The "Skin Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The skin packaging market registered a CAGR of 5.44% during the forecast period (2021-2026)
Recent advances in packaging technology have resulted in the growing popularity of skin packaging as an effective and efficient packaging strategy. Skin packaging decreases the need for protective packaging fillers, making it a cost-effective packaging option compared to other methods.
The modern lifestyles of consumers have been forcing them to try to save time and money, which resulted in increasing demand for ready-to-eat products, thereby fueling the market growth. This trend has encouraged the packaging companies to come up with diverse options for consumers, thereby lucratively driving the sales of packaging applications.
Increasing shelf life has been the primary goal of packaging companies. Thus, fresh products are increasingly packaged in skin films. Skin packaging packages help maintain the flavor and the quality of products (such as meat), by increasing the shelf life of the food products.
According to Sealed Air Corporation, each year, consumers throw out an estimated 12.7 billion pounds of meat, poultry, and fish valued at USD 39.7 billion. Thus, the growing need for diminishing the food waste and enriching the shelf life of the products is expected to augment the demand for skin packaging solutions over the forecast period.
The impact of coronavirus has not been the same on all skin packaging vendors since some of them offer only for food products. In contrast, others provide only for industrial or consumer goods. Nowadays, vendors who cater to the food sector are most profitable since people are forced to cook food at home during the lockdown and are also turning to e-commerce sites for their meat and poultry needs.
Key Market Trends
Food Segment is Expected to Hold a Major Market Share
Captivating consumers' attention has been one of the reasons for the adoption of skin packaging in the food industry, among others. The secondary sealing of vacuum skin packaging is visually appealing for seafood and meat packages. Furthermore, it also helps to minimize the migration of liquids inside the packaging for an appetizing and appealing presentation of the package.
In February 2020, US-based consumer packaging company Graphic Packaging International (GPI) partnered with G. Mondini to introduce a new line of PaperSeal trays for the food industry. The l trays are designed as an alternative to the modified atmosphere (MAP) and vacuum skin packaging (VSP) plastic trays. They are ideal for a wide range of applications such as cheese, fresh or processed meat, readymade products, frozen foods, snacks, salad, and fruit.
Meat processors and retailers are pressurized to reduce costs owing to which this helps the state-of-the-art packaging serve as a differentiator, which adds value in an otherwise crowded meat market.
Although vacuum packaged sausage products are accepted widely, consumers still prefer fresh sliced products. This trend is quite clear from the availability of these products in supermarkets and retail stores.
Latin America Expected to Exhibit Significant Share in the Market
Since the past few years, Mexico's economy has performed relatively better than those of many Latin American nations. This vitality is reflected in Mexico's healthy packaging sector, which is an engine of growth for the entire global industry.
The consumption of meat in Mexico is primarily dependent upon imports from other countries. Also. The consumption has remained relatively constant, as poultry remains the overall preferred animal protein.
With the increasing need for clear packaging that emphasizes the product and minimizes the need for preservatives, the vacuum skin packaging is slowly penetrating the processed meat market in Mexico.
Latin American countries are also characterized by enormous opportunities for automotive aftermarket suppliers. Further, the Regime for the Development and Strengthening of the Argentine Auto Parts Industry promotes the manufacturing and use of auto parts in Argentina.
The competitive landscape of the Skin Packaging Market is moderately fragmented as it consists of several players. In terms of market share, none of the players currently dominate the market. The players are investing in Research and Development in order to gain product differentiation. Product Differentiation is being viewed as a way to achieve a competitive advantage.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Demand for Ready-to-Consume Packaged Food Products
4.3 Market Restraints
4.3.1 Rising Concerns About the Environment and Stringent Government Regulations Regarding the Use of Plastic
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.6 Assessment of Impact of Covid-19 on the Market
4.7 Technology Snapshot
4.7.1 Skin Packaging Machinery
4.7.2 Recent Developments in Skin Packaging Technology
5 MARKET SEGMENTATION
5.1 By Application
18.104.22.168 Fish and Seafood
22.214.171.124 Processed Food
5.1.2 Industrial Goods (Including Electronic and Electrical Components)
5.1.3 Medical Devices
5.1.4 Durable Consumer Goods
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Clondalkin Group Holdings B.V.
6.1.2 Sealed Air Corporation
6.1.3 Plastopil Hazorea Co. Ltd.
6.1.4 Amcor PLC (Bemis Company Inc.)
6.1.5 MULTIVAC Sepp Haggenmuller SE & Co. KG
6.1.6 Klockner Pentaplast Ltd.
6.1.7 LINPAC Packaging Limited
6.1.8 Flexopack SA
6.1.9 Winpak Ltd.
6.1.10 Victory Packaging LP
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/hfba4x
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005419/en/
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