LONDON--(BUSINESS WIRE)--The global fresh meat packaging market is expected to grow at a CAGR of more than 3% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global fresh meat packaging market by packaging type that included flexible packaging and rigid packaging. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising adoption of case-ready meat packaging
Case-ready fresh meat packaging has been growing across the world since 2010. In this type of packaging, fresh meat is processed and packed at a packaging station and delivered to retail shops. By using fresh meat case-ready packaging, retailers can reduce certain operating costs such as labor cost, meat-cutting equipment cost, and space utilization cost for fresh meat preparation. Also, it was noted that case-ready fresh meat packaging reduces the overall operating cost for retailers by around 26%, compared with loose meat sold in retail shops.
According to a senior analyst at Technavio for packaging research, “Meat cutting and preparation in retail stores require a huge space, whereas case-ready fresh meat packaging can assist retailers in saving that space for other retail merchandising operations. Case-ready fresh meat packaging also prevents leakage and provides better quality control. All these benefits of case-ready fresh meat packaging are increasing the adoption of fresh meat packaging across the world.”
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Market trend: growing market consolidation in global packaging industry
The fragmented nature of the packaging market and high competitive pressure from large vendors are forcing small players to join large players through mergers or acquisitions (M&As). Large players are also encouraging M&As to expand their market presence and enter new markets. M&As can assist small players in adopting new technology from large players to survive in the competitive market. Increasing consolidation in the global packaging industry will also allow the consolidation of the global fresh meat packaging market as fresh meat packaging is one of the key segments of the global packaging market.
Market challenge: fluctuating polymer prices
There has been a reduction in the cost of polymer across the globe since 2014. This is due to the low energy and feedstock costs. Crude oil price reduction is another major reason for the decreasing polymer price. For instance, in 2016, the price of polyvinylidene chloride and ethylene vinyl alcohol polymer decreased by around USD 0.1-0.3 per kg. The falling polymer price will reduce the overall purchasing and operational cost for fresh meat packaging manufacturers. It will also boost the bulk polymer price purchasing behavior of fresh meat packaging manufacturers.
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Some of the companies in the global fresh meat packaging market are:
- Amcor
- Bemis
- Berry Global
- Crown Holdings
- Sonoco Products
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