Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Fresh Meat Packaging Market 2017–2027
Fresh meat requires highly advanced packaging solutions so as to maintain the color and quality of the meat product. Proper packaging also assists in maintaining freshness and hygiene of the product, in turn, increase the shelf-life of the meat product. Modified atmosphere packaging, vacuum skin packaging, and vacuum thermoformed packaging are some of the common packaging solutions. Case-ready, stretch film packing, thermoforming, and horizontal flow pack meat packaging are some of the other packaging solutions. These packaging solutions provide efficient transportation and enhance the storage of meat products by ensuring fresh and timely delivery of the meat product.
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).
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
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.
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 case-ready 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
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
On the basis of material type, in 2018, the polyethylene segment has accounted the largest market share of 48.5% in terms of value, followed by the biaxially-oriented polypropylene (BOPP) and others.
Packaging & Food Contact Substances (FCS)
A FCS is any substance that is intended for use as a component of materials used in manufacturing, packing, packaging, transporting, or holding food if the use is not intended to have any technical effect in the food (sec 409(h)(6) of the Federal Food, Drug, and Cosmetic Act (the Act)).
Figure 4. Global Fresh Meat Packaging Market– Value Chain Analysis
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.
Few Recent Developments
- In January 2015, Wipak Group announced an investment of US$ 24.2 Million to establish a new high-barrier film production plant technology at Nastola, Finland.