Market Synopsis of Global Vacuum Packaging Market
Vacuum packing is a method of packaging that removes air from the package prior to sealing. The method involves placing items manually or automatically in a plastic package by removing air from inside and sealing the package. The market is majorly driven by the increased consumption of processed foods & beverages, rapid urbanization & industrialization and increased government policies regarding food safety. The global vacuum packaging market is expected to reach USD 28.67 billion by 2023, growing at 4.89% CAGR.
The global vacuum packaging market is segmented on the basis of material, packaging, application and region. On the basis of material, the market is segmented as Polyethylene (PE), Polyamide (PA) and others. Polyethylene (PE) segment is expected to grow with the highest rate of 5.10% CAGR during the forecast period. Market categorization based on packaging includes segments such as rigid packaging, flexible packaging and semi-rigid packaging. Flexible segment held the largest share with 5.39% CAGR within the market during the forecast period. Market categorization based on applications include pharmaceutical, food, industrial, consumer goods and others. Food segment held the largest share with 5.16% CAGR within the market during the forecast period.
Study Objectives of Global Vacuum Packaging Market
- To provide insights about factors influencing and affecting the market growth.
- To provide historical and forecast revenue of the market segments as well as sub-segments with respect to regional markets and their key countries
- To provide historical and forecast revenue of the market segments based on material, packaging, application and region.
- To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
- Raw materials suppliers
- Aftermarket suppliers
- Research institute & education institute
- Potential investors
- Key executive (CEO and COO) and strategy growth manager
Regional Analysis of Global Vacuum Packaging Market
Asia-Pacific dominates the global vacuum packaging market with 32.69% of share in 2016, in terms of value. It is expected to grow at a CAGR of 5.31% during the forecast period. North America is expected to grow at a CAGR of 4.98% during the forecast period and reach a market size of USD 6.87 billion by 2023.