Global Vacuum Packaging Market: Snapshot
The vacuum packaging market has expanded at a rapid pace over the past few years and is likely to observe healthy growth over the next few years. Approximately 20% of the product manufacturers have switched to vacuum packaging from conventional packaging options in the past five years. The trend is likely to amplify over the next few years, resulting in the increased demand for vacuum packaging solutions globally. A host of factors can be attributed to the market’s remarkable growth trajectory in the past, including the rising consumption of packaged and processed food and rising consciousness about food safety and hygiene among consumers. Factors such as rising household income and the rising inclination to spend for hygienic food are anticipated to bolster the growth of global vacuum packaging market during the forecast period.
Transparency Market Research estimates that the global vacuum packaging market, which valued at US$15.0 bn in 2015, will surpass US$22.8 bn by 2024, registering a CAGR of 4.9% between 2016 and 2024.
Demand for Polypropylene to Rise at Most Promising Pace
Of the key materials used in vacuum packaging, the segment of polyethylene (PE) is expected to dominate the global vacuum packaging market, accounting for over 38% of the overall market by 2016. The segment is also expected to remain the dominant contributor to the revenue of the global vacuum packaging market throughout the forecast period, but witness stagnant growth, registering a 4.6% CAGR over the forecast period.
The rate of growth of the polypropylene (PP) segment is expected to outpace that of the other key material types used for vacuum packaging over the forecast period. The segment is expected to exhibit a CAGR of 5.7% over the period between 2016 and 2024, and grab a bigger piece of the pie by the end of the forecast period. High-barrier films and extended shelf life of polypropylene packaging are the key factors leading to the material’s increased adoption in the vacuum packaging industry. Segments with vinyl content i.e. polyvinylchloride (PVC) and polyvinylidenchloride (PVDC) are estimated to collectively account for over 20% of the market by the end of 2016 and are anticipated to lose 0.5% of their share in the market by 2024.
Market to Gain High Traction in North America and Latin America
In terms of geography, the market for vacuum packaging in Europe is expected to be the most favorable in terms of incremental opportunities for high revenue generation over the forecast period. The market in Europe is also estimated to dominate the global vacuum packaging market with a 32.4% of the market in 2016, followed by markets in North America and Asia Pacific. Markets in Asia Pacific and North America are highly regulated and are likely to create a substantial demand for vacuum packaging, worth more than US$5.2 mn in 2016, approximately 10% higher than 2015.
Over the forecast period, the market in North America is expected to exhibit the most promising growth and gain high traction, registering a healthy CAGR of 5.3% from 2016 through 2024. In North America, US is likely to continue to dominate the market for vacuum packaging. The country does not only consume vacuum packaging in large volumes, but also features the presence of a large number of manufacturers.
The market in Middle East and Africa, which is another prominent market for vacuum packaging, is expected to suffer the most prominent loss in terms of incremental opportunities. Consumption of vacuum packaging in Latin America, which presently accounts for a very small share in the global market, on the other hand, is expected to exhibit a 4.9% CAGR over the forecast period, second only to North America.
Some of the key players in the global vacuum packaging market are Amcor Limited, Berry Plastics Inc., Bemis Company, Wipak Group, Sealed Air Corporation, and Mondi Group.
Global Vacuum Packaging Market: Overview
This Transparency Market Research report examines the global vacuum packaging market for the forecast period 2016-2024. The primary objective of the report is to identify opportunities in the market and present updates as well as insights pertaining to various segments of the global vacuum packaging market.
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.
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)
The report begins with an overview of the global vacuum packaging market, evaluating market performance in terms of revenue, followed by TMR’s analysis of key trends, drivers, and restraints witnessed in the global market. Impact analysis of the key growth drivers and restraints based on the weighted average model is also included in the report.
Global Vacuum Packaging Market: Segmentation
Material type assessed in the report are:
- Polyethylene (PE)
- Polyvinylidenchloride (PVDC)
- Polypropylene (PP)
- Polyvinylchloride (PVC)
- Polyester (PET)
- Polyamide (PA)
Pack type assessed in the report are:
- Rigid Packaging
- Flexible Packaging
- Semi-Rigid Packaging
Application type assessed in the report are:
- Food & Beverage
- Industrial Goods
- Consumer Goods
The report further analyses the market based on material type and presents the forecast in terms of value for the next eight years. The next section of the report analyses the global vacuum packaging market on the basis of distribution network and presents the forecast for the next eight years. The report further analyses the market based on primary usage and presents the forecast in terms of value for the next eight years. Following this section includes analysis of the global vacuum packaging market on the basis of region and forecast in terms of value for the next eight years.
Regions assessed in the report are:
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Global Vacuum Packaging Market: Research Methodology
To compute the market size, in-depth secondary research is done. Data points such as regional splits and market split by material type, distribution network and primary usage as well as qualitative inputs from primary respondents have been assimilated to arrive at appropriate market estimates. The report comprises the forecast of the global revenue generated by the sales of vacuum Packaging Market.
TMR triangulates the data via different analysis based on supply side, demand side as well as the dynamics of Vacuum Packaging Market.
TMR not only conduct forecasts in terms of value, but also evaluate the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
Another vital feature of this report is the analysis of the Vacuum Packaging Market by region, material type, distribution network and primary usage and the corresponding revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales perspective of the global vacuum packaging market.
To understand key segments in terms of their growth and performance in the vacuum packaging market, Transparency Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global vacuum packaging market.
Global Vacuum Packaging Market: Competitive Dynamics
In the final section of the report, vacuum packaging market competitive landscape is included to provide a dashboard view of companies that manufacture and provide services of vacuum packaging market. The report contains company profiles of some of the key players in the global vacuum packaging market.
Key market players featured in this report are:
- Amcor Ltd.
- Bemis Co. Inc.
- Berry Plastics
- Sealed Air Corp.
- Mondi Group
- Winpak Group