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.
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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.