Our in-depth analysis of the meat packaging market includes the following segments:
By Packaging Technology
By Meat Type
On the basis of geographical analysis, the meat packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific is estimated to witness a noteworthy growth over the forecast period on the back of increasing industrialization, rise in disposable income of the population coupled with the growing consumption of beef and pork in the region, namely in China and Korea. According to the data given by Organization for Economic Co-operation and Development (OECD), Korea had the highest consumption of pork in 2019, amounting to 31.2 kilograms/capita. Moreover, the market in North America and Europe are expected to hold notable shares in the market owing to the growing demand for meat products and the strong presence of industrial players. In addition to this, the change in lifestyle of urban population is evaluated to increase the utilization of pre-processed and packaged foods, which in turn is assessed to be a major growth driver for the market in these regions.
The meat packaging market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Sadaf Naaz, Mohd Shadab
Ans: Increasing pork and beef consumption, and improved storage units of frozen foods are expected to drive market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Growing trend of veganism and high cost of fresh meat products are estimated to hamper the market growth.
Ans: Asia Pacific region is estimated to provide more business growth opportunities on the back of increasing industrialization and disposable income of the population.
Ans: The major players in the market are Berry Global Inc., Sealed Air Corporation, Smurfit Kappa Group, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material, packaging technology, meat type, and by region.
Ans: The modified atmosphere segment is anticipated to hold the largest market size and is estimated grow at a noteworthy CAGR over the forecast period and display significant growth opportunities.