The Skin Packaging Market is predicted to grow at a CAGR of 6.5% during the forecast period of 2022-2027 and reach the market value of US$11.6 billion by 2027. The growth of the skin packaging market would be remarkably dependent on the food industry. Skin packaging is a type of carded packaging which provides protection to pre-made trays of high-barrier films. It acts like a second skin for the product, providing protection from the external environment while making the product appear attractive. Skin packaging looks similar to that of blister packaging. However, the usage of skin packaging is significantly different. The basic components used in this packaging are plastic and paperboard. Food packaging plays several significant roles in the food industry. It reduces food waste, adds enhanced visibility to the product, increases its shelf life and complies with the high safety standards of the food. The surge in demand for packaged food has created a need for superior packaging materials, in turn, boosting the demand for Skin Packaging.
Skin Packaging Market: Food Sector Leads the Market
On the basis of application, the Skin Packaging market can be segmented into food, pharmaceutical, consumer goods, industrial and others. The food segment is expected to grow at the highest CAGR of 9.1% during the forecast period 2022-2027. This growth is mainly attributed to the surge in demand for food packaging with an increase in the production of food and consumption of meat products. The benefits provided by the skin packaging are fresh flavors, optimal presentation, easy process and reduction in waste. It is majorly suitable for ready-to-eat and high-quality products. It is considered a cost-effective alternative for packaging materials. It also offers superior flexibility, makes use of less material and can be used in a wide range of products. According to the India Brand Equity Foundation (IBEF), the packaging industry in India is expected to reach US$204.81 billion by 2025, with food processing being the largest packaging consumer. Thus, the demand and growth of food packaging are further fueling the market growth.
Skin Packaging Market: Asia-Pacific Holds the Largest Revenue Share
On the basis of geography, the Skin Packaging market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryArc’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 41%. This growth is mainly attributed to the use of skin packaging in several industries such as food, pharmaceutical and consumer goods in this region. Furthermore, an increase in disposable income boosted the demand for packaged food. Skin packaging is also increasingly used for industrial purposes by compressor manufacturers, automotive manufacturers and pump manufacturers. Thus, the adoption of skin packaging in several industries is further boosting the market growth in this region. Asia-Pacific is closely followed by North America which is expected to gain high demand for the skin packaging market. The major countries in North America include the U.S., Canada and Mexico.
Skin Packaging Market: Competitive Landscape
The key companies holding a major share in the Skin Packaging market are Amcor Plc, Sealed Air, Gruppo Fabbri, Stamar Packaging, KM Packaging Services Ltd., Windmöller & Hölscher, Dow, Klöckner Pentaplast, Berry Global Inc. and WestRock Company.
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