The global skin packaging market is projected to reach USD 9.67 Billion in 2020, growing at a CAGR of 4.94% from 2015 and 2020. High disposable incomes and changing lifestyles have led to an increase in the consumption of packed goods, which in turn drive the demand for skin packaging.
Moreover, with increasing awareness about environmental hazards, the market will adopt technologies to develop sustainable packaging, which is environment-friendly, cost-effective, and requires less resources. The Asia-Pacific region accounted for around 35% of the total market share in terms of value, followed by Europe and North America. The skin packaging market in developing countries such as China and India are projected to grow at a higher rate from 2015 to 2020. China is estimated to grow faster than any other country because of its strong economic growth, along with increase in food consumption and rapid urbanization.
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Non-carded skin packaging is projected to be the fastest-growing product type segment from 2015 to 2020. Plastic film is projected to be the fastest-growing material segment in the skin packaging market over the next five years.
The skin packaging market is mostly driven by the growing packaging and food industry, manufacturing activities, and the increase in spending by end consumers for packaged products. Rising concerns about the environment and stringent regulations towards packaging waste are encouraging manufacturers to increase their investment in R&D activities to develop sustainable packaging materials. This is likely to drive the demand for skin packaging because of its cost-effective features which require less resources for packaging and prevent food loss by extending the shelf life of the food product.
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