Global Skin Packaging Market - Segmented by Type of End-user Vertical (Fast-moving Consumer Goods, Food & Beverage and Retail), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global skin packaging market is estimated to be worth USD 8.08 billion in 2018, and is projected to reach USD 11.05 billion by 2023, at a CAGR of 5.36% during the forecast period (2018 - 2023). The scope of the report is limited to type of end-user vertical, such as fast-moving consumer goods, and retail, among others. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.
Skin packaging is a process where heated film is draped over a product, and a vacuum is utilized to draw the film down onto the package, creating a secure and attractive package. It is a low-cost packaging option, and is used to protect the products during shipments, and display the products. Packaging, in smaller volume, is the trend that is observed lately. Increasing the shelf life has been the major goal of packaging companies, and therefore fresh products are increasingly packaged in skin films. The modern lifestyle of consumers has been forcing them to try to save time and money, which resulted in increasing demand for ready-to-eat products. This trend has encouraged the packaging companies to come up with diverse options for consumers, thereby driving the sales of packaging applications lucratively.
Asia-Pacific to Dominate the Food Industry
The food market in Asia-Pacific region was estimated to be USD 885.2 billion in 2016 and is projected to reach USD 1,216.5 billion by 2021, registering a CAGR of 6.6%. The sub-sectors that are expected to use skin packaging the most include- meat products & sausages, processed fish & seafood, and processed vegetables & fruits.
Packaging is globally accepted as a significant parameter for brand owners to market their products at stores and on e-commerce platforms. The meat counters in stores have always been a very traditional and staid part, which offers minimal opportunity to differentiate the brand. Captivating consumers’ attention has been one of the reasons for adopting skin packaging, among others. The secondary sealing of vacuum skin packaging is visually appealing for seafood and meat packagers. They also help to minimize the migration of liquids inside the packaging, for an appetizing and appealing presentation of the package.
Downsizing of Packaging to Drive the Growth of Skin Packaging Market
Due to globalization, increasing middle-class population, and changing lifestyles of people, there has been a huge demand in the packaging market. In the recent times, there has been a rising demand for miniaturization of packaging, due to the ready-to-eat convenience for customers. Due to an increase in the cost of raw materials, the size of food packaging has been shrinking. In every economic downturn, companies have been either reducing the size of the products or increasing the price of same-sized products. Consumers have become increasingly aware of the significance of recycling. Skin packaging, which is basically a combination of cardboard and plastic, can be separated after use. Smaller packages being environment-friendly, portable, and healthy, are preferred over bigger packages. As consumers are more sensitive to change in prices than that of quantity, companies opt for reducing the size of packages. Due to this extreme downsizing of packages, the skin packaging market (both vacuum and thermoforming) has undergone a fast-paced transformation.
Key Developments in the market