The changing lifestyle and growing preference for packaged food has grown the demand for vacuum packaging. Vacuum packaging helps in providing better shelf life, better flexibility, and portability for the food. Nowadays, more than 20% of the manufacturers have started using vacuum packaging. In addition, the players in the market introduce innovative solutions to meet the functional requirements of various end-user, especially in the food and beverages segment. The rising disposable income and growing preference to spend on hygiene food has also grown the demand for vacuum packaging that will provide a fillip to the market.
The global vacuum packaging market is prophesied to rise at 4.9% of CAGR during the forecast period between 2016 and 2024. The valuation for the market is expected to reach US$22.8 bn by the end of 2024, progressing from US$15.0 bn as estimated in 2015.
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Higher Use of Vacuum Packaging in Food and Beverages to Boost Market Growth
The global vacuum packaging market is categorized on the basis of pack type, material, and application. Based on material, the market is divided into polyvinylidene chloride (PVDC), polyethylene (PE), polypropylene (PP), polyester (PET), polyvinylchloride (PVC), and polyamide (PA). Out of these materials, polyethylene (PE) is likely to dominate the market and held 38% of the complete market in 2016. This segment is expected to rise at 4.6% CAGR over the forecast period and remain the dominant contributor to the revenue of the global market. Moreover, extended shelf life and higher barrier films of polypropylene packaging are the other factors that helps in fueling the market growth.
The application of vacuum packaging is seen in food and beverages, industrial goods, pharmaceuticals, and consumer goods. Of these, the demand for vacuum packaging is high in food and beverages. This segment is likely to dominate the market during the forecast period. Based on pack type, the global vacuum packaging market is divided into rigid packaging, semi-rigid packaging, and flexible packaging. Out of these, the flexible packaging segment is projected to lead during the forecast period as is it used for packaged food.
United States is Likely to Grow Due to Presence of Large Number of Players
On the regional front, Europe is projected to lead the global vacuum packaging market and is considered as the most lucrative regional market in terms of revenue generation. In 2016, the market held 32.4% of total market share and expected to do so in the forthcoming years. After Europe, North America and Asia Pacific are favorable markets considered for the growth of the vacuum packaging. The vacuum packaging market in North America is expected to rise at 5.3% CAGR over the forecast period and is likely to create significant demand for vacuum packaging. Moreover, United Sates is the leading country in the region where large number of manufacturers are present and the demand for vacuum packaging is also very high in this country.
Furthermore, the Middle East and Africa are also considered as prominent markets for the vacuum packaging, but is projected to undergo huge losses in terms of incremental opportunities. In contrast, Latin America that accounts for a very small share in the global market is projected to rise at 4.9% of CAGR over the forecast tenure.
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The report has elucidated on some of the key players and their contribution to the global vacuum packaging market. To mention some of the leading players in the market are Wipak Group, Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Inc., and Mondi Group.
Vacuum Packaging Market to See Steady Revenues Coming from Food Industry during Post-pandemic World
Vacuum packaging has been widely used for a wide range of food products. Over the years, the technology has come to be used frequently for industrial goods, pharmaceutical products, and consumer goods. The key proposition of the mass scale adoption of vacuum packaging for food and beverages industry has been increasing the shelf life of the food products. The packaging prevents oxidation reactions, limits aerobic microorganisms, and improve the heat transfer. In meat products, vacuum packaging has been commonly used to restrain the growth of oxygen-breathing microorganisms in meat packaging. Polyethylene (PE) has been used extensively as the packaging material for various end-use industries in the vacuum packaging market. In recent years, the growing use of vacuum packaging for flexible packaging is a key trend spurring lucrative opportunities for packaging companies. Growing use of vacuum packaging for essential products has risen in recent months.
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The COVID-19 outbreak brought forth numerous unique challenges for the industries in addition to being a health pandemic across the world. The pandemic saw proliferating demand for essential groceries and medication supply, which to an extent was a favorable trend spurring the utilization of vacuum packaging among food and pharmaceutical industries. On the other hand, the plunge in demand for other e-commerce purchases had severely impacted the profitability of stakeholders in the vacuum packaging market for most part of 2020. With continuous focus of the packaging sector on strategy recalibrations to overcome the fallout of the pandemic, the vacuum packaging manufacturers will see new set of challenges, and hence opportunity in unexplored application areas. Further, businesses will engage in new vendor relationship that might reduce the cost of raw material sourcing. Most of the new business models will see attention of investors in B2B markets. As the supply chains and distribution channels see improvements, vacuum packaging manufacturers will gain to see new avenues from the emerging new demography trends.
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