Moreover, amplified consumer spending is being observed in recent years on electronics to personal care products.This is due to the changing lifestyle patterns, attributed to increased disposable income of consumers. This change in consumer behavior is expected to drive the retail (consumer goods) industry growth considerably, which in turn, will stimulate vacuum pouches market share in the coming years.
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The major challenge to the vacuum pouches market size is the rising demand for improved atmospheric packaging products. Also, the high initial cost is a major drawback of the product, which may hamper the vacuum pouches market size by 2024. However, companies are investing heavily on modifying the product properties such as lightweight, recyclability, extended shelf life and environment friendly.
The overall vacuum pouches market, based on material type, can be segmented into polypropylene (PP), polyethylene (PE), poly vinyl chloride (PVC), poly vinylidene chloride (PVDC) and polyamide (PA). PP, PE and PET are the commonly used products in the business owing to their high strength and high barrier properties.
Global Vacuum Pouches Market size is likely to witness significant gains during the forecast period. Vacuum pouch is a packaging product made by sealing the bag after the process of excess air removal. Vacuum packaging is a common method of extending the overall shelf life of mainly, food and related products without risking its quality and texture.
The product finds application in several end-user industries such as food & beverage, consumer goods, industrial goods and pharmaceuticals. The product is generally used to preserve and protect fresh food and minimize the risk of its spoilage. This can be attributed to its high aroma retention strength and superior gas & moisture barrier properties.
Thus, it is being widely used in food & beverage industry for packaging purposes. For instance, product shelf life is an important aspect in majority of industry verticals, particularly in food & beverage industry. High performance properties such as mechanical strength at low cost & thickness and excellent machine handling (the ability to resist curls), makes the product desirable in the packaging applications. Other characteristics of the product such as excellent mechanical strength which provides resistance to tearing and puncture, making it suitable for packaging of industrial as well as consumer goods.
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Asia Pacific is likely to witness exponential rise in product demand due to speedy growth of retail industry, which is expected to positively influence packaging industry in the coming years. This increase in product demand will propel the vacuum pouches market growth in the forecast period. In case of North America and Europe, the increased demand for industrial products from developed countries of these regions will be driving the vacuum pouches market in coming future. Whereas, Middle East & Africa and Latin America shall witness a moderate growth rate in vacuum pouches market over the projected period.
The prominent market share contributors functional in the industry are Bemis Company Inc., Sealed Air Corporation, Amcor Limited, Mondi Group and Wipak Group. Other companies include Berry Plastics, Universal Plastic Bags, Tyler Packaging, InterPlas, The Vacuum Pouch Company and Swisspac. Majority of companies are adopting joint ventures and acquisitions as strategies to diversify their product portfolio and penetrate local market, which will aid them to remain ahead in competition in vacuum pouches market.