The global skin packaging market size is expected to reach USD 13.38 Billion by 2025, registering a 5.8% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for cost-effective packaging solutions coupled with increasing focus on reducing the volume of packaging material required is expected to benefit the market growth.
New and innovative packaging solutions have been able to ensure minimum product wastage in the manufacturing process and have played a major role with rapid urbanization, changing lifestyles and growing disposable incomes in fueling demands of the product all over the market. Also, growing awareness about the multiple benefits of skin packaging such as cost-efficiency, and better product presentation with transparent films among others have had a positive effect on the market growth in the previous years and is expected to have more in the coming years, as well.
Increasing shift towards sustainable packaging materials such as bioplastics by major key players is expected to boost the market growth rate in the coming years, despite being affected by fluctuations in the prices of various plastic materials and stringent government regulations all over.
The skin packaging market is expected to be largely driven by the increasing demand for meat and poultry products especially in the developing countries in the Asia Pacific and Central & South America region. In addition, factors including affordability coupled with the growing middle-class population in these regions is further likely to strengthen the meat & poultry demand, which is in turn, likely to benefit the market growth.
Further key findings from the report suggest:
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Based on materials, the plastics material segment accounted for the largest revenue share in the year 2018. Plastic types commonly used for skin packaging include polyethylene, ionomer, polyvinyl chloride, and PET, among others.
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Based on application, the food application segment is anticipated to grow at a CAGR of 6.5% from 2019 to 2025 owing to the increasing consumption of various food products such as meat, poultry, and seafood, among others.
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Based on region, Asia-Pacific skin packaging market is slated to grow at a CAGR of 6.2% from 2019 to 2025 on account of several factors including increased spending power of the consumers, growing demand for convenient packaging, and rapid growth of the manufacturing sector in the region
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Growing consumer demand for high protein intake in North America is expected to propel the meat demand in the region, which is further anticipated to benefit the regional market growth.
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Mergers & acquisitions, product innovations, and business expansions are among the major strategies adopted by key market participants to reinforce their competitive positions in the market.
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For instance, in February 2019, Sealed Air acquired the flexible packaging business of MGM, a Philippines based company that offers flexible packaging materials for the consumer-packaged goods sector, particularly in the Southeast Asia region.
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Also, in September 2020, Sealed Air launched its latest vacuum skin packaging innovation for the fresh red meat and seafood sectors at the annual China International Meat Industry Exhibition (CIMIE).
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Shift towards bioplastics are evidently observed in the market. For instance, Amcor, Inc., launched new product SkinNova, which is a skin film that minimizes the use of plastics by over 70% and reduces carbon footprint by 45%.
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Some of the key players are Sealed Air, Amcor plc, Dow, Clondalkin Group, MULTIVAC, Klöckner Pentaplast, G. Mondini, Winpak Ltd., Berry Global Inc., and WestRock Company.
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Grand View Research has segmented the skin packaging market on the basis of material, type, application, and region:
Skin Packaging Material Outlook (Revenue, USD Million; 2014 – 2025)
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Plastics
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Paper & Paperboard
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Others
Skin Packaging Type Outlook (Revenue, USD Million; 2014 – 2025)
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Carded
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Non-carded
Skin Packaging Application Outlook (Revenue, USD Million; 2014 – 2025)
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Food
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Consumer Goods
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Industrial
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Others
Skin Packaging Regional Outlook (Revenue, USD Million; 2014 – 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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Asia Pacific
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China
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India
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Japan
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Central & South America
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Brazil
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Middle East & Africa
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Saudi Arabia
List of Key Players of Skin Packaging Market
- Sealed Air
- Amcor plc
- Dow
- Clondalkin Group
- MULTIVAC
- Klöckner Pentaplast
- G. Mondini
- Winpak Ltd.
- Berry Global Inc.
- WestRock Company.
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Cosmetic Packaging Market – https://www.grandviewresearch.com/industry-analysis/cosmetic-packaging-market
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