Global Meat, Poultry, Seafood Packaging Market Information by Material (Plastic, Paper and Metal), by Type (Rigid Packaging, and Flexible Packaging), by Application (Fresh & Frozen Products, Processed Products, and Ready-to–Eat Products) and Region – Forecast to 2023
On the basis of region, North America region dominates the meat, poultry, seafood packaging market. It accounted for the largest market share of 34.84% in 2016, with a market value of USD 12,270.3 Million and is projected to grow at the highest CAGR of 4.61% during the forecast period. The region is expected to witness the fast growth of meat, poultry and seafood packaging as the people in the region are more inclined towards convenience products. Europe was the second-largest market in 2016, valued at USD 9,739.2 million in 2016; it is projected to grow at a CAGR of 3.89%. The market is growing with the increased adoption of eco-friendly techniques of packaging for food products in Europe. Additionally, the increase in disposable income of people in the region, the rise in demand for convenience food, and growing awareness of packaged food among consumers are also fuelling the growth of the market in the region.
Asia-Pacific region is expected to grow at a CAGR of 4.10% from 2016 to 2023. Factors such as the introduction of active and intelligent packaging solutions by vendors such as Amcor and the growing demand for flexible packaging will boost meat, poultry & seafood packaging market growth in this region during the forecast period. China holds the largest share of meat, poultry & seafood packaging market in Asia Pacific due to growing demand for fresh vegetables and fruits.
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The market has been segmented based on material, packaging technology and application. On the basis of material, the market is segmented into plastic, paper, and aluminum. Plastic accounted for the largest market share of 58.48% in 2016, with a market value of USD 20,595.4 Million. The growth of plastic can be attributed to various factors such as average gains associated with the material over metals such as aluminum in terms of cost, weight and corrosion resistance. Paper was the second-largest market in 2016, valued at USD 8,972.1 million in 2016; it is projected to grow at a CAGR of 3.75%. On the basis of packaging technology, Modified Atmosphere Packaging accounted for the largest market share of 44.34% in 2016, with a market value of USD 15,614.1 million and is projected to grow at the highest CAGR of 4.35% during the forecast period. MAP is a combination of carbon dioxide, nitrogen and pure oxygen within a high barrier or permeable package. Such Packaging slows down the product aging process by protecting against color loss, odor and off-taste resulting from product deterioration or spoilage caused by mold and other anaerobic organisms. Vacuum Skin Packaging was the second-largest market in 2016, valued at USD 13,064.5 million.
On the basis of application, Fresh & Frozen Products accounted for the largest market share of 47.23% in 2016, with a market value of USD 16,632.7 million. The growth of the segment is propelled by consumer demand for foods offering convenience and value along with quality improvements resulting from packaging innovations. Processed Products was the second-largest market in 2016, valued at USD 11,307.5 million in 2016; it is projected to grow at a CAGR of 3.96%. However, Ready-to-Eat Products is projected to grow at the highest CAGR of 4.28%.
The key players of global meat, poultry, seafood packaging market report include- Bemis Company Inc. (U.S.), Berry Global Group, Inc. (U.S.), Sealed Air Corporation (U.S.), DuPont (EI) de Nemours (U.S.), Smurfit Kappa Group PLC (Dublin), Cascades Inc. (Australia), LINPAC Packaging Limited ( U.K.), Printpack, Inc.(U.S.), and Vector Packaging (U.S.).
Hence, global meat, poultry, seafood packaging market is expected to reach a market size of USD 45,635.26 million by the end of the forecast period at CAGR of 4.10%.
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