Increasing Consumption of Packaged Meat in Urban Areas Propels Global Fresh Meat Packaging Market
Demand for meat across the globe has witnessed a massive change, which has dramatically affected the revenue of the global fresh meat packaging market. The ability of packaging materials to improve the shelf-life of a wide range of fresh meat products are expected to make a significant contribution to the growth of the overall market. A report by Transparency Market Research indicates that fresh meat packaging market is likely to be worth US$2.47 bn by the end of 2026 from US$1.92 bn in 2015. The several lucrative opportunities present in the global market are expected to help the market progress at a CAGR of 2.30% between 2016 and 2026.
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Q. Who are the top players in the global fresh meat packaging market?
The leading players operating in the global fresh meat packaging market are Sealed Air Corp., DuPont, Bemis, Winpak, Berry Plastics, Bollore, Mondi, KOROZO Ambalaj San.ve Tic A.S., Amoco Ltd., and Coveris Holdings S.A. The competitive landscape of the global market is quite fragmented due to the presence of several players. In the coming years, the players are expected to see remarkable product innovations and incorporation of technological advancements that will result in growth of businesses. Mergers and acquisitions are also expected to a top priority of several players to expand their operations.
Q. Which region is expected to be a significant contributor to the global fresh meat packaging market?
In terms of geography, North America is expected to lead the global market in the coming years due the high consumption meat in the region. As of 2015, the region held a share of about 36% in the global market. The growing investments in research and development of various packaging materials and a strong presence of players are expected to keep this region in the lead over the forecast period.
Q. What are the key factors driving the global fresh meat packaging market?
The growing consumption of packaged food items is the key factor driving the progress of the global market. Additionally, the growing awareness amongst consumers about advantages of packaging fresh meat such as improved shelf-life is also projected to play an instrumental role in defining the trajectory of the overall market. The rise in the standard of living across the globe, lifestyle changes, lack of time for cooking fresh meals, and improving disposable incomes are also projected to drive the global market in the coming years.
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Packaging companies are targeting sustainable solutions for meat packaging as the concerns regarding usage of plastics and other non-biodegradable materials are weighing high. Tesco Plc and Hilton Food Group are collaborating with Linpac to eliminate the wastage due to packaging in the food-supply chain. This will bring focus on using recycled household items for packaging meat and poultry products. Greener initiatives by companies is expected to give the global meat packaging market a new dimension for expand its business.