With various beneficial characteristics of fresh meat packaging, such as low carbon footprint, reduced energy consumption, decreased raw material consumption, and low wastage, this market is likely to continue its growth trajectory over the next few years. Apart from this, the increasing rate of urbanization in emerging regions, such as Asia Pacific and Latin America, is also projected to cause a massive shift towards the preference for packaged food among consumers, further stimulating the market.
In 2015, the overall opportunity in this market was US$1.92 bn. Rising at a CAGR of 2.30% between 2016 and 2026, it is likely to reach US$2.47 bn by the end of 2026. A number of lucrative opportunities for players operating in the market are expected to arise in the near future, especially in the Asia Pacific region.
Modified atmosphere packaging (MAP), vacuum skin packaging (VSP), and vacuum thermoformed packaging (VTP) are the key technology types used in fresh meat packaging. Among these, VSP technology enjoys a significantly high popularity among consumers. Its popularity graph is anticipated to continue increasing over the next few years, resulting in the segment’s lead with a share of 32% by the end of 2026.
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The main types of materials used in fresh meat packaging are PE, PP, BOPP, EVOH, PVC, and PA. The PE segment has been leading the global fresh meat packaging market currently and is expected to remain doing so over the forthcoming years, thanks to a number of factors, such as lower cost of production as compared to other materials and the elasticity.