Meat, Poultry & Seafood Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Meat, Poultry & Seafood Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The meat, poultry & seafood packaging market was valued at USD 29.63 billion in 2020 and is expected to reach USD 50.95 billion by 2026, at a CAGR of 4.1% over the forecast period 2021 - 2026. The increase in population will increase the demand for food items, which will in return act as a driver for the meat, poultry & seafood packaging industry in the forecast period.

Key Highlights

• Consumer interaction with meat, poultry & seafood packaging is changing with an increasing focus on sustainability, rigid, as well as flexible packaging solutions, that are being improved with new innovative packaging solutions day by day.
• Moreover, the increasing market demands for consumer-friendly packages and enhanced product protection have propelled meat, poultry & seafood packaging as a viable and cost-effective alternative.
• The risk of contamination for the packaging material might hinder the growth of the market because sometimes toxic flame retardants, which are made from styrene and benzene, contaminate the food material due to poor packaging or miss handling.
• However, government regulations in terms of safety in food packaging and the increase in the use of recyclable materials and renewable resources will increase food safety and hence, will drive the market in the forecast period.

Key Market TrendsIncrease in World Population will Drive the Market in the Forecast Period

• According to the United Nations - Department of Economic and Social Affairs, the world population will continue to grow with significant growth which will most increase the demand of meat, poultry & seafood in the forecast period.
• Moreover, the increased demand for food will lead to an increase in the use of packaging materials across the world, which will be expected to gradually boost the use of flexible and rigid solutions, such as better handling and disposal, cost-effectiveness, greater visual appeal, and convenience.
• Due to an increase in the number of consumers who purchase meat, poultry & seafood items, it is expected that the market will propel in the coming future. Hence, many retail stores use packaging materials to preserve food, also to retain the nutritional value of food.

Asia-Pacific Holds the Largest Market Share

• The Asia-Pacific region holds the largest market share. This is mostly due to the emerging population of India and China. With the growth in the applications of rigid packaging and flexible packaging in the meat poultry & seafood packaging industries, the market is expected to grow.
• The primary drivers for the growth of the meat poultry & seafood packaging market in the region are the increasing per capita income, growing health consciousness, and changing lifestyle patterns (dependency on ready-to-eat food products). The region also boasts of abundantly available raw materials for manufacturing plastic, aluminum, and thermoform packaging.
• The growing competition and packaging standards set by the government for labeling of quality, quantity, and price, coupled with the demand for easy and convenient packaging, have been instrumental in driving the adoption of meat poultry & seafood packaging.

Competitive Landscape

The market is fragmented due to existing players, that includes Berry Global, Mondi Group, Amcor, Crown Holdings, DS Smith, and Sonoco, among others. These several multinational and local vendors in the region are already investing a great deal in R&D to improve the food packaging material. Hence, they continuously come up with innovative solutions at a lesser price, which gives the competition and market entrants a cut-throat competition.

• June 2019 - Mondi, a global market leader in packaging solutions, has created a polypropylene film that can be recycled and is ideal for4 the thermoforming of flexible films for modified atmosphere packaging (MAP) and vacuum packaging which helps in extending the product shelf life for meat.
• June 2019 - The acquisition of Bemis by Amcor brings additional capabilities that will strengthen Amcor’s industry-leading value proposition and generate significant value for shareholders. Also, this acquisition will bring other additional range, capabilities that will enhance Amcor’s industry-leading in terms of a value proposition.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Berry Global
Mondi Group
Sealed Air
Amcor
Sonoco
Smurfit Kappa Group
DS Smith
WestRock
Stora Enso
Crown Holdings
Can
Pack S.A.

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