ALBANY, New York, November 2, 2016 /PRNewswire/ -- Transparency Market Research estimates that the revenue generated from the sales of vacuum packaging will be valued over US$15.7 bn by the end of 2016, and increase at a CAGR of 4.9% during 2016-2024. The market's valuation is expected to surpass US$22.8 bn by 2024. In terms of the material used for vacuum packaging, the polyethylene segment is expected to dominate the market in terms of contribution of revenue over the forecast period. The segment is expected to account for a share of over 38% of the market in 2016. Geographically, the market in Europe is estimated to lead with a 32.4% of the market in 2016. The vacuum packaging market has witnessed a large number of mergers and acquisitions, leading to a consolidation competitive landscape over the last few years. Most of these activities were undertaken by market leaders in North America and Europe markets, but is still largely fragmented in emerging markets and is witnessing the entry of new players, observes Transparency Market Research in a recent report. A few instances include the January 2016 acquisition of Deluxe Packages by Amcor Limited, the January 2016 acquisition of FIOMO, a.s. by Huhtamaki Oyj. Another instance is the Mondi Group's March 2015 acquisition of KSP, Co., to increase its footprint in stand-up pouches market. Rising Trend of Material Minimization to Encourage Usage of Vacuum Packaging One of the leading drivers for players in the global vacuum packaging market is the increasing demand for packaging that minimizes the waste generated. Currently, close to one-third of the garbage produced every-day in the world consists of packaging. This massive volume of garbage makes for a type of waste that has little or no utilitarian value after a package is opened. Additionally, as a variety of polymers are often used in packaging, dealing with this waste is an increasingly difficult issue owing to the lack of recycling options in most parts of the world. This factor is, in turn, bolstering the demand for vacuum packaging owing to the significantly lower amount of material volume required for vacuum packaging.