Vacuum packaging market is estimated to cross over USD 30 billion by 2020.This market is growing at a approximate CAGR over 4% over the coming years. Rising demand for hygienic packaged food is likely to propel the market demand over the forecast period. Vacuum packaging ensures product safety, freshness and hygiene for long time. Growing consumption of processed and convenience food is the key driving factor impacting the product demand. Flexibility, easy of handling and portability has augmented the popularity of package food. This technique prohibits food spoilage. Also it ensures high sterile environment and shelf life.
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Vacuum packaging technique assists in maintain Hygiene and food safety which is the top priority of consumers. Rising willingness to invest for hygienic food will drive market growth over the coming years. Also, growth in pharmaceutical industry is likely to boost market demand.
Based on application, the overall industry is segmented into industrial packaging, food pharmaceuticals and other applications. Food packaging dominates the market and is expected to continue its dominance over the coming years. Few processes used in the technique include shrink and skin packaging.
Machinery used in vacuum packaging market includes tray-sealing machine, thermoformers, external vacuum sealers and other machines. On pack types, the market is divided into rigid, flexible and semi-rigid packaging. Flexible packaging is likely to grow as it mostly used for packaged food.
Based on material, the market is divided into vinyl alcohol, polyethylene, ethylene and polyamide. Polyethylene contributes for the highest share in the industry and is likely to cross over USD 12 billion by 2020.
Asia Pacific is expected to be the fastest growing market over the coming years, factors such as healthcare expenditure and rapid industrialization in china will boost the market demand in the region. Also, increase in rising population in the will propel the regional market over the coming years.
Rising healthcare sector in Asia Pacific will propel the market demand. Also, it will increase the pharmaceutical packaging demand in the region. North America and Europe are estimated to undergo low growth because of sluggish end-use industries in the regions. Leading players in the vacuum packaging market are Coveris Holdings S.A, Amcor Limited, CVP Systems, ULMA Packaging, Linpac Packaging Limited and Berry Plastics Corporation.
Information Source: Radiants Insights