The meat shrink bag market is expected to have a value of US$ 990.3 million in 2024. In 2023, the value was tipped to be US$ 937.8 million. The market is projected to show moderate growth over the period from 2024 to 2034, with a CAGR of 5.6%. By 2034, the size of the market is predicted to have expanded to US$ 1,707.7 million.
Consumption Analysis of the Meat Shrink Bag Market
· High meat consumption leads to a greater demand for meat shrink bags. With increasing meat production and consumption levels, the demand for meat shrink bags is also predicted to expand accordingly.
· In addition to traditional meat, processed meat is gaining traction, too. Increasing demand for processed meat is helping the meat shrink bag market.
· Shrink bags are made predominantly from plastic. With rising sustainability trends, people are growing disillusioned with the use of plastic materials. Thus, there are limitations to the growth of the market.
· There has been a rising adoption of shrink bags in various packaging sectors. The positive outlook toward the overall shrink bag market is aiding the sale of meat shrink bags.
Meat Shrink Bag Market Analysis and Trends
· Meat is well-known for the need to be kept fresh. Exposure to the elements can lead to meat getting rotten or infested with maggots. Meat shrink bags are being accepted widely as a way to secure meat and keep it fresh.
· In addition to providing security, meat shrink bags also offer practicality to consumers. Consumers prefer packaging that is convenient and easy to unwrap. Thus, meat shrink bags are being adopted worldwide.
· While meat consumption is rising around the world, vegan and vegetarian trends are also going strong. The vegan and vegetarian crowd is cut off from the market and acts as a restraint to the progress of meat shrink bags.
· In addition to environmental concerns, shrink bags also face the challenge of being non-reusable. As reusable bags become a popular trend, the non-reusability of meat shrink bags has the potential to be a significant impediment to the market.
· With increasingly hectic lifestyles, people all over the world are turning to packaged food. Meat consumers are also turning to packaged meat products. Thus, the prominence of packaged food is aiding the market’s growth.
· Market players are addressing the sustainability problem related to meat shrink bags. Thus, recyclable meat shrink bags are being produced by manufacturers.
· Meat shrink bags are deployed to store ready-to-eat meat. As the popularity of ready-to-eat meat grows, the market benefits.
Europe is one of the leading regions of the market. Meat finds its place in the food culture in many parts of Europe, and thus, there is unabated meat consumption in the region, helping the market’s growth. North America is not far behind Europe when it comes to the size of the meat shrink bag market. However, it is the Asia Pacific that is tipped to show the fast growth in the global market. The increasing population of the region is leading to higher demand for meat and in turn, meat shrink bags. Countries like India, China, and Japan are marked for rapid growth in the region.
Large-scale Meat Consumption Helping the Market to Grow in China
China is one of the fastest-growing countries in the market. For the 2024 to 2034 forecast period, the CAGR for China is estimated to be an invigorating 6.8%. China is recognized as the country that consumes the most amount of meat in the world. Pork, for example, is a staple of Chinese cuisine. Thus, there is also demand for meat packaging, which propels the meat shrink bag market in the country.
Globalization Leading to Increased Meat Intake in India
India is home to a significant population of vegetarian people and households. However, increased globalization is leading to people in the country becoming infatuated with foreign cuisines. Thus, the already significant meat consumer base in India is being expanded and the meat shrink bag market is reaping the benefits. For the forecast period, the CAGR for India is pegged at an encouraging 6.0%.
Convenience of Meat Shrink Bags Boosting Market in Japan
Over the forecast period, the CAGR for the market in Japan is anticipated to be 5.2%. Even with government restrictions, Japanese consumers are not averse to the convenience provided by plastic bags. Thus, meat shrink bags have attained popularity in the country.
Printable Shrink Bags Find Acceptance in the United States Market
By printing advertising material on the bags, American producers are widening the scope of the meat shrink bag market. With an increasing number of meat producers in the country, meat vendors are using customized printing on meat shrink bags to gain a competitive edge in the market. The CAGR for the United States market is expected to be 4.9% from 2024 to 2034.
Innovations in Recycling Provide New Dimension to Market in Germany
Germany is one of the rapidly growing countries in the European market. Over the forecast period, the CAGR for the market in Germany is expected to be 5.5%. Innovation is the name of the game when it comes to packaging in Germany. Meat shrink bag manufacturers are also seeking innovation. Innovations like recyclable bags are keeping the market fresh in Germany.
Competitive Landscape in the Meat Shrink Bag Market
Innovations, especially relating to recycling, are seen as game changers in the market. Thus, market players are emphasizing the use of technology to manufacture meat shrink bags that are eco-friendly.
Several multinational giants have established a stronghold in the market. Production facilities are being improved and increased at a rapid rate.
Recent Developments in the Meat Shrink Bag Market
· In July 2023, industry giant Amcor launched a new production line in Swansea, the United Kingdom. Amcor aims to increase the production of the PrimeSeal packaging range for meat through the production line.
· At Interpack 2023, held in May 2023, Adapa Group’s Vacushrink(RE) Max 55 Shrink Bag was awarded. The shrink bag is fully recyclable and can be used to store meat.
· In December 2022, Amcor launched the Eco-Tite R shrink bag. The meat shrink bag is PVDC-free and recyclable.
Image – greenpak