Market for Skin Packaging Is Expected to Reach a Valuation of US$ 15.1 Billion by 2033

The global skin packaging market will be worth US$10.2 billion in 2023. By the end of 2033, it is projected that the market for skin packaging equipment and solutions will be worth US$ 15.1 billion, growing at a CAGR of 4%.

Skin packaging is a kind of carded packaging that is created with the use of cutting-edge machinery. The product is surrounded by a thin, shrunk film before being vacuum-sealed to the supporting board. Blister packaging is comparable to skin packaging, although they serve different purposes. The main materials utilised in this kind of packaging are paperboard and plastic. Various food products, particularly meat and seafood, are frequently packaged using this method.

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Increasing concentration on innovations in packaging products along with technological advancements by key manufacturers is estimated to drive growth opportunities in the global market. Developing economies such as India and China are contributing to increased demand for innovative packaging solutions. In addition, the growing requirement for beauty and personal care products is also driving sales opportunities in the industry. Increased personal income of people stimulates their capacity to invest in high-quality products. Rising globalization, modernization, and urbanization are also predicted to drive growth avenues in the global market. Furthermore, with increasing demand for convenient packaging solutions along with surging manufacturing activities, target product sales are likely to grow.

Key Takeaways from Market Study:

• Sales of skin packaging solutions are projected to reach US$ 15.1 billion by 2033-end.
• The Japan market is likely to expand at a sluggish CAGR of 1.3% through 2033.
• Valuation of the global skin packaging industry is US$ 10.2 billion for 2023.
• The skin packaging market is expected to progress at a CAGR of 4% through 2033.
• Demand for skin packaging services in the Germany market is set to expand at a CAGR of 2.1% through 2033.

"Innovations in packaging services by manufacturers are estimated to stimulate growth opportunities in the global skin packaging market," says a Fact.MR analyst.

Competitive Landscape:

The competitive landscape in the market is moderately fragmented due to the presence of several players. The industry players are investing a high amount in different R&D activities for product differentiation.

For instance :
• Toopan Printing in February 2020 launched a new system, named, Green Flat, for food packaging solutions. The company is dealing in electronics, décor materials, packaging, security, and communication solutions. The newly launched system replaces the plastic or polystyrene tray that is generally used in skin packs with a material that is based on paper. The full-scale sales of these products began in December 2020.

Prominent skin packaging solution providers are Amcor Ltd., Sealed Air Corporation, WestRock Company, Display Pack, Inc., Grief, Inc., Orora Ltd., Sigma Plastics Group, and International Paper Co.

Winning Strategy:

Surging R&D activities and increasing demand for flexible packaging solutions and materials are likely to proliferate sales of skin packaging solutions. Moreover, growing technological advancements across packaging technology and equipment and the rising availability of different space-saving packaging options are further driving sales of effective packaging strategies.

Segmentation of Skin Packaging Industry Research:

· By Type :
• Carded Skin Packaging
• Non-carded Skin Packaging

· By Application :
• Food
• Consumer Goods
• Industrial Goods
• Other Applications

· By Base Material :
• Plastic Films
• Paper & Paperboards
• Other Base Materials

· By Region :
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Questionnaire answered in the Market outlook Report of Skin Packaging include:

• What is the key strategy deployed by large players to maximize Skin Packaging growth?
• What are the main challenges faced by players in the Skin Packaging Demand?
• With the advent of technological advancement, how will the Skin Packaging landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Skin Packaging size?

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This release was published on openPR.