Vacuum Packaging Market Estimated to Grow at a CAGR of 4.90% - Report by Market Research Future (MRFR)
Vacuum Packaging Market Research Report Information by Material Type (Polyethylene, Polypropylene, Polyamide, Ethylene Vinyl Alcohol and others), Process (Skin Vacuum Packaging, Shrink Vacuum Packaging and others), Packaging (Flexible Packaging, Semi-Rigid Packaging and Rigid Packaging), Application (Food, Pharmaceuticals, Industrial Goods and others), Region (North America, Europe, Asia-Pacific, Rest of the World) - Forecast till 2030
New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- Vacuum Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Vacuum Packaging Market By Material Type, Process, Packaging, Application Forecast Till 2030” The market for vacuum packaging is anticipated to grow at a 4.90% annual rate between 2021 and 2030. Last year, the market for hoover packages was worth USD 25.12 billion. In 2030, it is anticipated to be USD 28,452 million.
Businesses who employ vacuum packaging for their products hoover each package before sealing it. Due to the fact that hoover packing prevents air from entering the containers, it is particularly popular with food manufacturers. As a result, the items' integrity is maintained for a longer time. Mold and other diseases can't grow inside the products because to the airtight packing. Since mould and infections can be fatal, this does more than just protect brands; it also saves lives.
Surprisingly, the epidemic was advantageous for the businesses in the global hoover packing sector. Consumers desired that the packaging for their brands and goods be as hygienic and sterile as possible. They therefore desired hoover packing for their goods.
This planet is rapidly urbanising, industrialising, and developing. All of this results in a global community that is concerned about health and always on the go. These folks want to guarantee that the goods they purchase are sterile and sanitary. They are aware that putting brands in vacuum packaging is one way for businesses to guarantee this. This is one of the main factors fueling the expansion of the global vacuum packaging market.
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Market Competitive Landscape:
DuPont de Nemours, Inc. (US),
Amcor PLC (Australia),
Berry Global Inc. (US),
Sealed Air (US),
Klöckner Pentaplast (Germany),
Winpak Ltd (Canada), and
Green Packaging Material (Jiangyin) Co., Ltd (China).
US Packaging & Wrapping LLC (US),
Sealer Sales, Inc. (US),
Collinsons Vacuum Packaging Pty Ltd (Australia),
Wells Can Company (Canada),
Kite Packaging Ltd (UK), and
STEWART'S PACKAGING (US)
Market Size in 2030
USD 28,452 million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
by Material Type, Process, Packaging, Application
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Rapid urbanization and industrialization
Increased standard of living
Both in wealthy and emerging nations, people labour substantially more than they did in the past. They consequently lack the time and willingness to prepare meals, despite their need for food. These guys have discovered the ideal remedy in prepared dishes. This is also another element fueling the expansion of the global vacuum packaging industry.
Around the world, people are also interested in eating frozen foods like TV dinners that are simple to reheat and still taste delicious. This merchandise requires special packaging. This is one another factor fueling market expansion for hoover packing.
Businesses are realising there is money to be made in the vacuum packaging industry. They invest countless billions in research and development because of this.
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For instance, in 2019 the Indian food juggernaut Rufil Industries launched a new brand of paneer on the market. To preserve the paneer frozen and safe to eat after cooked, this brand adopted hoover packing. In addition, the paneer stays fresher and softer after heating up thanks to the vacuum packaging.
Unsurprisingly, many hospitals use vacuum packaging to maintain the sterility of their medicinal supplies. Yet there is a problem, and it has to do with the fact that not all bacteria can be eliminated. They can therefore continue to develop on the outside of tools and medications that are sealed in airtight containers. This is a significant element slowing the expansion of the worldwide vacuum packaging market.
The fact that several governments (particularly the UK) have established stringent limits on the kinds of materials that can be used in vacuum packaging is another significant limiting issue. When businesses want to recycle this packaging, the same rules apply. Even when foods are vacuum-packed, botulism can still develop. If ingested, this infection has the potential to be fatal. As a result, businesses in the vacuum packaging sector are continuously increasing their research and development spending in an effort to create and employ packaging that allows the fewest dangerous germs to grow on or in the products.
By material type, the market is segmented into Polyethylene, Polypropylene, Polyamide, Ethylene-vinyl alcohol, and Others.
By process, the market is segmented into Skin vacuum packaging, Shrink vacuum packaging, and Others.
By packaging, the market is segmented into Rigid packaging, Flexible packaging, and Semi-rigid packaging.
By application, the market is segmented into Food, Pharmaceuticals, Industrial goods, and Others.
Regional analysis, the market is segmented into North America, The European Union, Asia-Pacific, and The rest of the world.
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The greatest market share for vacuum packaging is in the Asia-Pacific region. North America and the European Union are in second and third place, respectively. Many individuals are moving to North America. The immigrants desire ethnic delicacies that might not be easily accessible where they now reside. As a result, there is an increase in demand for frozen and processed goods. Worldwide, more people are eating meat. In the emerging globe, the general populace is becoming affluent faster and wants to consume more meat. In order that the meat to remain sufficiently sterile for safe ingestion after being cooked, vacuum packaging is required.
Some of the biggest businesses in the vacuum packaging sector are based in North America. This contributes to the reason why this area has respectable growth. The global hoover packing market is expanding quickly. Several businesses realise they may profit greatly from it. These two elements are drawing a lot of businesses. The majority of larger businesses discover that the market has low entrance obstacles. They are entering the sector at an unprecedented rate. The hoover packing market is incredibly competitive because of all of these. Businesses discover that they must make significant investments in R&D, combine with and purchase other profitable businesses, or form strategic alliances with businesses of this nature.
A significant US competitor in the international vacuum packaging market is DuPont de Nemours Inc. It acquired this position by establishing a long-lasting competitive edge through significant investments in R&D.
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