The vacuum packaging market size was valued at USD 29.58 billion in 2023 and is expected to be worth USD 31.16 billion in 2024. The market is projected to reach USD 50.04 billion by 2032, recording a CAGR of 6.10% during the forecast period.
Vacuum packaging is a type of packaging that removes the air while packaging different items. It is an easy and suitable way of packing a wide range of food and other products. The increasing demand for better product protection solutions is one of the key factors boosting the adoption of this type of packaging.
Source: https://www.fortunebusinessinsights.com/vacuum-packaging-market-109773
The COVID-19 pandemic had an adverse influence on the market’s growth due to a sudden decline in the demand for processed foods during this period. However, more people were ordering takeaways from online food outlets due to nationwide lockdowns, which spurred the demand for these packaging solutions.
Fortune Business Insights™ displays this information in a report titled, "Vacuum Packaging Market, 2024-2032".
Segmentation:
Excellent Benefits Offered by Plastic Materials Boost Their Use in Food Packaging
Based on material, the market is segmented into plastic, paperboard, and others. The plastic segment is holding a dominant vacuum packaging market share as this material comes with several advantages, such as protection against moisture, better shrink properties, and enhanced flexibility.
Superior Sealing Properties Increase Use of Bags & Pouches in Packaging Industry
Based on product type, the market is segmented into films, bags & pouches, trays, and others. The bags & pouches segment dominated the market as these products offer excellent sealing features.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, materials, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.