Global Vacuum Skin Packaging Market: Snapshot
The global vacuum skin packaging market is fragmented in nature in which the top 12 players account for just 12.0% of market share. In order to bolster their positions most players have been resorting to product innovation by investing in research and development.
There are many factors resulting in the sales of vacuum skin packaging. At the forefront of them is their ability to prevent wastage of food by reducing the chances of leakage and keeping its quality intact for longer periods of time. This coupled with their ease of usage reduces maintenance costs. Vacuum skin packaging also makes the packed product visible which makes it easier for discerning consumers to gauge the quality of the food.
Constant thrust on research and development to come up with better, innovative products is also seen to be boosting the market. Take for example the vacuum skin packed food in dual-ovenable or microwave- only technologies that has served to up ease of usage, resulting in their higher uptake by among consumers who are hard pressed for time.
Acting as a deterrent to the global vacuum skin packaging market, on the other hand, is the emergence of substitutes such as modified atmospheric packaging and also concerns over the quality of food, especially meat that has been kept packed for long.
A report by Transparency Market Research forecasts the global vacuum skin packaging market to rise at a CAGR of 6.0% from 2017 to 2025 to become worth US$36 bn by 2025.
Fresh Produce Segment to Surpass Others Vis-à-vis Growth
The different end-use sectors in the global vacuum skin packaging market are meat, poultry, seafood, dairy products, fresh produce, and ready meals, among others. Of them, the segment of fresh produce is predicted to clock the maximum CAGR of 7.1% between 2017 and 2027 as it needs most to be preserved. However, it is the meat packaging segment that accounts for maximum market share at present. Going forward it is expected to retain its dominant share in the market, albeit trimming it. The report by TMR expects the segment to hold 27.9% share in 2025. Meat poultry and sea food combined are expected to account for over two thirds of the vacuum skin packaging market.
Burgeoning Modern Retail Outlets Catapult Asia Pacific Market to Forefront
From a geographical standpoint, Asia Pacific accounts for a leading share in the global vacuum skin packaging market. Expanding at a CAGR of 8.2%, the region is slated to increase the share further to 41.6% by 2025. With increasing penetration of modern retail outlets in Asian region the demand for vacuum skin packaging is set to increase over the forecast period. The market in the region is primarily powered by China which accounts for mammoth share in the market.
North America trails Asia Pacific in terms of market share in the global vacuum skin packaging market. Rising at a tepid CAGR of 4.8%, the market will likely trim its share in the near future. The U.S. is the main market in the region that far surpasses Canada both in terms of value and volume. Europe comes in the third position vis-à-vis market share and is slated to expand at a CAGR of 4.0% between 2017 and 2025.
Prominent participants in the global vacuum skin packaging market are Sealed Air Corp., Amcor Limited, Bemis Company, Inc., Berry Plastic Group, Inc., Winpak Ltd., LINPAC Packaging Limited, MULTIVAC, Plastissimo Film Co., Ltd., Schur Flexibles Holding GesmbH, Plastopil Hazorea Company Ltd, and Quinn Packaging Ltd.