Global vacuum packaging will develop at a CAGR of 4.9% over the given projection period of 2016 to 2024, with this steady rate of growth, the global market is will reach a valuation of US$22.8 bn by the end of 2024.
Pune, India -- (SBWIRE) -- 01/21/2020 -- Augmented demand for packaged hygienic food is likely to escalate the demand for vacuum packaging solutions in the years to come. The global vacuum packaging market is likely to rise at 4.9% CAGR over the tenure of the forecast, from 2016 to 2024. Various benefits of vacuum packing such as product safety, extended shelf life, and hygiene are likely to foster the growth of the market.
The global vacuum packaging market is primarily driven by the expansion of the food packaging market. Augmented intake of convenience and processed food has been one of the major driving forces in the growth of the market. Furthermore, flexibility, portability, and ease of handling have augmented the popularity of packaged food. Vacuum packaging helps in preventing spoilage of food products.
Some prominent companies that have been mentioned in the report on global vacuum packaging market are Amcor Limited, Sealed Air Corporation, Berry Plastics Corporation, Bemis Company, Inc., Coveris Holdings S.A, and Multisorb Technologies, Inc.
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Asia Pacific to Retain its Dominance with Europe Following Closely
Asia Pacific is estimated to account for a sizeable chunk of the global vacuum packaging market and the region is estimated to retain is rapid growth rate over the tenure of assessment. Increased spending on healthcare, growing demand for convenience and packaged food, and rising population in the region is estimated to trigger the growth of the Asia Pacific vacuum packaging market in the years to come.
Europe is likely to follow Asia Pacific closely due to the presence of huge demand for processed and packaged food. In addition, expansion and development of the healthcare sector are likely to push for the demand for pharmaceutical packaging in Europe. This is estimated to favor the growth of the Europe vacuum packaging market.
Increased Demand for Nutritious Packaged Food to Spell Growth for the Market
The global vacuum packaging market is likely to be driven by its capability to retain freshness and prolonged shelf life of food products. This property of the packaging solution has made it a popular choice in the food packaging industry.