Vacuum Packaging Market is Projected to Surpass US$22.8 bn by 2024 - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

ALBANY, New York, November 2, 2016 /PRNewswire/ --

Transparency Market Research estimates that the revenue generated from the sales of vacuum packaging will be valued over US$15.7 bn by the end of 2016, and increase at a CAGR of 4.9% during 2016-2024. The market's valuation is expected to surpass US$22.8 bn by 2024. In terms of the material used for vacuum packaging, the polyethylene segment is expected to dominate the market in terms of contribution of revenue over the forecast period. The segment is expected to account for a share of over 38% of the market in 2016. Geographically, the market in Europe is estimated to lead with a 32.4% of the market in 2016.

The vacuum packaging market has witnessed a large number of mergers and acquisitions, leading to a consolidation competitive landscape over the last few years. Most of these activities were undertaken by market leaders in North America and Europe markets, but is still largely fragmented in emerging markets and is witnessing the entry of new players, observes Transparency Market Research in a recent report. A few instances include the January 2016 acquisition of Deluxe Packages by Amcor Limited, the January 2016 acquisition of FIOMO, a.s. by Huhtamaki Oyj. Another instance is the Mondi Group's March 2015 acquisition of KSP, Co., to increase its footprint in stand-up pouches market. 

Rising Trend of Material Minimization to Encourage Usage of Vacuum Packaging 

One of the leading drivers for players in the global vacuum packaging market is the increasing demand for packaging that minimizes the waste generated. Currently, close to one-third of the garbage produced every-day in the world consists of packaging. This massive volume of garbage makes for a type of waste that has little or no utilitarian value after a package is opened. Additionally, as a variety of polymers are often used in packaging, dealing with this waste is an increasingly difficult issue owing to the lack of recycling options in most parts of the world. This factor is, in turn, bolstering the demand for vacuum packaging owing to the significantly lower amount of material volume required for vacuum packaging.

With the proper use of vacuum packaging, material minimization can take one step further by reducing the raw materials required to extend the shelf-life of decomposable products such as food and beverages. Since vacuum packaging by itself can considerably add to the lifespan of a product, manufacturers of such products are required to add lesser additional materials to help sustain the quality of the product.

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Rising Preference to Modified Atmosphere Packaging Could Challenge Growth of Vacuum Packaging 

A top contender to vacuum packaging in the packaging industry presently is modified atmosphere packaging. Also known as protective gas masks, the MAP process removes most of the air inside a package and replaces it with a mixture of gases that function as a protective agent. The considerably lower cost of MAP packaging as compared to vacuum packaging is leading to an increased preference to the former. MAP is not only affordable to a large number of companies, but also scores high on the scales of shelf-life enhancement and maintaining product quality.

The high cost of vacuum packaging is also one of the market's key constraints. Cost-sensitive clients prefer other packaging machines due to the high initial capital required for vacuum packaging equipment, despite the greater savings provided in the long run. Vacuum packaging is also highly prone to tears and punctures, especially in the case of thin film packaging. As a result, package handling is a vulnerable area, which could increase the liability of a client towards their customer in terms of product quality management.

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This review of the market is based on a recent market research report published by Transparency Market Research, titled "Vacuum Packaging Market - Global Industry Analysis and Forecast 2016 - 2024."

For the study, the market has been segmented as follows:

By Material Type 

• Polyethylene (PE)
• Polyvinylidenchloride (PVDC)
• Polypropylene (PP)
• Polyvinylchloride (PVC)
• Polyester (PET)
• Polyamide (PA)
  

By Pack Type 

• Rigid Packaging
• Flexible Packaging
• Semi-Rigid Packaging 

By Application Type 

• Food
• Pharmaceuticals
• Industrial Goods
• Consumer Goods
• Others

By Region 

• North America
• Latin America
• Europe
• Asia Pacific (APAC)
• Middle East and Africa (MEA)

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SOURCE Transparency Market Research