According to Stratistics MRC, the “Global Vacuum Packaging Market” is estimated at $23.56 billion in 2016 and is expected to reach $32.12 billion by 2022 growing at a CAGR of 5.3% from 2016 to 2022. Some of the key factors influencing the market growth include increasing household income as well as liking to spend for hygienic food, robust consumption of convenience and processed food and rapid industrialization in developing economies. However, the high cost of development and variation in environmental mandates across regions are some factors hampering market growth. Moreover, the emergence of new technologies provides huge growth opportunities for the market in the coming years.
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Vacuum packaging is an advanced methodology for packaging food and different other products. The procedure involves the withdrawal of the air included in the package and then sealing it. Vacuum packaging is a common method of extending the shelf life of food-related products without adversely affecting their quality. Vacuum packaging is an efficient method of decreasing food spoilage, but also generates situations which assist in the growth of anaerobic organisms.
Opportunity: Emergence of new technologies is providing ample opportunities for the market growth
Because of rapid urbanization and industrialization, the market is experiencing technological advancements. New and innovative advancements which involve the production of these packages that can hold light-weight packaging and recyclable packaging are some additional factors accumulating value to the market. This market is growing at a fast rate over the past few years and is likely to have ample opportunities in the coming years.
Driver: Hygienic Packaging of Food is driving the market growth
The increasing awareness of better quality and hygienic packaging of food in developing countries is one of the major factors for the growth of this market. Rising awareness about food safety and hygiene have become consumer’s foremost urgency. This has inclined the interest in vacuum packaging all across the world. Rising household income as well as inclination to spend for hygienic food is anticipated to impel the growth of global vacuum packaging market during the forecast period.
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Depending on pack type, the flexible packaging segment is expected to grow at the significant market share during the forecast period as flexible packing is mostly used for packaged food, and thus, is anticipated to grow in proportion with food packaging industry expansion. Flexible packaging is chosen over another type of packaging because it is lightweight, easy to carry, and expedient, and reduces the volume of the contents and package.
North America region is anticipated to hold considerable market share during the forecast period:
By geography, the North America region is anticipated to hold considerable market share during the forecast period due to stagnant end-use industries in the region, growing demand for convenience products and the presence of several top retailers and rapid rise in its existing population, due to work-related migrations into the region.
Some of the key players in the market include Coveris Holdings S.A., Amcor Limited, Bemis Company, Inc., ULMA Packaging, S.Coop, Orics Industries, Inc., Sealed Air Corporation, Multisorb Technologies, Inc, Linpac Packaging Limited, Berry Plastics Corporation and CVP Systems, Inc.
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Amcor Limited: In Nov 2016, Amcor Limited acquired with Hebei Qite Packing Co. Ltd for an expansion of its flexible packaging platform in the strategically important Northern China region. Amcor will have an even stronger platform to grow the business in this region.
ULMA Packaging, S.Coop: In Apr 2016, ULMA Packaging, S.Coop introduces a revolutionary application for their FLOW-VAC® equipment. ULMA has developed a simple but brilliant solution to automate the feeding of a belt vacuum chamber on both sealing bars. Packages are sealed only on one end and prepared to be transferred to the buffering belt of the vacuum chamber with the open end facing both seal bars on the vacuum chamber.
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