MAP and VSP Market in ASEAN & Gulf Countries is Estimated to Top Revenue of US$ 3,841 Million at Steady CAGR by Forecast Period of 2032 End | Future Market Insights, Inc.
Future Market Insights, Inc.
6 min read
NEWARK, DE / ACCESSWIRE / March 31, 2023 / According to a report published by Future Market Insights (FMI), the ASEAN and Gulf Countries MAP & VSP packaging market is likely to register a combined US$ 3,841.0 million valuation in 2032. Modified atmosphere packaging (MAP) and Vacuum skin packaging (VSP) are modern packaging techniques that are primarily aimed at extending perishable products' shelf lives. Across ASEAN and Gulf Countries, these techniques are increasingly being adopted by companies in both food and non-food sectors for reducing waste.
Food waste, in particular, has been a persistent issue in recent times, especially in several ASEAN countries such as India, Bangladesh, and Vietnam. Even with conventional packaging, perishable food products such as meat, milk, and dairy tend to spoil quickly in these countries due to their warm climates. Companies dealing in these perishable products across ASEAN and Gulf Countries have reported resounding losses owing to food spoilage and waste. This is where cutting-edge, modern-day packaging techniques such as MAP and VSP can make a difference.
While MAP and VSP are technically different, they offer several similar benefits. For instance, products packaged using MAP and VSP tend to enjoy extended shelf lives, i.e. they don't spoil like they would if conventional packaging was used. These techniques also allow companies to provide goods to consumers without preservatives, which makes the products more beneficial for health compared to items with preservatives.
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Among ASEAN and Gulf Countries, FMI expects Saudi Arabia market for MAP & VSP packaging to gain exponential traction between 2022 and 2032. The Arab nation's economic might is allowing it to adopt MAP & VSP packaging without any financial worries. In 2032, the Saudi Arabia market is anticipated to have a 34.8% share in the Gulf Countries market for MAP & VSP packaging. Other markets across ASEAN and Gulf Countries poised to provide lucrative opportunities to market players between 2022 and 2032 include Vietnam, Indonesia, Thailand, Oman, and the United Arab Emirates.
Key Takeaways from the ASEAN and Gulf Countries MAP & VSP Packaging Market Report
ASEAN MAP & VSP packaging market was estimated to register a valuation of US$ 1,582.6 million in 2022.
Between 2022 and 2032, a steady 5.5% CAGR is anticipated to take the ASEAN market's valuation up to US$ 2,711.0 million in 2032.
From 2017 to 2021, slow and sluggish CAGRs of 3.7% and 3.4% were observed for the ASEAN and Gulf Countries markets respectively.
Vietnam market for MAP & VSP packaging is slated for healthy acceleration at a CAGR of 6.8% between 2022 and 2032.
By material type, ethylene vinyl alcohol (EVOH) is poised to experience significant demand acceleration at a positive CAGR of 6.1% from 2022 to 2032.
By technology, VSP is set to outperform MAP in terms of sales across ASEAN and Gulf Countries between 2022 and 2032.
"Despite the rising popularity of MAP and VSP among companies dealing in perishable goods and products, the fact is that they do not completely guarantee lack of spoilage. Once MAP and VSP packaging is unpackaged, they are not effective anymore in terms of keeping products fresh. This is why market players are likely to improve their MAP and VSP packaging solutions for optimal spoilage reduction." Says an FMI analyst.
Who is Winning?
According to FMI's comprehensive report, both established and emerging market players are focused on improving their MAP and VSP packaging solutions. Owing to rising demand for these packaging techniques, players are expected to expand their facilities and enter into strategic collaborations and partnerships. Hefty research & development investments are also likely.
Mondi Group Plc, Berry Global Inc., Sealed Air Corporation, Swiss Pack Europe, Klöckner Pentaplast Group, Amcor plc, Plastissimo Film Co., Ltd., Luban Pack, Al Borj Plastic Industries, VACUUM BAGS SARL, NARAI PACKAGING (THAILAND) LTD., IMPERIAL PACKAGING AND PLASTICS SDN BHD, FRAGSTAR CORPORATION SDN. BHD., SOLOS POLYMERS PVT. LTD., Vishakha Polyfab Pvt Ltd., and Napco National are the key players operating in the ASEAN and Gulf Countries MAP & VSP packaging market.
Europe and Middle East and Africa Retail Glass Packaging Market : By 2032, the Middle East and Africa retail glass packaging market is expected to consistently expand at a 6.2% CAGR. The market is expected to expand its revenue share from US$ billion 1.8 in 2022 to US$ 3.2 billion by 2032.
Europe Molded Fiber Pulp Packaging Market : Europe molded fiber pulp packaging market is forecast to account for US$ 2.6 billion in 2023, and further accelerate at 5.7% CAGR between 2023 and 2033 to attain a valuation of US$ 4.5 billion by 2033.
ASEAN & Gulf Countries Inspection & Weighing Machine Market : Demand for inspection & weighing is especially high across ASEAN countries such as Vietnam, Thailand, Malaysia, and Indonesia. Currently, ASEAN inspection & weighing machine market is valued at US$ 986.6 million and it is expected to reach around US$ 1595.0 million by 2032.
Europe Barrier Coated Paper Market : Europe barrier-coated paper market size is forecast to increase from US$ 1.3 billion in 2023 to US$ 1.8 billion by 2033. Total barrier-coated paper sales across Europe are set to rise at a CAGR of 3.2% throughout the projection period (2023 to 2033).
North America Fresh Meat Packaging Market : The North America fresh meat packaging market is poised to follow positive growth trajectory in 2021, with overall valuation is expected to reach US$ 788 million in 2021.
About Us:
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
