Vacuum Packaging Market: Increasing Demand for Enhanced Shelf-life of Perishable Products to Stimulate Market Growth
Albany, NY -- (SBWIRE) -- 12/29/2017 -- The world market for the vacuum packaging market is largely a consolidated one, marked with the presence of a handful of companies, as suggested in a publication by Transparency Market Research. It is also revealed in the analysis that the eminent market vendors which are operating in the market account for most of the market share. Some noteworthy companies in the world market for vacuum packaging are Sealed Air Corporation, Bemis Company, Inc., Amcor Limited, Berry Global, Inc., Mondi Group, and Wipak Group.
Many of these renowned players belong to various developed geographical areas, especially in Europe and North America. These companies are increasingly opting for business strategies like acquisitions and mergers in a bid to consolidate their own market shares across various parts of the world. However, with a number of new entrants in market, the possibility of emergence of fragmented competitive landscape is arising.
Many market vendors are making an offer of innovative solutions of packing that are solely aimed at catering to the functional needs of a wide variety of end-users, particularly in the beverages and food segment. A large chunk of them are aggressively designing specialized and innovative solutions catering to markets of new application like the industry of e-commerce.
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The world market for vacuum packaging was valued around US$15.0 bn in the year 2015, and is predicted to reach an amount of around US$22.8 bn over the timeframe of forecast that stretches from 2016 to 2024. The market for vacuum packaging is likely to rise at a robust CAGR of 4.9% over the forecast timeframe.
Increased Demand for Polypropylene to Fuel Market Growth
Of the primary materials that are used for the purpose of vacuum packaging, the category of polyethylene (PE) is prognosticated to lead the world market for vacuum packaging. The segment held around 38% of the total world market share in 2016. The category is also forecasted to retain its position as the leading contributor to the overall revenue of the international vacuum packaging market over the forecast timeframe. The segment is expected to experience steady growth, exhibiting a 4.6% CAGR during the timeframe of the forecast, 2014 to 2024.
The growth rate of the polypropylene (PP) category is foreseen to surpass that of the various other types of material that are used for vacuum packaging over the period forecast period. The category is estimated to display a CAGR of 5.7% during the period of forecast that extends from 2016 to 2024. It aims to grab a larger piece of the total market share by the end of the period of forecast.
Characteristics like increased shelf-life and high-barrier films of polypropylene packaging are the major reasons that are leading to the augmented adoption of polypropylene in the industry of vacuum packaging. The category of vinyl content i.e. polyvinylidenchloride (PVDC) and polyvinylchloride (PVC) together are foreseen to account for over 20% of the total market by the end of the year 2016.
Apart from that, there are a host of other factors that are attributed with the growth of the market. Increasing consumption of processed and packaged food and growing awareness about hygiene and food safety amongst common people are forecasted to fuel the market growth. Besides, soaring household income and growing willingness to spend for processed and hygienic food are also stimulating the market for vacuum packaging.
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However, there is a high cost involved with vacuum packaging and this, to some extent, mars the growth of the market.
The Market to Gain Momentum in Latin America and North America
So far as geographical segmentations are taken into consideration, the vacuum packaging market in Europe is prognosticated to be the leading one with 32.4% of the market share and is expected to retain its dominance throughout the period of forecast. Europe is followed by the markets of North America and Asia Pacific. Markets of North America and Asia Pacific are highly controlled and are expected to generate a significant demand for vacuum packaging.
Over the timeframe of forecast, North America is predicted to register promising growth and gain traction, rising at a CAGR of 5.3% over the forecast period. The market in the emerging regions of Middle East and Africa is expected to be another promising region for vacuum packaging market.