Vacuum Packaging Market

Vacuum Packaging Market Size, Share, Growth (2023-2028)

Vacuum Packaging Market size was worth USD 27.92 billion in 2023 to USD 34.47 billion by  2028, rising with an annual expansion rate of 4.30%

Vacuum Packaging Market Overview:

Vacuum packaging is a form of packaging that removes the air around the food and then seals the product in a waterproof container. It means creating a vacuum before sealing the package. It involves wrapping it in plastic and preventing air from being trapped inside. The presence of air can promote the growth of bacteria within food, which is very useful for food preservation. The purpose of vacuum packaging is generally to remove oxygen from containers to extend the shelf life of food products. Vacuum packaging is widely used in the food and beverage industry around the world due to its many benefits such as longer shelf life, protection against dust, moisture, insects, and other external factors, and no need for chemical preservatives. Such packaging allows consumers to see and feel the product in the packaging itself. Vacuum packaging reduces oxygen in the atmosphere, which limits the growth of aerobic bacteria or fungi and prevents the evaporation of volatile components. Vacuum packaging protects your product from dust, moisture, insects, and other external factors that can damage food. This will extend the shelf life of fresh and perishable products 3-5 times compared to normal refrigerated life. Vacuum sealing significantly extends the shelf life of cheese, meat, soups, and many other types of food. Vacuum packaging seals in the flavor and is a fast and efficient packaging method. This method is used for commercial and residential use to preserve food.

Recent Developments in Vacuum Packaging Industry:

• In June 2019, Amcor acquired Bemis Company Inc., which now operates as Amcor PLC (Amcor). This acquisition strengthens Amcor's industry-leading value proposition and provides additional scale, functionality, and space that create significant shareholder value.

• In July 2019, Berry Global Group, Inc. announced that it had acquired RPC Group PLC (RPC) at a purchase price of approximately $ 6.5 billion. Together, Berry and RPC have created one of the world's largest plastic packaging companies and a leading global provider of value-added protection solutions.

The Coronavirus pandemic will continue to affect the food industry and supply chain. Amid the pandemic, the surge in-home consumption driven by shelter orders is driving consumers from retail foodservice channels to e-commerce platforms. This sudden change in consumer patterns is emerging as a lifeline for vacuum packaging manufacturers. With the growing demand for fresh food amid the COVID-19 crisis, ASRS (Automated Storage and Retrieval Systems) are increasingly being used for a variety of food products in refrigerated and non-refrigerated spaces. This will drive demand for storage facilities, providing potential avenues for growth in the vacuum packaging industry.

REPORT COVERAGE:

Vacuum Packaging Market Drivers:

Increasing consumer awareness of quality and hygienic food packaging has led to the longer shelf life of products, which is driving demand in the global vacuum packaging market.The progressive and innovative developments related to the production of vacuum packaging capable of containing lightweight packaging and recycled packaging are several additional factors that are supposed to boost the growth of the global vacuum packaging market in the near future. The market is driven by a number of factors, such as increasing consumption from rapid urbanization and industrialization, improving living standards and increasing government policies on processed food and beverages, food safety. The surge in awareness of quality food and sanitary packaging in growing regions is one of the main factors contributing to the growth of this market. As the demand for a longer shelf life of products increased, so did the demand for vacuum packaging. In addition, the pharmaceutical and food and beverage industries are the main end users of this packaging technology.

Additionally, the consumption of processed and pre-cooked foods and beverages continues to increase with the hike in the millennial population. Around the world, there are a growing number of accessible stores and supermarkets, mainly in the Asia Pacific region. Vacuum packaging is a technique used to extend the shelf life of food products without affecting the quality of the product. In recent years, these vacuum packaging solutions have become promising solutions for the packaging industry to ensure product protection and safety for a longer period of time. As the demand for a longer shelf life of products increased, so did the demand for vacuum packaging. Instant or mobile meals are experiencing a constant demand for convenience, especially among consumers with a busy lifestyle.

Vacuum Packaging Market Restraints:

The demand for frozen food is also increasing in several countries, including India, China and the United States, due to busy schedules and changing lifestyles of the population. So, this technique helps profitable packaging. The vacuum packaging Industry is primarily driven by increased consumption of packaged and convenience foods among millennials and younger populations. Plus, convenience foods are easy to handle, transport, and won't spill, making them the first choice for this generation. The growing population together with the changing lifestyle is expected to increase the demand for vacuum packaging in the food industry. Vacuum packaging is also used in the pharmaceutical industry because it provides pharmaceutical products with a highly sterile environment and a long shelf life. The high capital investment required for the production of vacuum packaging is a major factor that is foreseen to slow market growth. Factors such as strict regulations on packaging waste and recycling hamper market growth. Another problem faced by the medical industry is the need to keep devices sterile.

Vacuum Packaging Industry Segmentation:

By the process, the market for vacuum packaging has been segregated into skin vacuum packaging and shrink vacuum packaging. The skin vacuum packaging segment is estimated to grow at the highest CAGR during the forecast period 2022 - 2027.

On the basis of packaging

• soft packaging

• rigid packaging 

• semi-rigid packaging

Based on the application

• pharmaceutical

• industrial

• food products, etc

Food accounted for the largest market share in 2020 and is likely to grow at the highest CAGR in the coming years due to growing consumption of processed products worldwide.

Vacuum Packaging Market Regional Analysis

• North America 

• Europe

• The Asia Pacific

• Latin America

• The Middle East and Africa

Asia Pacific is projecting to hold the largest share in the global vacuum packaging industry during the foreseen period 2022 - 2027. Population growth, increased health care spending, demand for packaged and convenience foods, and rapid industrialization in China and India are foreseen to boost regional markets during the forecast period. North America and Europe are the two regions that are most aware of advanced packaging technology and are the first to adopt new trends. In vacuum packaging, meat, poultry, and seafood packaging is a potential market driver considering how consumption will increase over the conjecture period.

Vacuum Packaging Market Key Players

1. Ulma Packaging

2. Sealed Air Corporation

3. Berry Plastics Corporation

4. Amcor Limited

5. Bemis Company Inc

6. Coveris Holding SA

7. CVP Systems, Inc

8. Orics Industries, Inc

9. SCOOP

10. Linpac Packaging Limited

11. Multisorb Technologies Inc