Meat Shrink Bag Market Forecast: Reaching US$ 1,707.7 Million by 2034 with a 5.6% CAGR – Unveiling the Growth Trajectory and Industry Dynamics. Polyethylene, polypropylene, polyethylene terephthalate, and polyvinyl chloride are some of the materials used in making meat shrink bag production
NEWARK, DEL, Nov. 20, 2023 (GLOBE NEWSWIRE) — The meat shrink bag market is expected to be US$ 990.3 million in size in 2024. The market size in 2023 was US$ 937.8 million. Over the forecast period, the CAGR for the market is projected to be 5.6%. By the end of the forecast period in 2034, the market value is anticipated to reach US$ 1,707.7 million.
Meat consumption is reaching new heights boosting the meat packaging industry. The meat shrink bag market is growing due to the positive trend of the meat packaging industry. The popularity of processed and ready-to-eat meat is further augmenting the market’s expansion.
Meat shrink bags are being increasingly adopted due to the convenience provided by the product. Meat shrink bags provide suitable protection, eliminating the chances of meat spoilage. Meat shrink bags are also lauded for being convenient to use and easy to unpack.
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Meat shrink bags prominently use plastic as a material. With an aversion toward growing concerns related to plastic among consumers, the meat shrink bag market has an obstacle in the path of growth. The tendency of a large amount of the population towards vegetarianism and veganism is further predicted to hamper the market.
“While meat shrink bags have earned a reputation for being environmentally harmful, market players are taking steps to change the perception. Key players are taking the help of technology to produce meat shrink bags from recyclable material. Thus, sustainable meat shrink bags provide an opportunity for further acceleration of the market,” says Ismail Sutaria, Principal consultant at Future Market Insights.
Key Takeaways from the Meat Shrink Bag Market Report
- The meat shrink bag market is anticipated to be US$ 990.3 million in value in 2024.
- Polyethylene is the most common type of material used in meat shrink bags. For 2024, polyethylene is predicted to account for 70.9% of the market value.
- Side-sealed bags are the most popular in the market. For 2024, side-sealed bags are expected to contribute to 48.4% of the market share.
- The progress rate of the market in China is predicted to be encouraging. The CAGR for China over the forecast period is pegged at 6.8%.
- India and Japan are the other Asian countries with potential for the market. For the 2024 to 2034 period, the CAGR for India and Japan is projected to be 6.0% and 5.2%, respectively.
- Germany is slated to be at the forefront of market growth in Europe. For the forecast period, the CAGR for Germany is predicted to be 5.5%.
Competition Analysis of the Meat Shrink Bag Market
Innovations that are related to recycling are the focus of market players. A number of giant companies have earned reputable names in the market. The reputable companies are looking to further expand operations. Some of the leading companies in the market are Amcor plc, Berry Global Inc, FLAIR Flexible Packaging Corporation, and Plastopil
Key Players Are:
- Sealed Air
- ULMA Packaging
- Swiss Pac South Africa
- Estiko-Plastar
- Papier-Mettler
- Advanced Barrier Extrusions
- Safepack Industries
- Packman Industries
- Paras Print Pack
- Shri Siddhi PolyPack
Recent Developments in the Meat Shrink Bag Market
- In July 2023, Amcor opened a new production facility in Swansea, the United Kingdom, to increase the production of its PrimeSeal meat packaging range.
- At the Interpack event held in May 2023, the recyclable shrink bag made by Adapa Group called Vacushrink (RE) Max 55 Shrink Bag won a prize for sustainability.
- In December 2022, the PVDC-free and recyclable Eco-Tite R shrink bag was launched by Amcor.
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Key Segmentations:
By Material Type:
- Polyethylene
- High-density polyethylene
- Low-density polyethylene
- Linear low-density polyethylene
- Polypropylene
- Polyethylene terephthalate
- Ethylene vinyl alcohol
- Polyvinyl chloride
- Polyvinylidene chloride
- Polyamide
By Product Type:
- Side Sealed
- Bottom Sealed
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Originally published at https://www.einpresswire.com/article/669747130/rising-meat-production-and-consumption-around-the-world-fuels-demand-for-meat-shrink-bags-says-future-market-insights-inc
