In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Vacuum Packaging Market Report
The market has been growing in line with the food products packaging industry. The increase in consumption of processed and packaged food is one of the major driving factors, which is affecting the demand for vacuum packaging. Ease of handling, convenience, and flexibility have increased the popularity of vacuum-packed food products. The increasing awareness of hygiene is expected to become the consumer’s top priority, thereby aiding the growth of vacuum packing techniques. Moreover, increasing disposable incomes and willingness to spend on safe and hygienic food products is also likely to push the vacuum packaging market growth during the forecast period.
The COVID-19 pandemic has affected several companies across geographies, and the packaging industry seems no exception. Several suppliers have been benefiting from the economic pace that is powering short-term sales growth. Customers have increased the demand for extended shelf life packing due to disruption in the supply chain amid COVID-19 measures. The consumer expenditure on food products has been increased to around 15–20% on grocery dry products since the COVID-19 outbreak.
The following factors are likely to contribute to the growth of the vacuum packaging market during the forecast period:
• Demand for High Barrier Plastics
• Demand for Lightweight Packaging
• Increase in Shelf Life
• Demand for Packed and processed Food
The study considers the present scenario of the vacuum packaging market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Vacuum Packaging Market Segmentation The global Vacuum Packaging market research report includes a detailed segmentation by material, pack, end-user, and geography. The polyethylene (PE) segment is expected to grow at the highest CAGR during the forecast period. PE is increasing in adoption on account of flexibility, lightweight, strong, cost-effective, and high-quality sealing capability. These polymers have a high moisture resistance, which keeps the vacuum-packed product preserved for a long time. However, any price fluctuation in the material is expected to change the overall cost of vacuum packaging. The profit margin in the global PE market is expected to decline due to the slowdown in the Chinese economy.
The food sector consists of around 77% share of the consumer flexible packaging market. The penetration rate of flexible materials is high on account of easy packaging technology trends such as hand-held vacuum sealers, small vacuum machines, and other products. As flexible pouches and other material types are easy to handle while vacuuming, the demand for flexible materials is expected to increase during the forecast period. Vacuum flexible packs are highly suitable for the sous vide method of cooking in restaurants and hotels. Restaurants, hotels, and airlines are major end-users of flexible material.
In response to the growing demand for sustainable packaging for fresh and processed meat and poultry products, the demand for vacuum packaging is expected to grow. The food industry is growing significantly in the APAC region, especially in China and India. The region is expected to significantly boost the food industry for meat and seafood production. The growth in the APAC region is mainly supported by the expected shift of food manufacturing and processing to emerging markets in APAC to cater to the growing demand in the region.
Segmentation by Material
• Polyethylene (PE)
• Poly Vinyl Chloride (PVC)
• Polypropylene (PP)
Segmentation by Pack
Segmentation by End-user
• Pet Food
• Agricultural Products
INSIGHTS BY GEOGRAPHY The consumption of seafood and meat in Japan, Australia, the US, and Germany has increased the demand for lightweight, efficient, and convenient vacuum packaging. The growing demand for hygienic and efficient packing with longer shelf life has been the major driver for the APAC market. Strong growth in meat, seafood, and dairy production in APAC has increased the demand for vacuum packaging. However, due to the COVID-19 pandemic, the raw material supply is expected to be disrupted, particularly in 2020, therefore, the vacuum packaging market share in APAC is expected to be affected. However, growing economies such as China, Australia, and India, where the production of vacuum packages is strong, is expected to boost the market during the forecast period.
Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
INSIGHTS BY VENDORS A vast segment of the vacuum packaging market share is dominated by small and medium enterprises. Larger players have been aggressively adopting an inorganic growth strategy to expand their operations. They have technological strength and high-volume product lines that have helped offset cost variations. Vendors are focusing on customization, as the competition is mainly based on two aspects – features and price. China has a well-established plastics industry and is one of the major exporters of plastic resin. The easy availability of raw materials combined with lower labor costs has helped packaging companies in China survive intense competition.
• Sealed Air
• Berry Global
KEY QUESTIONS ANSWERED 1. What is the market size and CAGR of the vacuum packaging market during the forecast
2. How is the growing pet food demand impacting the growth of vacuum packaging market
3. What is the growing demand of the Poly Vinyl Chloride during the forecast period?
4. Who are the leading vendors in vacuum packaging market and what are their market
5. What is the impact of the COVID-19 pandemic on the APAC vacuum packaging market?
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