ALBANY, New York, March 20, 2019
ALBANY, New York, March 20, 2019 /PRNewswire/ -- The global fresh meat packaging market depicts a competitive and consolidated landscape. The market players are witnessing a rise in revenues as in-store promotions and consumer awareness play a bigger role, reports Transparency Market Research (TMR). Additionally, the key players in the global fresh meat packaging market are upping the ante on rivals for a larger share of the global revenues. Some key players in the global fresh meat packaging market are Dupont, Bemis Co. Inc., Amcor Ltd., Winpack Ltd., Berry Plastic Group, Crown Holdings, and Sealed Air Corp.
The key players in the market are engaging in product innovations through research and development to appeal to an all-time high consumer awareness. Conventional areas for research included modified atmosphere packaging, color preservation, and vacuum packaging. However, new possibilities such as smart packaging integrating sensors to check food quality, enhancing product quality mechanisms such as self-heating cans, and authentication techniques offer glimpses of brighter prospects in the near future.
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The global fresh meat packaging market was evaluated at US$1.92 bn in 2015. The market is expected to grow at 2.30% CAGR during 2016-2026 to reach US$2.47 bn by 2026 end. Vacuum skin packaging is expected to drive this growth and lead the market with a 32% share of the total revenues by 2026 end.
The fresh meat packaging market in North America region is expected to continue its leading position in the global market. The region is expected to hold 36% of the total revenue share during the forecast period. Rising demand for chicken products, product innovations, and widespread standardization in packaging are likely to drive the market in the near future.
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Falling Beef Sales a Challenge in the Fresh Meat Packaging Market
The last few years have registered a steady decline in beef sales in emerging markets. This trend is unlikely to reverse and promises to become a headache for players in the fresh meat packaging market.
Beef products are more time-consuming to cook. Growing trends towards convenience options such as ready-to-cook meals are likely to result in higher beef sales. Additionally, beef products are on average slightly more expensive as compared to its main alternative, chicken. Moreover, health concerns such as red meat's association with increased risk of stroke are fuelling growing concerns among consumers. Governments around the world are also encouraging sustainable beef production due to global warming, which is expected to increase the price of these products further.
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On the other hand, ready-to-cook chicken products are growing in sales. Advanced in packaging are expected to drive more promotional options for meat manufacturers, as well as help educate consumers to choose a more healthier and relatively more expensive option to drive growth.
Vacuum Skin Packaging Emerges as the Key Growth Factor
Vacuum skin packaging is driven by increasing sales of chicken and fresh sea products. Additionally, this packaging type is popular with grocery stores and butcher shops too due to its low price enabled by widespread penetration of the technology.
Moreover, vacuum skin packaging is ideal for preserving fresh meat through air-removal and integrating color preservation techniques for large retail chains. The innovations in vacuum skin packaging is also offering more opportunities for meat manufacturers to differentiate their products from competing brands.
In developed regions, consumers are increasingly spending more on eating outdoors, which is expected to support revenue growth and innovation in vacuum packaging. The rise of ready-to-eat chicken and sea products are expected to result in a major boost to this segment and drive growth of the fresh meat packaging market during the forecast period.
Additionally, increased meat sales in developing regions such as Asia Pacific due to growing disposable incomes, and changing consumer preferences are expected to drive considerable growth for the fresh meat packaging market during 2018-2026.
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This review is based on the findings of a TMR report, titled, "Fresh Meat Packaging Market (Packaging Technology Type - Modified Atmosphere Packaging (MAP), Vacuum Skin Packaging (VSP), and Vacuum Thermoformed Packaging (VTP); Material Type - PE, PP, BOPP, EVOH, PVC, and PA; Meat Type - Beef, Pork, Poultry, and Seafood) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2026."
The Global Fresh Meat Packaging Market is segmented as below:
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