According to a new study by Transparency Market Research (TMR), the global market for fresh meat packaging is extremely fragmented, with no clear leader. In 2015, the top ten companies in this market, namely, Amoco Ltd., Sealed Air Corp., DuPont, Bemis, Berry Plastics, Winpak, Mondi, Bollore, KOROZO Ambalaj San.ve Tic A.S., and Coveris Holdings S.A., accounted for only 25% of the overall market and the scenario is unlikely to change in the near future.
The leading companies are relying on product innovations and integration of technologies for the growth of their business. In the coming years, they will also undertake mergers and acquisitions in order to revive their presence in this market, notes the research study.
As per the study, the opportunity in the global market for meat packaging is estimated to rise from US$1.92 bn in 2015 to US$2.47 bn by 2026, expanding at a CAGR of 2.30% during the period from 2016 to 2026. In terms of volume, fresh meat packaging across the world is pegged to touch 1,157.2 thousand tons by 2026. The popularity of VSP technology is significantly higher that other technologies used in fresh meat packaging and is projected to continue increasing over the forthcoming years.
Beef Packaging to Continue to Dominate
The report categorizes the meat that is packaged into beef, pork, seafood, poultry, and several others. The revenue generated by the beef segment is considerably higher than other segments, thanks to the soaring consumption of beef across the world. Although the poultry segment is presenting lucrative growth opportunities nowadays, the dominance will remain with the former, states the research report.
On the regional basis, the report classifies the worldwide market for fresh meat packaging into North America, Latin America, Eastern Europe, Western Europe, the Middle East and Africa, Asia Pacific Excluding Japan, and Japan. With a share of more than 36%, North America led the global market in 2015. Driven by the increasing research and development activities in this field, thanks to the rising investment by key players, the North America market for fresh meat packaging is anticipated to retain its position throughout the forecast period, reports the study.
Increasing Awareness regarding Benefits of Fresh Meat Packaging to Boost Market
“With the increasing awareness among consumers regarding the benefits of the packaging of fresh meat, such as increased shelf-life of the product, the market for fresh meat packaging is gaining momentum across the world,” states the author of the study. Macroeconomic factors, such as the improving standard of living and the inclination towards fast-paced lifestyle are also projected to fuel the demand for packaged fresh meat further over the forecast period.
Apart from this, the increasing preference for red meat in developed countries, owing to the easy detection of freshness, is leading to an accelerated adoption of MAP technology, which is likely to result in the significant growth of this market in the near future. However, the escalating prices of various types of fresh meat products, such as pork and beef, is expected to emerge as a major hurdle in the market’s growth trajectory over the next few years, as it might lead to an increased packaging cost, reflecting on the overall cost of the products, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), 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 has been segmented as below:
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)