The global vacuum packaging market is expected to experience substantial growth, reaching a valuation of US$ 12.1 billion by 2032, with a compound annual growth rate (CAGR) of 4.9%. In 2022, the market was estimated to be valued at US$ 7.5 billion.
By the end of 2022, it is projected that the top three countries will hold a significant share of the global vacuum packaging market, accounting for 25-30% of the market. The Polyethylene (PE) segment is anticipated to dominate the market due to its advantageous features such as high clarity, oxygen barrier properties, and excellent sealing capabilities. This segment is expected to grow 1.5 times its current market value during the forecast period.
There is a growing demand for vacuum packaging, and it is estimated that the top five companies will hold approximately 20-25% of the global market by the end of the forecast period. Europe and North America are expected to be the driving forces behind the sales of vacuum packaging, collectively holding around half of the market share by 2032. These regions exhibit significant demand for vacuum packaging products.
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The vacuum packaging market presents a positive growth outlook, with sales projected to increase from 2022 to 2032. According to analysis by FMI (Future Market Insights), the market offers an absolute growth opportunity of US$ 5.0 billion. The market is characterized by a trend towards industrial consolidation, as companies strategically position themselves for future expansion by maintaining healthy profit margins and low levels of debt. Certain companies possess substantial capital resources, making them potential candidates for strategic capital investment.
Key Takeaways:
- The global vacuum packaging market is expected to reach US$ 12.1 billion by 2032, growing at a CAGR of 4.9%.
- The Polyethylene (PE) segment is projected to dominate the market due to its advantages in terms of clarity, oxygen barrier, and seal.
- Europe and North America are anticipated to drive the sales of vacuum packaging, collectively holding around half of the market share by 2032.
- The market presents an absolute growth opportunity of US$ 5.0 billion during 2022-2032.
- Companies with healthy profit margins and low debt levels are positioned for future expansion, attracting potential strategic capital investment
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.
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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.
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.
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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.)
By Product Type, Vacuum Packaging Market is Segmented as:
- Pouches & bags
- Films
By End Use, Vacuum Packaging Market is Segmented as:
- Food
- Non-Food
By Region, Vacuum Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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