vacuum packaging market is set to enjoy a valuation of US$ 7.5 Bn in 2022, and further expand at a CAGR of 4.9% to reach US$ 12.1 Bn by the year 2032. The vacuum packaging market revenues are estimated to boost with the top 3 countries anticipated to hold 25-30% of the global vacuum packaging market by the end of 2022.
The Polyethylene (PE) segment by the material is expected to hold the major portion of the global vacuum packaging market due to its benefits such as high clarity, oxygen barrier, and excellent seal. The target segment is projected to grow 1.5 times the current market value during the forecast period.
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The global vacuum packaging market reached US$ 7.1 Bn for the year 2021, according to FMI analysis. The demand for vacuum packaging is estimated to accelerate with the top 5 companies estimated to hold around 20-25% of the global vacuum packaging market by the end of the estimated year.
The vacuum packaging market is anticipated to witness a positive growth outlook during the forecast period. A new forecast by FMI anticipates that vacuum packaging sales will rise during 2022-2032 and is projected to offer an absolute growth opportunity of US$ 5.0 Bn.
The Europe and North America regions are anticipated to augment the sales of vacuum packaging by showing high demand for the same. The same regions collectively are anticipated to hold around half portion of the market by the end of 2032.
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Vacuum Packaging Market Outlook
The nature of the business world is shifting. Individually, the shifts aren’t particularly noteworthy, but the cumulative effect of many small shifts over time is starting to become apparent. The trend toward more industrial consolidation has been significant across a variety of subsectors, and the same holds true for the vacuum packing market.
Certain players in the vacuum packing market have set themselves up for future expansion by maintaining healthy profit margins and negligible levels of debt. According to FMI’s analysis, some of these companies have five to 10 times the capital resources of other market leaders, making them ideal candidates for strategic capital investment.
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The next few years will be fascinating as we observe how these businesses allocate their resources considering this potentially disruptive factor. It may be difficult for some of these corporations with big cash reserves and annual cash flows deployable for strategic capital expenditures to discover opportunities on a scale commensurate with their financial strength.
Most vacuum packing market players, even those with in-depth knowledge of substrates, nonetheless need to carefully consider a plethora of potential actions and strategies, paying special attention to the following concerns:
- Spending on research and development and new product development to ensure a range of strategic possibilities
- Improving collaboration with fast-moving consumer goods companies and input suppliers, including technology suppliers, shifting the product mix (and processes) towards greater sustainability
- Redistributing assets and initiating mergers and acquisitions — say, to create a hybrid global-local presence — are all viable options.
- Increasing coordination with fast-moving consumer goods firms and input suppliers, notably those in the technology sector
- Modifying the range of products offered (and the methods used to produce them) to be more eco-friendly
All the improvement levers implied by these focal points present opportunities; the challenge is in determining the optimal order in which to implement them. Although it will be necessary to adjust as the trip progresses, paying close attention to these five factors now will lay the groundwork for a successful strategy.
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In the future, vacuum packing companies will require the following three elements if they want to aid customers in innovating and seizing possibilities to make up for current gaps in sustainability.
- A clear process on how to truly benchmark their packaging items in terms of sustainability, affordability, and ease
- Recognizing the full opportunity and value at stake for the entire product line as a result of rising sustainability standards.
- Having a clear and innovative packaging and technology road map, as well as the necessary partnerships in place to meet the evolving packaging needs of consumers and businesses, is essential.
Historic Market Outlook for Vacuum Packaging Market
The vacuum packaging market noticed a CAGR of 4.1% during the historic period and reached US$ 7.1 Bn in 2021.
Vacuum packaging is a form of packaging that removes the air around the food & non-food products and seals the product in waterproof containers that are used to pack and store the products. Vacuum packaging primarily functions by minimizing the oxygen levels in the package thus reducing the oxygen degradation of products and enhancing the overall quality of the product. Vacuum packaging commonly consists of pouches & bags or films which are sometimes lidded over thermoformed trays in order to facilitate better product presentation. With the increased need for prolonged shelf-life and enhanced quality, the demand for vacuum packaging augmented. Also, vacuum packaging offers a sealed barrier against external factors which gains traction among the food industries. It eliminates the use of chemical preservations which keeps the food or the product natural. Overall, the demand for vacuum packaging is projected to bolster during the forecast period.
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