The global skin packaging market is projected to grow at a CAGR of 5.13% to reach US$13.354 billion by 2025, from US$9.891 billion in 2019.
Increasing disposable income among the individuals in the population has led to a rising consumption of premium quality red meat and poultry meat products and is leading to a surge in the demand for skin packaging, as it is able to increase the shelf life of the products effectively.
The consumption of different types of meat is directly linked to the lifestyle, living standards, and the spending power of people as well as the prices of product. In the recent years, the shift in the average income and the rise in the disposable income of the people has resulted in the increased spending power among the low income and middle-income population, thus increasing their propensity to spend on meat and allowing the high-income population to spend more on premium quality meat. According to the data provided by the Organization for Economic Co-operation and Development (OECD), the amount of poultry meat consumed globally has increased from 115, 544 thousand tons in 2015 to 124,637 thousand tons in 2019. The consumption of beef and veal meat increased from 66,488 thousand tons in 2015 to 70,479 thousand tons in 2019. Therefore, as the consumption of meat is increasing globally, the demand for skin packaging is surging by the food industries and is propelling the market growth over the forecast period.
Increasing demand for products with increased shelf life among the population
There has been an increase in the demand for fast-moving consumer goods (FMCG) over the past few years, such as cosmetics, processed foods, and OTC medicines among others, as the working-class individuals are getting busier in the corporate lives and working lifestyle. This is causing them to demand ready to heat and ready to eat foods product which is boosting the growth of the market. Therefore, the demand for the skin packaging is rising in the different industries and causing the players to adopt these solutions and is thereby contributing to the further augmenting the market growth over the forecast period.
Product Offerings by Major Market Players in the skin packaging Market Space
The offering of better and advanced varieties of skin packaging with enhanced technologies such as quality and durability among other properties by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region is expects to hold a significant amount of share over the forecast period owing to the fact there are market players involved in catering to the demands of the end-user industries by offering top-quality solutions and products. In addition, there is an influx of investments for R&D activities in order to accelerate the development of the packing industry.
In addition, the Asia Pacific region is expected to witness a significant increase in its market shareover the forecast period, which is attributable to the fact that there is an increased consumption of meat in the counter such as India and increased consumption of seafood and other items in the countries such as China, Japan, and Korea. Thus, these factors are contributing to the market share of the region over the forecast period.
Segmentation:
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