The global fresh meat packaging market is expected to remain largely fragmented over the coming years, states Transparency Market Research in one of its recent research reports to be published. In 2015, the ten leading players in the global market held merely 25% of the market in terms of overall value. The leaderboard in the market includes the likes of DuPont, Sealed Air Corp., and Amoco Ltd.
TMR states that the leaders are currently depending on intensifying product innovations in order to garner a more diverse offering and a wider client pool. Mergers and acquisitions are also a key part of the consolidation progress in the global fresh meat packaging market, and is likely to remain an integral part of the market for the report’s given forecast period. The market is expected to expand at a steady CAGR of 2.30% within a forecast period from 2016 to 2026. The market is expected to rise to US$2.47 bn by the end of 2026, after being calculated at US$1.92 in 2015.
North America Dominates Demand Scale
Among the key regional segments for the global fresh meat packaging market mention in the TMR report, North America was in the lead in 2015. This region’s overall share of 36% in the market for 2015 can be attributed to the extremely high consumption rate of meat in this region. North America also holds a larger population aware of the health risks of badly packaged fresh meats, coupled with the presence of larger players in the market that put high focus on research and development. Meanwhile, Asia Pacific is likely to show a phenomenal rate of growth in its demand for fresh meat packaging, thanks to a heavy rise in demand from Japan as well as an overall growth in the Asia Pacific urban population and industrialization.
Health Conscious Consumers Demand Better Packaging
“The urban population across the world shows a greater overall rate of awareness regarding the risks involved in consuming food – especially meats – that are not packed or are inadequately packed. Fresh meats especially require superior forms of packaging due to the ease with which they can get infected, making advanced fresh meat packaging highly preferred. The types of fresh meat packaging that have been introduced in the recent years have successfully allowed for a longer shelf life for the meats, and this has consequently allowed for a larger area of reach for market players in terms of consumers and commercial stores,” states a TMR analyst.
Additionally, the global fresh meat packaging market is being driven by the increasing consumption of meat in countries where it was previously very low. Over the ages, the number of consumers of meat has steadily grown and this has always been a plus point for the meat and poultry industries as a whole.
Price Hikes to Stifle Meat Consumption Rates
One of the key factors restraining the global fresh meat packaging market is the price escalations faced by nearly all kinds of meat manufacturing, and especially for pork and beef. The growing global demand for meat is creating a shortage in supply due to the nature of the industry, thereby creating an inflation in product prices. The price is also on the rise due to the use of costlier advanced packaging and meat processing methods and equipment.
The information presented in this review is based on a Transparency Market Research 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.”
Key segments of the Global Fresh Meat Packaging Market
By Packaging Technology Type
- Modified Atmosphere Packaging (MAP)
- Vacuum Skin Packaging (VSP)
- Vacuum Thermoformed Packaging (VTP)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa (MEA)