ID: MRFR/PNT/1575-CRR | April, 2018 | Region: Global | 107 pages | Cooked Research Reports
Global Vacuum Packaging Market Report: Material (Polyethylene (PE), and Polyamide (PA)), Packaging (Rigid Packaging, Flexible Packaging, and Semi-Rigid Packaging), Application (Pharmaceutical, Food, Industrial, and Consumer Goods) and By Region - Global Forecast to 2023.
Vacuum packaging is a type of modified atmospheric packaging. Vacuum packaging removes atmospheric oxygen from the primary package, which is to be sealed. Oxygen is one of the primary sources of product degradation. The confiscation of the oxygen extends the product shelf life. Vacuum packaging is commonly used to protect consumable and non-consumable products.
The market is driven by factors such as increased consumption of processed food & beverages, rapid urbanization, and industrialization, increased government policies regarding food safety. Although, vacuum packaging market is expected to be hindered by the stringent regulations on packaging material waste and recycling.
The food & beverage markets represent the highest consumption group for packaging materials and machinery. The global vacuum packaging market is lead by various factors such as increasing urbanization, amplified living standards, and growth in the disposable income in the emerging economies. With the increasing number of the accessibility stores and supermarts across the world, exclusively in the Asia Pacific, led to amplified consumption of treated and convenience foods and beverages. Such stores have been able to bring the treated and packaged eatables nearby to the consumers.
The food & beverages industry has implemented vacuum packaging broadly across the globe due to some supplementary functionalities such as retention of the integrity of an artifact and prevents food decomposition, along with the amplified shelf life. Such possessions are superlative for the retail channels where fresh and processed food items need to be warehoused over an extensive period of time as well it permits the consumers to see and feel the product from the packaging. This propels the demand for vacuum packaging across the foods & beverages industry.
The global vacuum packaging market has been segmented based on material, packaging, application, and region. Based on the material the market is segmented into Polyethylene (PE), and Polyamide (PA). Among these, the polyethylene segment dominated the global vacuum packaging market with 49.23% of share in 2016, in terms of value. It is expected to show the highest growth at a CAGR of 5.10% during the forecast period. The dominant position of this segment can be attributed to the rising implementation of polyethylene material of vacuum packaging across all the end use application. Moreover, polyethylene is the most common plastic used in daily life activity. Based on the packaging, the market is segmented into rigid packaging, flexible packaging, and semi-rigid packaging. The flexible packaging segment dominated the global vacuum packaging market with 42.56% of share in 2016, in terms of value. It is expected to grow at a CAGR of 5.39% during the forecast period. Flexible packaging is made of the plastic films, graphics, ply and sealed mostly with pressure and heat, they have a wide application in food & beverage packaging. Based on the application, the market is segmented into pharmaceutical, food, industrial, consumer goods, and others. The food segment dominated the global vacuum packaging market with 31.69% of share in 2016, in terms of value. It is expected to grow at a CAGR of 5.16% during the forecast period. The Vacuum packing in the food sector is predominantly used to store dry foods over a long period of time, which includes cereals, nuts, cured meats, cheese, smoked fish, coffee, and potato chips. On a more short-term basis, it can also be used to store fresh foods such as vegetables and meats as it hinders the bacterial growth.
The vacuum packaging industry is expected to have huge entrants of new participants over the forecast period owing to continuous enlargements in packaging industry coupled with rising consumer preferences for high hygiene features. The market is also expected to have high development activities by multinationals and well-established companies. Mergers and acquisition activities are anticipated to be witnessed over the forecast period.
Global vacuum packaging market is expected to grow at a CAGR of ~ 4.89% during the forecast period.
Global Vacuum Packaging Market
The global vacuum packaging market is segmented by region as North America, Europe, Asia Pacific and Rest of the world. The Asia Pacific is referred as the largest & fastest growing market for the vacuum packaging market. The market is later followed by the Europe & North America owing to increase consumption of processed and packaged food. Asia Pacific region is maintaining its dominance in the market due to rise in population, increasing packaged & expediency food demand, and healthcare expenditure. Furthermore, the rapid increase in the industrialization in China, India, and Japan is predicted to propel the country level market of vacuum packaging. Whereas, Europe is stated as the subsequent largest market in terms of revenue after the Asia Pacific. The factor is influencing the emergence of the eco-friendly packaging technologies, which are cheaper and are manufactured from the recycled material.
The key players of global vacuum packaging market are 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).