ALBANY, New York, July 20, 2017 /PRNewswire/ --
As per a report by Transparency Market Research, the global vacuum skin packaging market will likely become worth US$36 bn by 2025 by rising at a steady CAGR of 6.0% during the period between 2017 and 2025.
Prominent participants in the global vacuum skin packaging market are Sealed Air Corp., Amcor Limited, Bemis Company, Inc., Berry Plastic Group, Inc., Winpak Ltd., LINPAC Packaging Limited, MULTIVAC, Plastissimo Film Co., Ltd., Schur Flexibles Holding GesmbH, Plastopil Hazorea Company Ltd, and Quinn Packaging Ltd. Various factors have resulted in propelling the aforementioned companies into prominent positions. Sealed Air Corp., for example, has a robust research and development base which is over twice the average industry size. Amcor Limited, again, has made gigantic strides by purveying a wide array of products, materials, and production technologies.
The global vacuum skin packaging market is fragmented in nature with the top 12 leading vendors in it accounting for just 12.0% of market share. Sealed Air Corp. is the dominant players in the market and it holds a share of just about 3.5%. The next five top players hold almost identical shares hovering around 1.4% and the remaining account for meagre under 1% shares.
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Proliferation of Modern Retail Outlets Makes Asia Pacific Leading Market
Depending upon end use, the global vacuum skin packaging market can be segmented into meat, poultry, seafood, dairy products, fresh produce, and ready meals, among others. Of them, the segment of fresh produce is predicted to clock maximum CAGR of 7.1% between 2017 and 2027.
Based on geography, the key segments of the global vacuum skin packaging market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific accounts for a leading share in the market, which it is slated to increase further to 41.6% by 2025. With increasing penetration of modern retail outlets in Asian region the demand for vacuum skin packaging is set to increase over the forecast period.
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Ability of Increase Shelf Life of Perishable Products Stokes Sales
The primary unique perceived benefit of vacuum skin packaging is its ability to enhance the shelf life of meat products and ready meals, which are perishable. This is because it thwarts the flow of the oxygen inside packaging and hence brings down the rate of degradation of the packed product. It prevents leakage too. These factors serve to reduce wastage of food, bring down maintenance cost, and hence have resulted in sales of vacuum skin packaging.
Other benefits of vacuum skin packaging are convenience in handling of products during transportation and storage. This coupled with the visibility of the product helps in improving the turnover rate for the same. Another crucial factor stoking growth in the market is the technological progress which has resulted in better products such as use of anti-fog and dual-ovenable films which have greater degree of advantages.
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Substitutes Dampen Sales Growth
"Crimping demand in the market, on the other hand, is the presence of substitute products such as modified atmospheric packaging. On the longer run, however, vacuum skin packaging is expected to gain momentum due to the increasing trend of on the go meals especially in urban regions," explains the lead analyst of the TMR report.
This review is based on the findings of a TMR report, titled, "Global Vacuum Skin Packaging Market (Product - VSP Films (Films, Bags, and Pouches) and Tray and Films; Material - PE (HDPE, LDPE, and LLDPE), PVC, PP, EVAC, EVOH, PA, PET, and PS; Barrier - Low Barrier, Medium Barrier, High Barrier, and Ultra High Barrier; Layer Type - Film (Monolayer, 3 Layer, 5 Layer, and 7 Layer) and Trays; End Use - Meat, Poultry, Seafood, Dairy Products, Fresh Produce, and Ready Meals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025."
The Global Vacuum Skin Packaging Market is segmented below:
Global Vacuum Skin Packaging Market, by Product
- VSP Films
- Trays & Films
Global Vacuum Skin Packaging Market, by Material
Global Vacuum Skin Packaging Market, by Barrier
- Low Barrier
- Medium Barrier
- High Barrier
- Ultra High Barrier
Global Vacuum Skin Packaging Market, by Layer Type
- 3 Layer
- 5 Layer
- 7 Layer
- Trays (Monolayer)
Global Vacuum Skin Packaging Market, by End Use
- Dairy Products
- Fresh Produce
- Ready Meals
Global Vacuum Skin Packaging Market, by Region
- North America
- Latin America
Other Research Reports by TMR:
- Lubricant Packaging Market:
- Cosmetic Packaging Market:
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research