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Vacuum Packaging Market Size
- Report ID: GMI7978
- Published Date: Jan 2024
- Report Format: PDF
Vacuum Packaging Market Size
Vacuum Packaging Market was valued at around USD 8 billion in 2023 and is anticipated to register a CAGR of over 4.8% between 2024 and 2032. The industry is expanding rapidly, owing to rising consumer demand for extended shelf life and better food preservation. One of the primary elements driving this demand is customers' rising knowledge of the significance of the safety of food and hygiene. Vacuum packing serves to form a protective barrier around food products, insulating them from external pollutants including air, moisture, and germs. As a result, the possibility of spoiling is reduced, and the packed items remain fresher for longer. Thus, the vacuum food packaging market growth is underpinned by the expanding food sector, which is expected to attain a market value of over USD 13 trillion by 2028 and will observe a growth rate of about 7%.
Furthermore, rising disposable income and changing consumer lifestyles have resulted in a greater need for convenience and ready-to-eat food goods. Vacuum packing helps to match these customer desires by preserving the quality and taste of packaged goods over time. The ease of vacuum-sealed packaging is in line with current customers' busy lifestyles, who want to easy-to-prepare and convenient meal options.
In addition, environmental concerns drive advancements in vacuum packing materials and technology. As sustainability becomes more popular among consumers, the industry is shifting toward eco-friendly and recyclable packaging choices. Manufacturers are investing in R&D to provide vacuum packing solutions that reduce environmental impact while delivering excellent preservation and protection.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Vacuum Packaging Market Size in 2023: | USD 8 billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 12.3 billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 250 |
| Segments covered: | Material type, Process, Packaging type, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The vacuum packaging industry faces considerable revenue growth constraints as raw material costs rise. Vacuum packing materials are made from a variety of raw materials, including polymers, films, and adhesives, all of which have seen significant price increases. Fluctuations in the pricing of these crucial components have resulted in higher manufacturing costs for vacuum packaging firms. As a result, many organizations are faced with the difficult decision of either absorbing the increased production costs or passing them on to customers, thereby affecting market demand.
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Vacuum Packaging Market Scope
