Major companies operating in the global vacuum packaging market are Wipak Group, Sealed Air Corporation, Mondi Group, Berry Global, Inc., Bemis Company, Inc., and Amcor Limited. The global vacuum packaging market, to a large extent, is consolidated, notes Transparency Market Research (TMR). In recent years, there have been a large number of mergers and acquisitions by leading players in developed regions, especially in the North America and Europe markets. However, in other regions, the market is still fragmented with low barriers to entry for new players, observes TMR.
Several manufacturers of vacuum packaging are diversifying their product portfolio and launching new products to consolidate their market shares. Leading players are making substantial R&D investments and resorting to geographic expansion to gain a competitive edge over others.
The estimated revenue generated from the sales of vacuum packaging at the end of 2016 was US$15.7 bn and this is expected to surge to US$22.8 bn by the end of 2024. Driven by ample opportunities, the global vacuum packaging market is projected to rise at a CAGR of 4.9% from 2016 to 2024.
North America to Offer Lucrative Market Avenues
Based on geography, the global market for vacuum packaging is segmented into Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, the Europe market occupied a major share and is anticipated to lead the market through the forecast period. Meanwhile, the North America market for vacuum packaging is projected to exhibit substantial growth and rise at a steady CAGR of 5.3% during 2016–2024. This regional market is highly regulated and is characterized by the presence of a plethora of manufacturers, which is expected to propel the market.
Based on the type of material used in vacuum packaging, the market is segmented into polyethylene (PE), polypropylene (PP), polyvinylidene chloride (PVDC), polyvinyl chloride (PVC), polyamide (PA), and polyester (PET). Among these, the market for polypropylene (PP) is anticipated to grow at a higher pace than others; the segment is projected to register a CAGR of 5.7% from 2016 to 2024. Extended shelf life provided by polypropylene packaging has been fuelling its demand.
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Modified Atmosphere Packaging (MAP) Process to Rake in Revenue
The surging demand for packaging that results in minimal waste and a soaring need for increasing the shelf-life of food products are the key factors propelling the vacuum packaging market. Limited recycling options related to polymers used in packaging in various regions, especially in less developed economies, have stimulated the demand for minimal packaging methods, thereby boosting the vacuum packaging market. In addition, the demand for vacuum packaging methods for packing food products that are highly prone to decomposition has led manufacturers to adopt technological advancements in the processes.
The advent of modified atmosphere packaging (MAP), also known as protective gas masks, is a significant innovation in vacuum packaging methods. The growing prominence of MAP is attributed to the fact that the process can be safely customized for packaging particular foodstuffs by using different gases and varying their proportion. This helps improve the shelf-life and maintain the appearance of various foods such as seafood, red meat, and bread.
On the downside, the high cost involved in vacuum packaging methods has hindered the market to an extent. The high cost of equipment needed for carrying out vacuum packaging has hampered their demand among cost-sensitive consumers. Be that as it may, the increasing focus of several brands on their product quality management through powerful packaging and constant technological advancement in manufacturing is a key factor expected to create new opportunities for manufacturers and vendors.