The vacuum packaging market is significantly affected by a trend where eco-conscious consumers give preference to packaging that use biodegradable, recycled, or non-petroleum-based materials, which reduce the amount of waste. This has pushed the key players in the vacuum packaging market to invest extensively for R&D initiatives. New developments such as manufacturing of vacuum packages that possess barrier properties, recyclable packaging, and lightweight packaging are adding value to the vacuum packaging market.
On the basis of application, the market is segmented as food, pharmaceutical, industrial packaging, and other applications. Food packaging holds maximum share and is expected to retain its dominance over the forecast period. Various processes used in the technique include skin and shrink packaging.
Polyethylene is expected to be followed by polyamide over the next seven years. High flexibility, transparency, thermoform ability, and high shrink properties offered by this material are expected to drive polyamide usage for packing. Increasing demand for transparent food covering, as it ensures food quality by visual inspection, is expected to drive the polyamide demand over the next seven years. The global vacuum packaging market is also divided on the basis of pack type which includes rigid packaging, semi-rigid packaging and flexible packaging. Flexible packaging is likely to grow at a significant pace over the next ten years from 2018-2025.
The global vacuum packaging market is segmented by region as North America, Europe, Asia Pacific and Rest of the world. The Asia Pacific is referred as the largest & fastest growing market for the vacuum packaging market. The market is later followed by the Europe & North America owing to increase consumption of processed and packaged food. Asia Pacific region is maintaining its dominance in the market due to rise in population, increasing packaged & expediency food demand, and healthcare expenditure. Furthermore, the rapid increase in the industrialization in China, India, and Japan is predicted to propel the country level market of vacuum packaging.
Global vacuum packaging market was valued at US$18.0 billion in 2018, and is predicted to attain valuation of US$23.8 billion over the forecast period from 2018 to 2025 by rising at a CAGR of 5.2% over the forecast period.
Major Key Players are Bemis Company, Inc., CVP Systems, Inc., Sealed Air Corporation, ULMA Packaging, Orics Industries, Inc., Linpac Packaging Limited, Coveris Holdings S.A., Berry Plastics Corporation, Multisorb Technologies, Inc., and Amcor Limited.