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$15.0 bn as estimated in 2015.
Nowadays vacuum packaging is one of the most acceptable approach for packaging food and other products. The process for vacuum packaging involves withdrawal of the air included in the package and then sealing it. Vacuum packaging is a common technique of extending the shelf life of food related products without adversely impacting their quality. Vacuum packaging is segmented on the basis of material type, packaging type, application and region. New and innovative developments which includes production of vacuum packages that holds recyclable packaging, and light-weight packaging are accumulating value to the vacuum packaging market.
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Robust consumption of convenience and processed food has been the major growth drivers of the global vacuum packaging market. Rising awareness about food safety and hygiene have become consumer’s foremost urgency. This has accelerated the demand for vacuum packaging globally. Escalating household income as well as consumer inclination to spend for hygienic food are anticipated to impel the growth of global vacuum packaging market during the forecast period. Apart from this, speedy industrialization in the emerging clusters of the globe, coupled with higher population growth is anticipated to bolster the growth of global vacuum packaging market during the period 2016-2026.
Global Vacuum Packaging Market: Scope of the Report
In order to understand and assess opportunities in this market, the report is categorically divided into four key sections on the basis of material type, pack type, application and region. The report analyses the global vacuum packaging market in terms of value (US$ Mn).
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.
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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.
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.