Shrink Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Shrink Packaging Market Research Report, Material, Product, Application and Region – Forecast till 2030” the market grow at a rate of 5.45% during the forecast period 2022-2030.
List of the Key Companies Profiled in the Shrink-Packaging Market Report are:
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The shrink-packaging market is growing promisingly, witnessing the spurring increase in the F&B and pharmaceutical industries. Besides, the rising uptake of recycled LDPE in shrink film production and increasing plastic film applications such as food & beverage and paper & textile packaging drive the market growth.
With increasing R&D investments to develop plastic films for innovative shrink wrap packaging solutions, the market value is projected to escalate during the next few years.
Continually increasing consumption of shrink packaging solutions in wrapping products of different shapes, sizes, and volumes fosters market shares. Additionally, the growing consumption of shrink packaging solutions for food & beverage and cosmetics & pharmaceutical items creates substantial market demand.
Rapid industrialization and urbanization in developing countries substantially accelerate the market demand. Wide adoption of temperature-controlled packaging solutions boosts the market growth. Constant economic growth worldwide, alongside increasing disposal income and changing lifestyles of people, increase the consumption of packaged food products.
Furthermore, increasing awareness of healthcare increases the size of the market, driving pharmaceutical production. Also, the widening awareness of the advantages of shrink packaging accelerates market demand. Increasing environmental footprints demand sustainability, which remains a primary goal for shrink packaging suppliers.
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Onset of the COVID-19 pandemic hit the shrink packaging industry severely. Although the demand for fresh foods & beverages was significant amid the pandemic-driven crises, growers/shippers, re-packers, and retail stores faced huge revenue losses. Besides, the lockdown mandates halted the production of several key raw materials required to manufacture packaging solutions, resulting in spiked prices and lowered demand for shrink packaging solutions.
However, the market is rapidly returning to normalcy and witnessing a steadily increasing demand. Moreover, the rising consumption of intelligent packaging solutions, alongside the increased production activities and demand for storage and distribution applications, is estimated to offer robust market opportunities.
The market is segmented into materials, products, applications, and regions. The material segment is sub-segmented into linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC), and others.
The product segment is sub-segmented into hoods, labels & sleeves, wrap, and others. The application segment is sub-segmented into food & beverage packaging, paper & textile products, and others. The region segment is sub-segmented into Americas, Europe, Middle East & Africa, Asia Pacific, and rest-of-the-world.
The Asia Pacific region accounts for the largest shrink packaging market share globally. Rising exports of fresh produce boost the region’s shrink packaging market size. Besides, the growing demand for flexible packaging due to the introduction of intelligent packaging solutions and high production rates of produces, increase the shrink packaging market value in the region.
China and India, backed by the rising demand for efficient packaging solutions and high exports of produces, account for the largest markets for shrink packaging solutions in the region. Moreover, vast investments in product developments and upgrades of packaging technology, alongside the increasing e-commerce businesses, drive the shrink packaging market growth in the region.
The shrink packaging market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/ technology launches. Major industry players make strategic investments to drive their research & development activities and expansion plans.
With consumer demand for shrink packaging on the rise, manufacturers strive to design solutions that can offer innovative solutions to their customers, enhancing products’ direct visibility and longevity.
For instance, recently, on Nov. 10, 2020 — EDL Packaging Engineers, Inc. (the US), a leading global provider of packaging systems and solutions, launched a new, improved double tight wrap DTW 25 shrink bundling system. The system is developed with an easy-to-clean design that allows frequent cleaning and meets regulatory requirements.
The new shrink-wrap packaging machine applies two perpendicular bands of LDPE film to unitize and totally enclose multipacks of packaged products tightly. Additionally, the DTW 25 system uses up to 40% less film than traditional total enclosure shrink packaging systems. EDL manufactures extensive shrink wrappers and bundlers product lines, corrugated tray formers and loaders, and automatic flight bar wrappers.
Segmentation of Market covered in the research:
Shrink Packaging Market Research Report: By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC), Product (Hoods, Labels & Sleeves, Wrap), Application (Food Packaging, Beverages) and Region — Forecast till 2030
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