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FRESH MEAT PACKAGING MARKET ANALYSIS Fresh Meat Packaging Market,By Material Type (Polyethylene (PE), Polypropylene (PP), Biaxially-oriented polypropylene (BOPP), Ethylene vinyl alcohol (EVOH), polyvinyl chloride (PVC), Polyamide (PA), Others), By Packaging Technology (Modified Atmosphere Packaging, Vacuum Skin Packaging, Vacuum Thermoformed Packaging, Others), By Meat Type (Beef, Pork, Poultry, Seafood, Others), and By Region (North America, Latin America, Europe, Asia Pacific (excluding Japan), Middle East & Africa (MEA)) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
The global fresh meat packaging market is projected to reach around US$ 2.5 billion by the end of 2027,in terms of revenue, growing at CAGR of 2.2% during the forecast period (2019-2027).
Drivers • The rising need for increasing shelf-life of the meat product is primarily fueling the market growth of fresh meat packaging. Barrier films and advanced Packaging Technology such as vacuum and MAP enabled to increase the extend shelf life of fresh meat products by approximately 12X. Moreover, these packaging technology also improve the visual appearance of the meat products which is further expected to propel the market growth of fresh meat packaging.
• Growing demand for flexible packaging solutions due to rising concern over sustainability and the need to reduce the carbon footprint is projected to foster the market growth of fresh meat packaging. Flexible packaging solution reduces raw materials consumption, energy consumption, and reduce wastage, in turn, promote environmental sustainability compared to rigid packaging. This factor is projected to augment the market growth of fresh meat packaging. • On basis of the region, North America region dominated the global fresh meat packaging market in 2018, accounting for 35.9% share in terms of volume, followed by Latin America and Europe respectively.
Figure 1.Global Fresh Meat Packaging Market, Revenue Share (%), By Region, 2018
Market Restraints • Shifting preferences of consumers towards vegan food products due to rising awareness regarding the health benefits of vegan food is restricting the market growth of fresh meat packaging. Moreover, it has been reported that modest consumption of red meat increases the risk of ischemic stroke, type 2 diabetes and other illness that causes health problem. Hence, this factor is expected to hinder the market growth of fresh meat packaging. • The increasing cost of certain fresh meat products such as beef and pork is projected to increase the overall packaging of meat costs. This is expected to restrict the adoption of fresh meat packaging. Therefore, the high cost of the meat product is projected to hamper the market growth of fresh meat packaging over the forecast period.
Market Opportunities • Rising adoption of biodegradable plastic for the packaging of meat products is expected to offer potential growth opportunities to the market of fresh meat packaging. Charoen Pokphand Foods PCL (CP Foods) has launched sustainable packaging design for fresh chicken, and pork products, to optimize all resources used in food production, reducing waste, especially plastic waste, and promote the use of environmentally friendly materials in accordance with the concept of Circular Economy. • Shifting preferences of manufacture from conventional caseready packaging to portion-size packaging technology type is projected to provide an opportunity to the producer over the forecast period. Portion-sizes of meat products offer the consumer to utilize the required amount of meat and also reduce wastage of meat products. This factor is projected to create highly lucrative opportunities for manufacturers of meat packaging solutions in the years to come.
Figure 2.Global Fresh Meat Packaging Market– Opportunity Analysis
Market Trends • The increasing trend of launching touch-free packaging by the manufacturer for meat products for people who hate touching raw meat is projected to propel the market growth of fresh meat packaging. For instance, in April 2018, Retail Giant Sainsbury's has introduced 'touch-free' packaging for chicken in a bid to cater to people who hate touching raw meat. Therefore, the advent of such innovative packaging solutions will favor market growth over the forecast period. • The market of the meat packaging market has experienced an increase in merger and acquisition activities by major players in recent years. Such mergers and acquisitions among international and domestic manufacturers are projected to increase over the forecast period since key players are highly engaged in-market consolidation and this is projected to propel the market growth of fresh meat packaging. For instance, in October 2015, the JBS SA ADR Company acquired Cargill’s pork business in the U.S. for US$ 1.45 Billion.
Figure 3. Global Fresh Meat Packaging Market, Revenue Share (%), By Application, in 2018
Figure 4. Global Fresh Meat Packaging Market– Value Chain Analysis
Competitive Section Key players operating in global fresh meat packaging market are Amcor Limited, E.I. du Pont de Nemours & Co, Bemis Company, Inc., Berry Plastic Group, Winpack Ltd., Sealed Air Corp., Crown Holdings, Reynolds Group, Coveris Holdings S.A., and Sealpac International BV.
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Reference: https://www.coherentmarketinsights.com/market-insight/f resh-meat-packaging-market-910
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