Study: Vacuum packaging market to be worth $22.8B by 2024
Surge in disposable incomes and readiness to spend for protected and clean food are expected to drive industry development.
The global vacuum packaging market is anticipated to show positive growth in the upcoming years, according to Transparency Market Research (TMR), Albany, N.Y. 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 to provide solutions that offer a better shelf life for consumables and meet demands for end-users in the food and beverage industry.
The vacuum packaging market is anticipated to exhibit a 4.9% CAGR over the forecast period of 2016-2024, according to "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." The market was estimated to be at $15.0 billion in 2015, and is expected to reach $22.8 billion by 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.
Cost efficiency of polyethylene to boost growth opportunity
Polyethylene's (PE) low creation and handling cost has fueled demand from the bundled food industry. 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.
Appeal for flexible packaging to drive vacuum packaging market
Flexible packaging solutions are made of plastic films and are ideal for a wide variety of applications 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, adaptable packaging is said to be the favored type of packaging in the food industry, thereby boosting the vacuum packaging market.