Meat packaging market to reach $13.65 billion in 2026
The Meat Packaging market was valued at USD 12.1 billion in 2020 and is expected to reach USD 13.65 billion by 2026, at a CAGR of 4.37% over the forecast period 2021 - 2026, said a recent report from ResearchAndMarkets.
Analysts are convinced that increased demand for meat will support the growth of the meat packaging market. So far, there is a boom in the fresh meat packaging market, which is expected to register a steady CAGR of 3.38% until 2026.
With the growing demand for meat products, the demand for quality and attractive meat packaging is rising. Packaging can help in maintaining the existing quality of meat and delay the onset of spoilage by controlling the factors that contribute to it.
One of the important factors in meat packaging is the type of meat being packaged. Large pork and beef packing plants use vacuum packaging to preserve meat. Vacuum packaging removes oxygen within the package that helps to preserve the meat within the packaging. Grocery stores mostly use a stretchable plastic meat film coupled with a bottom foam tray.
According to the OECD and FAO, the per capita meat consumption across the world was 34.4 kilograms in 2019 and is projected to increase to 34.9 kilograms by 2024. There is a strong demand for products like packaged meat, mainly because most consumers across the world are preferring the convenience of ready-to-serve foods. For instance, as per the US Department of Agriculture and Economic Research Service, in 2017, the most consumed type of meat in the United States was broiler chicken, at about 41 kg per capita. This is expected to increase to 42.7 kg per capita by 2028. As per the American Institute for Packaging and the Environment, in 2017, around 68 % of meat in the country was packaged.
According to the US department of agriculture, the volume of cold storage of frozen red meat amounted to almost 500 million tonnes in FY2019, while foods like frozen poultry amounted to 553 million tonnes, respectively.