Vacuum Packaging Market worth 27.67 Billion USD by 2020

The global vacuum packaging market is segmented on the basis of application, process, packaging material, machinery, pack type, and region. The market is segmented and the value is projected on the basis of regions such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW), and is forecasted till 2020. The major countries in all the regions have been considered for this study.

The vacuum packaging market is supplier-oriented and exhibits substantial progress due to rapid industrialization and urbanization. This market is going through continuous variations with regard to technological upgradations and economic factors. The vacuum packaging market is significantly affected by a trend where eco-conscious consumers give preference to packaging that use biodegradable, recycled, or non-petroleum-based materials, which reduce the amount of waste. This has pushed the key players in the vacuum packaging market to invest extensively for R&D initiatives. New developments such as manufacturing of vacuum packages that possess barrier properties, recyclable packaging, and lightweight packaging are adding value to the vacuum packaging market.

The vacuum packaging market is witnessing a number of high-value opportunity areas such as “intelligent packaging” with the use of RFID technology. Intelligent packaging enables consumers to assess the quality of product inside the package owing to its ability to sense, detect, or record external or internal changes in the products environment. Product manufacturers are keen to implement anti-counterfeiting techniques and/or tamper-evident sealing techniques with the help of intelligent packaging. Rise in manufacturing output, organized retail growth, and increasing demand for safe & hygienic packaging have driven the demand and growth of the vacuum packaging market.

The vacuum packaging market is projected to reach USD 27.67 Billion by 2020 at an estimated CAGR of 4.24% from 2015 to 2020. The Asia-Pacific region is projected to grow the fastest during the forecast period, that is, from 2015 to 2020. The rising population of the region, along with high disposable income and the demand for safe & hygienic packaging of products are factors driving the growth of the vacuum packaging market in this region.