vacuum packaging market are Amcor Limited, Sealed Air Corporation, Wipak Group, Mondi Group, Bemis Company, Inc., and Berry Global, Inc. A number of leading players in developed regions, especially in North America and Europe, opt for mergers and acquisitions in order to consolidate their shares across various regions. However, a number of emerging markets, to a marked extent, features a fragmented landscape with the ease of entry for new players.Several companies are offering innovative packing solutions aimed at meeting the functional requirements for a variety of end-use industries, especially in the food and beverages sector. A large number of them are proactively designing innovative or specialized solutions catering to new application markets such as the e-commerce industry.
The global market for vacuum packaging market is estimated to rise at a CAGR of 4.9% from 2016 to 2024. The estimated revenue generated from the sales of vacuum packaging is projected to reach US$22.8 bn by the end of the forecast period.
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North America to Create Substantial Demand for Vacuum Packaging Solutions
Geographically, the global market for vacuum packaging is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, the North America market is anticipated to witness substantial uptake of vacuum packaging and is expected to rise at a CAGR of 5.3% from 2016 to 2024. The promising avenues for the growth of the regional market is mainly provided by the presence of a large number of manufacturers.
On the basis of the type of material used in vacuum packaging, the vacuum packaging market is segmented into polypropylene (PP), polyethylene (PE), polyvinylidene chloride (PVDC), polyvinyl chloride (PVC), polyamide (PA), and polyester (PET). Of these, the segment of polyethylene held the major revenue share in 2016 and is projected to dominate the market throughout the forecast period.
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Substantial Adoption of Vacuum Packaging to Enhance Shelf-life of Perishable Foodstuffs
The rising demand for sustainable packaging solutions in various end-use industries and packing that promotes the shelf-life of a variety of foodstuffs are key factors driving the vacuum packaging market. The pressing need for long-term food storage by reducing waste and better stick management has catalyzed the demand for vacuum packaging. The essentially enables packers to portion the foodstuffs and hence ease storage and transportation, there propelling the demand for vacuum packaging. The flexibility of packing a variety of food products such as poultry, meat, fish, soups, and dairy products is a key factor boosting the demand.
In recent years, the process has gained popularity in packing various processed foods on account of several desired functionalities they offer such as preventing freezer burn and reducing contamination from bacteria. By bring the levels of oxygen in the packing of food products to a manageable level, the process of vacuum packing inhibits the multiplication of aerobic bacteria, largely responsible for the spoilage of products. This is a key benefit bolstering the uptake of vacuum packaging for various perishable foods.
However, the high cost incurred in packing food using vacuum packaging and the vulnerability in handling are the key factors likely to hinder its adoption to an extent. Nevertheless, advancement in packing technologies has led to more versatile vacuum packaging solutions. For instance, the advent of modified atmosphere packaging (MAP) is anticipated to open up a number of exciting opportunities for market players. The growing popularity of MAP is attributed to the versatility of the process to tailor packing for particular foodstuffs. This is achieved by varying the percentage of oxygen relative to inert gases, which provides the right atmosphere for preserving the quality of various food products such as red meat, prawns, and bread. Furthermore, the rising adoption of MAP is fueled by its use in making attractive product presentation.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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