Vacuum Packaging Market to be Worth of US$22.8 Bn by 2024; Phenomenal Demand From Food, Beverage Industry to Drive Vacuum Packaging Market - TMR

Vacuum Packaging Market to be Worth of US$22.8 Bn by 2024; Phenomenal Demand From Food, Beverage Industry to Drive Vacuum Packaging Market - TMR

PR Newswire

ALBANY, New York, November 14, 2018

ALBANY, New York, November 14, 2018 /PRNewswire/ --

The global vacuum packaging market is anticipated to show positive growth in the upcoming years, according to Transparency Market Research (TMR). The vendor landscape of the global vacuum packaging market currently features high levels of consolidation. Yet, there is expected to be an influx of new players in the industry over the coming years, on account of high demand of hygienic features by conscientious consumers. Several established and multinational vendors in the market are expected to invest heavily in research and development activities over the coming years.

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Amcor Limited, Berry Global, Inc., Bemis Company, Inc., Sealed Air Corporation, Wipak Group, and Mondi Group, are some of the top players profiled in the TMR report. These vendors are witnessed opting for business strategies such as mergers and acquisitions, strengthening the market consolidation. Vendors are expected to focus on providing solutions offering a better shelf life for consumables, and meet demands for end-users in the food and beverage industry.

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According to TMR's projections, the vacuum packaging market is anticipated to exhibit a 4.9% CAGR over the forecast period of 2016 and 2024. The market was estimated to be at US$15.0 bn in the year 2015, and is expected to reach a value of US$22.8 bn 2024.

Burgeoning Food and Beverage Industry to Propel Growth 

The market has been developing in accordance with the food packaging industry. Expanding utilization of prepared and accommodation food has been a noteworthy driving element, influencing the product demand. Food wellbeing and cleanliness have turned into buyer's best need and vacuum pressing method helps satisfying this prerequisite. Surge in disposable incomes and readiness to spend for protected and clean food are expected to drive industry development over the duration of forecast.

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Simplicity of taking care of, transportability, and adaptability has expanded bundled food ubiquity. This system guarantees timeframe of realistic usability augmentation with high sterile condition, which precludes food waste. The tendency to spend for sterile food are foreseen to actuate the growth of the global vacuum packaging market over the coming years. Aside from this, rapid industrialization in the developing economies alongside higher populace development are foreseen to support the development of global vacuum packaging market in the coming years.

Cost Efficiency of Polyethylene to Boost Growth Opportunity  

Polyethylene's low creation and handling cost has fuelled PE demand from bundled food industry. Moreover, polyethylene is foreseen to proceed with its predominance pursued by polyamide over the pending years. High adaptability, straightforwardness, thermoformability, and high therapist properties offered by this material are expected to drive polyamide use for pressing. Expanding interest for straightforward food covering, as it guarantees food quality by visual review, is expected to drive the polyamide demand over the years to come in the global vacuum packaging market.

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Appeal for Flexible Packaging to Drive Vacuum Packaging Market  

Flexible packaging solutions are made of the plastic films, and they have a wide application in food and beverage packaging. Adaptable packaging offers the best and most moderate packaging choice to the food business, by adding packaging worth and attractiveness to the food products. It guarantees food insurance and broadens the time span of usability of the product by utilization of different materials. Attributable to the adaptability of the materials, custom characteristics and effectiveness in preserving assets, joined with their maintainability, the adaptable packaging has developed as the favored type of packaging in the food industry, thereby boosting the vacuum packaging market.

This review is based on TMR's report titled, "Vacuum Packaging Market (Material Type - Polyethylene (PE), Polyvinylidene chloride (PVDC), Polypropylene (PP), Polyester (PET), Polyvinylchloride (PVC), and Polyamide (PA); Pack Type - Rigid Packaging, Semi-rigid Packaging, and Flexible Packaging; Application - Pharmaceuticals, Food and Beverage, Industrial Goods, and Consumer Goods) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

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Global Vacuum Packaging Market has been segmented as presented: 

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