Global Vacuum Packaging Market: Rising Demand for Lower Material Wastage in Packaging to Boost Demand

The vacuum packaging market has expanded at a rapid pace over the past few years and is likely to observe healthy growth over the next few years. Approximately 20% of the product manufacturers have switched to vacuum packaging from conventional packaging options in the past five years. The trend is likely to amplify over the next few years, resulting in the increased demand for vacuum packaging solutions globally. A host of factors can be attributed to the market’s remarkable growth trajectory in the past, including the rising consumption of packaged and processed food and rising consciousness about food safety and hygiene among consumers. Factors such as rising household income and the rising inclination to spend for hygienic food are anticipated to bolster the growth of global vacuum packaging market during the forecast period.

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Transparency Market Research estimates that the global vacuum packaging market, which valued at US$15.0 bn in 2015, will surpass US$22.8 bn by 2024, registering a CAGR of 4.9% between 2016 and 2024.

Demand for Polypropylene to Rise at Most Promising Pace

Of the key materials used in vacuum packaging, the segment of polyethylene (PE) is expected to dominate the global vacuum packaging market, accounting for over 38% of the overall market by 2016. The segment is also expected to remain the dominant contributor to the revenue of the global vacuum packaging market throughout the forecast period, but witness stagnant growth, registering a 4.6% CAGR over the forecast period.

The rate of growth of the polypropylene (PP) segment is expected to outpace that of the other key material types used for vacuum packaging over the forecast period. The segment is expected to exhibit a CAGR of 5.7% over the period between 2016 and 2024, and grab a bigger piece of the pie by the end of the...