The global vacuum packing market is anticipated to reach a valuation of US$ 7.5 billion in 2022 and continue to grow at a CAGR of 4.9% to reach US$ 12.1 billion by the year 2032, according to data from Future Market Insights. The top 3 nations are predicted to control 25–30% of the global vacuum packing market by the end of 2022, leading to an increase in market revenues.
The Polyethylene (PE) segment by the material is expected to hold the major portion of the global vacuum packaging market due to its benefits such as high clarity, oxygen barrier, and excellent seal. The target segment is projected to grow 1.5 times the current market value during the forecast period.
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The global vacuum packaging market reached US$ 7.1 Bn for the year 2021, according to FMI analysis. The demand for vacuum packaging is estimated to accelerate with the top 5 companies estimated to hold around 20-25% of the global vacuum packaging market by the end of the estimated year.
The vacuum packaging market is anticipated to witness a positive growth outlook during the forecast period. A new forecast by FMI anticipates that vacuum packaging sales will rise during 2022-2032 and is projected to offer an absolute growth opportunity of US$ 5.0 Bn.
The Europe and North America regions are anticipated to augment the sales of vacuum packaging by showing high demand for the same. The same regions collectively are anticipated to hold around half portion of the market by the end of 2032.
Historic Market Outlook for Vacuum Packaging Market
The vacuum packaging market noticed a CAGR of 4.1% during the historic period and reached US$ 7.1 Bn in 2021.
Vacuum packaging is a form of packaging that removes the air around the food & non-food products and seals the product in waterproof containers that are used to pack and store the products. Vacuum packaging primarily functions by minimizing the oxygen levels in the package thus reducing the oxygen degradation of products and enhancing the overall quality of the product.
Vacuum packaging commonly consists of pouches & bags or films which are sometimes lidded over thermoformed trays in order to facilitate better product presentation. With the increased need for prolonged shelf-life and enhanced quality, the demand for vacuum packaging augmented. Also, vacuum packaging offers a sealed barrier against external factors which gains traction among the food industries. It eliminates the use of chemical preservations which keeps the food or the product natural. Overall, the demand for vacuum packaging is projected to bolster during the forecast period.
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How does the Preference for Pro-longed Shelf-life Drive the Demand for Vacuum Packaging?
The prolonged shelf-life of the items is one of the main elements boosting the sales of vacuum packaging in the market. In terms of extending the shelf life of food products, vacuum packaging performs better than MAP. If not consumed within a month of packaging, a sizable percentage of packaged goods, such as candy, meat, and other dairy products, are wasted globally, resulting in financial loss.
Retailers and suppliers favor packaging options that guarantee long shelf life. Additionally, this enables vendors to extend the transit time for packaged goods, improving their ability to export and expanding their global operations. As a result, vacuum packaging is quickly becoming one of the most popular methods for storing food.
Vacuum Packaging Market by Category
By Materials, Vacuum Packaging Market is Segmented as:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyamide (PA)
- Ethylene Vinyl Alcohol (EVOH)
- Polyethylene terephthalate (PET)
- Other Plastics (PS, etc.)
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Competitive Landscape
The key players operating in the vacuum packaging market are trying to focus on increasing their sales and revenues by expanding their capabilities to meet the growing demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet customer needs. Also, the players are focusing on upgrading their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows –
- In August 2022, Amcor plc expanded its presence in Europe by acquiring a world-class flexible packaging plant located in the Czech Republic.
- In April 2022, Klockner Pentaplast expanded its capacity by adding rPET/PET capacity to its Beaver site which will help the company grow its sustainable healthcare and food packaging market in North America.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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