Vacuum Skin Packaging Global Market Projected to Grow Radiantly by 2023 : Asserts MRFR Unleashing Industry Forecast
Market Research Future published a research report on “Global Vacuum Skin Packaging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India -- (SBWire) -- 01/10/2018 --Global Vacuum Skin Packaging Market Information Report by Material (Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC) and Other), by Application (Meat, Poultry, Cheese and others) and Region - Global Forecast To 2023
Bemis Company Inc. (U.S.), Berry Global Group, Inc. (U.S.), LINPAC Packaging Limited (U.K.), Amcor Ltd. (Australia), Sealed Air Corporation (U.S.), DuPont (U.S.), G. Mondini SA (Italy), and Green Packaging Material (Jiangyin) Co., Ltd. (China) are some of the prominent players at the forefront of competition in the global vacuum skin packaging market and are profiled in MRFR Analysis.
Global Vacuum Skin Packaging Market - Overview
The global vacuum skin packaging market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of market is influenced by increased consumption of meat and poultry and increased government policies regarding food safety. However, stringent regulations on packaging material waste and recycling expected to hinder the growth of the vacuum skin packaging market.
The global vacuum skin packaging market is expected to reach USD 18,392 million by 2023 with a CAGR of 5.77%.
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The meat consumption has continued to rise in the U.S., European Union, and developed world. There is seen a shift toward poultry from meat, however red meat still represents the largest proportion of meat consumed in the U.S. The demand for meat in developing countries continues to grow as the production and consumption of meat increases with increasing disposable income. There is seen a shift in the dietary pattern in developing countries which is marked by high meat consumption. This drives the demand of packaging material and technology for the meat, poultry and seafood packaging which is an expanding industry that utilizes the vacuum skin packaging.
With the increasing adoption of convenience shopping, the retail sector is growing rapidly. The retail sector is booming, owing to factors such as favourable demographics, rising consumer incomes and real estate developments, especially the emergence of new shopping malls. With the emergence of consumerism, the retailer faces a more knowledgeable and demanding consumer. This has pushed the demand for packaging across the vegetables, fruits, meat and poultry products.
There is seen an expanding role of government and other agencies to ensure food safety on a global platform. Government agencies are responsible for setting food safety standards, conducting inspections, ensuring that standards are met, and maintaining a strong enforcement program to deal with those who do not comply with standards. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to better protect public health by strengthening the food safety system. This also includes packaging and product information. Such policies fuel the demand for vacuum skin packaging across the food industry, especially to package meat, poultry and seafood. Vacuum skin packaging technology is used exclusively for packaging of fresh, processed and ready-to-eat food items to extend the shelf life, retain taste and color along with other additional benefits.
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Global Vacuum Skin Packaging Market - Competitive Analysis
Vacuum skin packaging industry has seen significant growth in last few years due to its application across industries, cost efficient solution and sustainable packaging solutions. The major players operating in this market, who have adopted expansion as their key startegy are Bemis Company Inc (U.S.), Berry Global Group, Inc. (U.S.), LINPAC Packaging Limited (U.K.), Amcor Ltd. (Australia), Sealed Air Corporation (U.S.), DuPont (U.S.), G. Mondini SA (Italy), Green Packaging Material (Jiangyin) Co., Ltd. (China) and others.
Amcor Ltd. announced the completion of the Alusa acquisition, which was first announced on 18 April 2016. Amcor now has a unique platform in an important growth region. Along with leadership positions in Europe and Asia, a strong presence in South America significantly improves Amcor's customer value proposition in the flexible packaging marketplace, positioning us as a partner of choice for customers.
Amcor Ltd. also launched transparent packaging that allows consumers to see the product inside has been a growing trend on store shelves in recent years, but metal-free packaging was often not a practical option for products requiring an outstanding barrier.
Berry Global Group, Inc. sees its key strategy in mergers & acquisitions and continued partnership & collaboration with major companies. It believes in expanding their current business network by creating economic value through mergers & acquisitions. The acquisitions strategy is focused on improving company's long-term financial performance, enhance market positions and expand existing and complementary product lines. In 2015, Berry Plastics Group, Inc. acquired AVINTIV Inc. from private equity funds managed by The Blackstone Group LP for approximately USD 2.45 Million.
Global Vacuum Skin Packaging Market - Segments
Global Vacuum Skin Packaging Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Material : Comprises – Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC) and Other
Segmentation By Application : Comprises – Meat, Poultry, Cheese and others
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World
Global Vacuum Skin Packaging Market - Regional Analysis
APAC is expected to experience the fastest growth during the forecasted period due to the economic growth of China and India. The rising population of the region, along with high disposable income and the demand for safe & hygienic packaging of products are factors driving the growth of the vacuum packaging market in this region.
China is estimated to grow faster than any other country due to increase in food consumption, rapid urbanization, and strong economic growth. China is by far the world's largest consumer and producer of pork and has maintained self-sufficiency over the years. In 2016, The Ministry of Agriculture's 5-year plan set the objectives of increasing scale of hog farms, utilizing hog waste, shifting hogs away from cities and southern watersheds, improving cold chain, establishing traceability, and increasing vertical coordination.
In India, livestock sector is one of the most important components of agriculture in India. On account of favorable socio- economic factors such as changing eating habits, higher purchasing power, urbanization, increasing health consciousness towards protein rich diet there has been an increase in demand for meat and the sector has gained importance in terms of contribution to income, employment and foreign exchange earnings. Buffalo, in India, contributes about 30% of total meat production.
North America accounts for the second largest market share. According to the North American Meat Institute (NAMI), the meat and poultry industry is the largest segment of U.S. agriculture. Total meat and poultry production in 2012 reached more than 93 billion pounds. There is an immense need for proper packaging of such meat products, which will ensure longer shelf life of the meat products. For this reason, vacuum skin packaging market is gaining traction in the U.S. region.
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