The global vacuum packaging market is expected to reach over USD 30 billion by 2022 growing at an estimated CAGR of over 4% over the forecast period. Increasing demand for hygienic packaged food is expected to propel the product demand over the next seven years. Vacuum packing ensures hygiene, product safety, and freshness for a longer duration.
The vacuum packaging market has been growing in line with the food packaging market. Increasing consumption of processed and convenience food has been a major driving factor, affecting product demand. Ease of handling, portability, and flexibility has increased packaged food popularity. This technique ensures shelf life extension with high sterile environment, which prohibits food spoilage.
Food safety and hygiene have become consumer’s top priority and the vacuum packing technique helps to fulfill this requirement. Increasing disposable income and willingness to spend for safe and hygienic food is expected to drive vacuum packaging industry growth over the forecast period. Growing pharmaceutical industry is also expected to fuel the demand.
This technique is used in various end-use industries such as food, pharmaceutical, industrial, and consumer goods packing. High growth of end-use industries is expected to propel the demand over the next seven years. Increased disposable income, healthcare expenditure, rapid industrialization in developing economies, and increased population are some of the factors driving the end-use industries, which in turn are expected to fuel product growth over the forecast period.
On the basis of application, the vacuum packaging market is segmented as food, pharmaceutical, industrial packaging, and other applications. Food packaging holds maximum share and is expected to retain its dominance over the forecast period. Various processes used in the technique include skin and shrink packaging.
Machinery used is segmented as thermoformers, external vacuum sealers, tray-sealing machine, and other machines. On the basis of pack type, the market is segmented as flexible, semi-rigid, and rigid packaging. Flexible packing is mostly used for packaged food, and thus, is expected to grow in proportion with food packaging industry growth.
On the basis of material, the market is segmented as polyethylene, polyamide, ethylene, and vinyl alcohol. Polyethylene holds maximum share in the global vacuum packaging industry and is expected to reach over USD 12 billion by 2020. Polyethylene is also expected to witness maximum growth rate over the forecast period.
Increasing demand can be attributed to low production and processing cost, which has encouraged vacuum packaging market players to prefer polyethylene over other materials. The popularity of polyethylene along with it being safe for food contact has fuelled PE demand from the packaged food industry.
Polyethylene is expected to be followed by polyamide over the next seven years. High flexibility, transparency, thermoformability, and high shrink properties offered by this material are expected to drive polyamide usage for packing. Increasing demand for transparent food covering, as it ensures food quality by visual inspection, is expected to drive the polyamide demand over the next seven years.
Asia Pacific holds the maximum share in the global vacuum packaging industry and it is expected to be the fastest-growing market over the forecast period. Increasing population, rising packaged & convenience food demand, healthcare expenditure, and rapid industrialization in China and India are expected to propel the regional market over the forecast period.
APAC is expected to be followed by Europe on account of large packaged and processed food demand. Growing healthcare sector is expected to propel the pharmaceutical packaging demand in the region. Europe and North America are expected to witness low growth on account of stagnant end-use industries in the region.
Key players operating in the global vacuum packaging market include Bemis Company, Inc., CVP Systems, Inc., Sealed Air Corporation, ULMA Packaging, Orics Industries, Inc., Linpac Packaging Limited, Coveris Holdings S.A., Berry Plastics Corporation, Multisorb Technologies, Inc., and Amcor Limited.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.