The global skin packaging market is projected to grow at a CAGR of 5.28% to reach US$14.808 billion by 2027, from US$10.332 billion in 2020.
Increasing disposable income among the individuals in the population has led to rising consumption of premium quality red meat and poultry meat products and is driving 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 spending power of people, as well as the prices of products. In recent years, the shift in the average income and the rise in the disposable income of people has resulted in increased spending power among the low-income and middle-income populations, 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 Cooperation and Development (OECD), the amount of poultry meat consumed globally has increased from 115, 544 thousand tonnes in 2015 to 124,637 thousand tonnes in 2019. The consumption of beef and veal meat increased from 66,488 thousand tonnes in 2015 to 70,479 thousand tonnes 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 an 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 their corporate lives and working lifestyles. 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 skin packaging is rising in the different industries, causing the players to adopt these solutions and thereby contributing to the further augmenting of the market growth over the forecast period.
Major Market Players' Product Offerings in the Skin Packaging Market
The offering of better and more 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 expected to hold a significant amount of share over the forecast period owing to the fact that 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 in 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 share over the forecast period, which is attributable to the fact that there is an increased consumption of meat in countries such as India and increased consumption of seafood and other items in countries such as China, Japan, and Korea. Thus, these factors are contributing to the market share of the region over the forecast period.
The COVID-19 pandemic to a major slowdown in industrial and commercial activities, owing to the implementation of strict lockdown and social distancing protocols. The increase in infection rates led to a growth in the demand for the skin packaging market from the food and beverage industry. People started to prefer prepackaged food instead of fresh food, in order to decrease contamination and virus spread through food. Moreover, owing to the growing e-commerce trend, the food delivery sector also increased in demand, further driving the skin packaging market. Furthermore, with the relaxation of COVID-19 protocols and the increasing demand for food delivery, the market is anticipated to rise significantly.
|Market size value in 2020||US$10.332 billion|
|Market size value in 2027||US$14.808 billion|
|Growth Rate||CAGR of 5.28% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Material Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||PLASTOPIL, MULTIVAC, WestRock Company, G.Mondini Spa, Amcor plc, Berry Global Inc., Sealed Air, Dow, Wentus, Durapak|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global skin packaging market?
A1. Skin Packaging Market was valued at US$10.332 billion in the year 2020.
Q2. What will be the skin packaging market size by 2027?
A2. The global skin packaging market is projected to reach a market size of US$14.808 billion by 2027.
Q3. What are the growth prospects for the skin packaging market?
A3. The global skin packaging market is projected to grow at a CAGR of 5.28% over the six years forecast period.
Q4. What factors are anticipated to drive the skin packaging market growth?
A4. 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.
Q5. Which region holds the largest market share in the skin packaging market?
A5. The North American region is expected to hold a significant amount of share over the forecast period.
Berry Global Inc.
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