Albany, NY -- (SBWire) -- 01/08/2020 --The changing lifestyle and growing preference for packaged food has grown the demand for vacuum packaging. Vacuum packaging helps in providing better shelf life, better flexibility, and portability for the food. Nowadays, more than 20% of the manufacturers have started using vacuum packaging. In addition, the players in the market introduce innovative solutions to meet the functional requirements of various end-user, especially in the food and beverages segment.The rising disposable income and growing preference to spend on hygiene food has also grown the demand for vacuum packaging that will provide a fillip to the market.
The global vacuum packaging market is prophesied to rise at 4.9% of CAGR during the forecast period between 2016 and 2024. The valuation for the market is expected to reach US$22.8 bn by the end of 2024, progressing from US$15.0 bn as estimated in 2015.
The global vacuum packaging market is categorized on the basis of pack type, material, and application. Based on material, the market is divided into polyvinylidene chloride (PVDC), polyethylene (PE), polypropylene (PP), polyester (PET), polyvinylchloride (PVC), and polyamide (PA). Out of these materials, polyethylene (PE) is likely to dominate the market and held 38% of the complete market in 2016. This segment is expected to rise at 4.6% CAGR over the forecast period and remain the dominant contributor to the revenue of the global market. Moreover, extended shelf life and higher barrier films of polypropylene packaging are the other factors that helps in fueling the market growth.
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The application of vacuum packaging is seen in food and beverages, industrial goods, pharmaceuticals, and consumer goods. Of these, the demand for vacuum packaging is high in food and beverages. This segment is likely to dominate the market during the forecast period. Based on pack type, the global vacuum packaging market is divided into rigid packaging, semi-rigid packaging, and flexible packaging. Out of these, the flexible packaging segment is projected to lead during the forecast period as is it used for packaged food.
United States is Likely to Grow Due to Presence of Large Number of Players
On the regional front, Europe is projected to lead the global vacuum packaging market and is considered as the most lucrative regional market in terms of revenue generation. In 2016, the market held 32.4% of total market share and expected to do so in the forthcoming years. After Europe, North America and Asia Pacific are favorable markets considered for the growth of the vacuum packaging. The vacuum packaging market in North America is expected to rise at 5.3% CAGR over the forecast period and is likely to create significant demand for vacuum packaging. Moreover, United Sates is the leading country in the region where large number of manufacturers are present and the demand for vacuum packaging is also very high in this country.
Vacuum Packaging Market Expected to Grow with a CAGR of 4.9 % During the Forecast Period, 2019-2024
Vacuum Packaging Market is driven by rising consumption of packaged and processed food; rising consciousness about food safety and hygiene among consumers also boost market demand.