US dominates global meat, poultry, and seafood consumption, fueling packaging market growth.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, February 2, 2024 /EINPresswire.com/ -- The meat, poultry, and seafood packaging market is expected to be valued at US$ 7.7 billion in 2024. For 2023, the valuation CAGR was marked at 3.1%. The market's progress is projected to be invigorating from 2024 to 2034, with a CAGR of 5.3%. By 2034, the market value is forecast to hit US$ 13.2 billion.

The packaging industry is expected to experience growth due to changing consumer eating habits and lifestyles. Consumers now prioritize fresh, convenient, and easy-to-use products. The industry is adopting innovative solutions such as vacuum packaging, modified atmosphere packaging, and active packaging to meet this demand. These solutions help to extend the shelf life of products and ensure that they remain fresh and safe for consumption.

The market's growth is attributed to the rise in demand for processed food products, which require specialized packaging solutions to protect them from contamination, maintain their freshness, and ensure convenience in usage. To meet this demand, the packaging industry has developed innovative solutions such as retort, aseptic, and flexible packaging. These packaging solutions have become increasingly popular in the food industry for their ability to extend the shelf life of products and provide better protection against external factors.

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The rising awareness about food safety and hygiene among consumers. In the current period, consumers are becoming increasingly concerned about the safety and quality of the food products they consume. Consequently, the packaging industry has been focusing on developing innovative solutions that protect food products from contamination and ensure their safety for consumption.

“The rising demand for sustainable packaging solutions as consumers are becoming more aware of the environmental impact of packaging waste fueling the market growth. They are now looking for eco-friendly options that are biodegradable, recyclable, or made from renewable resources. In response to this demand, packaging companies are developing sustainable packaging materials that offer the same level of protection and convenience as conventional packaging solutions, " - Says Ismail Sutaria, Principal Consultant at Future Market Insights.

Key Takeaways from the Meat, Poultry, and Seafood Packaging Market

The meat, poultry, and seafood packaging market in China is estimated to register a CAGR of 6.4% through 2034.

The poultry segment is anticipated to dominate the global market by registering a 36.3% market share in 2024.

With a 38.4% share, the modified atmosphere segment will significantly drive the global market by 2024.

The market for meat, poultry, and seafood packaging in the United States is estimated to record a growth of 3.3% from 2024 to 2034.

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Competitive Landscape

The meat, poultry, and seafood packaging market is filled with manufacturers, ranging from multinational organizations to small and medium-sized firms. Companies compete on many levels, including product quality, price, distribution network, and marketing methods. Several new companies are entering the industry, whereas advancement in rapid and flexible packaging is increasing the competition. Overall, the industry is extremely competitive and provides clients with a variety of choices.

In 2022, Berry Global Group Inc., a key player in the packaging industry, acquired RPC Group PLC (RPC) for a whopping US$ 6.5 billion. The acquisition was made to produce value-added solutions that offer a protective barrier for plastic packaging firms. This strategic move is expected to boost the company's growth and increase its annual revenue to US$ 150 million.

Key Market Players

Bemis Company Inc.
AEP Industries Inc.
DuPont (EI) de Nemours
Smurfit Kappa Group
Visy Industries Holdings Pty Ltd
Tri-Mach Group Inc.
Printpack, Inc.
Orora Packaging Australia Pty Ltd
ABBE CORRUGATED PTY. LTD
Cambridge Packing Company.

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Market Segmentation

By Packaging Technology:

Vacuum Skin
Modified Atmosphere

By Meat Type:

Poultry
Seafood
Meat

By Application Type:

Proceed Products
Fresh & Frozen Products
Ready To Eat Products

By Region:

North America
Latin America
East Asia
South Asia
Europe
Oceania
The Middle East and Africa

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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