Vacuum Packaging Global Market – Overview
The Vacuum Packaging Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Vacuum Packaging will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2030, which will be a surplus growth at a moderate CAGR during the projected period (2022 -2030).
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The food and beverage markets represent the largest consumption group for packaging materials and machinery. Several reasons drive this growth such growing urbanization, increased living standards, and disposable income in the developing regions play a main role. With the increase in number of convenience stores and super marts across the globe, especially in Asia-pacific has led to increased consumption of processed and convenience foods and beverages. Such stores has been able to bring the processed and packaged eatables close to the consumers.
Food & beverage industry has adopted vacuum packaging extensively across the world due to the some additional functionalities such as retention of integrity of a product and prevent food spoilage, along with increased shelf life. Such properties are ideal for the retail outlets where fresh and processed food items needs to be stored over a longer period of time as well it enables the consumers to see and feel the product from the packaging. This drives the demand of vacuum packaging across the foods & beverages industry.
The urban transition and economic growth have been linked with each other because economic development fuels urbanization. General trends in urbanization are linked to sustainable development of a country. The increasing concentration of people in urban areas can facilitate economic and social development, while offering opportunities to reduce the impact of consumption and production on the environment. This leads to a general change in the preferences of the consumers as well as brings change in the consumption patterns.
The urbanization on a global level along with rapid industrialization, across all the geographical regions have led to the change in consumption pattern of foods, beverages, consumer goods, and others. Today, there is seen an increased demand of packaged, processed and convenience food due to changing lifestyle, especially in emerging nations. The countries like India, and Brazil have seen increasing demand for electronics and consumer goods. This augments the demand for vacuum packaging from these regions and result in staggering growth.
There is seen an expanding role of government and other agencies to ensure food safety on a global platform. Government agencies are responsible for setting food safety standards, conducting inspections, ensuring that standards are met, and maintaining a strong enforcement program to deal with those who do not comply with standards. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to better protect public health by strengthening the food safety system. This also includes packaging and product information. Food labelling is under the jurisdiction of the FDA and the relevant Federal laws are the Food, Drug, and Cosmetic Act (FDCA) and the Fair Packaging and Labelling Act. In addition, the Nutrition Labelling and Education Act (NLEA), which amended the FDCA, requires most foods to carry nutrition labelling and requires food labels that carry nutrient content claims and certain health messages to comply with specific requirements. Also, the government policies have become stringent in the emerging economies due to increased awareness about food safety. This acts as a driver for the growth of vacuum packaging market, as such policies and regulations enforce high quality packaging for foods. Vacuum high barrier packaging is utilized across the industry to pack fresh meat, processed meats and poultry items.
The European Union introduced certain measures on the management of packaging waste back in 1980s. There were rules set in Directive 85/339/EEC on the production, marketing, use, recycling and refilling of containers of liquids for human consumption and on the disposal of used containers. The directive has been amended since then and it was last amended in 2015. Such measures have been implemented across all the developed and recently in developing nations. This hampers the growth the growth of vacuum packaging market due to the use of various type of plastic grades in vacuum shrink and skin packaging and the recycling and waste management of plastic during the process of packaging.
Vacuum Packaging Market – Segmentation
The Global Vacuum Packaging Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Product Material: Comprises PE, PA, and others.
Segmentation by Packaging: Comprises Rigid Packaging, Flexible Packaging, and Semi-Rigid Packaging
Segmentation by Application: Comprises Pharmaceutical, Food, Industrial, Consumer Goods, and Others
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Vacuum Packaging Market: Regional Analysis
Asia pacific is referred as the largest & fastest growing market for vacuum packaging, followed by Europe & North America. Increasing population, rising packaged & convenience food demand, healthcare expenditure is driving the market in Asia-Pacific region. Moreover, rapid industrialization in China and India expected to propel the regional market in the forecast period. Furthermore, growing healthcare sector is expected to propel the pharmaceutical packaging demand in the region.
Whereas, Europe is referred as second largest market in terms of revenue. Factors such as emergence of eco-friendly packaging technologies, which are inexpensive and manufactured from recycled material are driving the market in Europe.
E. I. duPont de Nemours and Company (U.S.), Bernis Company Inc.(U.S.), Amcor Ltd. (Australia), Berry Plastic Corp. (U.S.), Linpack Packaging Ltd. (U.K.), Sealed Air Corp. (U.S.), Coveris Holdings (Luxembourg), Winpak, and Green Packaging Material (Jiangyin) Co., Ltd. (China). and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vaccum Packaging Market..
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Industry/ Innovation/ Related News:
In competitive landscape, the report studies the growth strategies adopted by the companies between 2015 and 2017. Key players adopted various strategies to retain and/or expand their market share. Key strategies followed by most companies within the global vacuum packaging market were mergers & acquisitions.
The major players operating in this market, who have adopted these strategies are Amcor Ltd., Berry Global Inc., Coveris Holdings S.A., and others.
Extensive research in this market has brought to light that entering into strategic mergers and acquisitions are the key strategies adopted by the major players in the global vacuum packaging market. This strategy has been adopted to expand the already existing operations, product line and technological advancement. Such mergers & acquisitions help the so formed company in taking advantage of the already existing geographical presence, market share and distribution channels. Furthermore the packaging companies have adopted expansionary measures such as investing in better machineries, increasing Asia-Pacificity of the facilities and cross border sales. Companies such as Amcor Ltd. (Australia), Berry Global Inc. (U.S.), Sealed Air Corporation (U.S.), Coveris Holdings S.A. (Luxembourg), Linpac Packaging Ltd. (U.K.), and Green Packaging Material (Jiangyin) Co., Ltd. (China) extensively follow strategy of expansion to cater to the increasing clientele.
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