The report "Vacuum Packaging Market by Packaging Material (PE, Polyamide, EVA), by Type (Rigid, Semi-rigid), by Machinery (Thermoformers, External Vacuum Sealers, Others), by Process (Skin Vacuum, Shrink Vacuum, Others), by Application (Food, Others) & Region - Global Forecast to 2020" published by MarketsandMarkets, 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 market report defines and segments the global Vacuum Packaging Market with analyses and forecast of the global market size for vacuum packaging till 2020. It also identifies the driving and restraining factors of the market with an analysis of industry trends, opportunities, challenges, and burning issues.
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 product's 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 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.
The Vacuum Packaging Market is marked with intense competition due to the presence of a large number of players. The market for this industry is highly unorganized because of the presence of small and medium manufacturers. New product launches and expansions are the key strategies adopted by market players to expand their business. Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Berry Plastics Corporation (U.S.), Sealed Air Corporation (U.S.), and Linpac Packaging Limited (U.K.) among others, are some of the major vacuum packaging companies focusing on expanding their market base in the global Vacuum Packaging Market. This is successfully achieved with the assistance of numerous market strategies adopted by these companies, which includes joint ventures, new product developments, expansions, and mergers & acquisitions.
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