The global shrink packaging market is garnering substantial traction worldwide. Rising uptake of recycled LDPE in shrink film production contributes to the growth of the market. Besides, increasing plastic film applications such as food beverage and paper textile packaging drive the growth of the market. Moreover, increasing RD investments to develop plastic films for innovative shrink wrap packaging solutions escalate market growth.
Leading research firm Market Research Future (MRFR) asserts that the shrink packaging market is forecasted to create a substantial revenue pocket, posting a 4.9% CAGR during the review period (2017-2023).
The demand for shrink packaging solutions is continually increasing, owing to their ability to wrap products of different shapes, sizes, and volumes. Also, the growing consumption of shrink packaging solutions for food beverage and cosmetics pharmaceutical items creates substantial market demand.
Additionally, the rapid industrialization and urbanization, mainly in developing countries, accelerate the market demand substantially. Rising disposable income and changing lifestyle of people result in increasing the consumption of packaged food products. Furthermore, increasing awareness of healthcare increases the size of the market, driving pharmaceutical production. Also, the growing awareness about the advantages of shrink packaging accelerates market demand.
Shrink Packaging Market – Segmentations
The report is segmented into four dynamics;
By Material : Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), and others.
By Product : Hoods, Labels Sleeves, Wrap, and others.
By Application: Food Beverage Packaging, Paper Textile Products, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
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Shrink Packaging Market – Regional Analysis
The Asia Pacific region dominates the global shrink packaging market. The largest market share attributes to the growing food beverage industries and emerging e-commerce platforms in the region. Besides, the robust growth in packaging sectors in the region increases the film market size.
Also, increasing disposable income and changing lifestyles of demographics impact positively on the regional market growth. Moreover, the rising numbers of supermarkets and hypermarkets, alongside the massive demand from the online shopping sector, boost the regional market growth. China, India, Japan, and Australia are the major contributors to regional market growth.
Europe stands second in the global shrink packaging market. The market growth is driven by the booming food beverage and pharmaceutical industry in the region. Additionally, the growth in consumables, such as meat and other food products, substantiates the region's market demand.
Furthermore, augmented consumer demand for lightweight and easy to carry packaging solutions boosts the market growth in the region. The spurting rise in personal care, food beverages, and healthcare product industries push the growth of the European shrink packaging market.
North America also holds a considerable in the global shrink packaging market. Factors such as the rising demand for shrink packaging from the foods beverages and frozen foods industry push the regional market growth. The large and diverse food beverage industry in the region, comprising multi‐tiered supply chains, has a substantial impact on market operations. Besides, the presence of many consumer goods manufacturing companies in this region influences the market growth.
Additionally, the increasing demand for proper packaging and storage solutions for food and beverage products in the warehouses and their proper transportation to end-users stimulates the growth of the Shrink packaging market. The U.S. accounts for the key share in the regional market due to the massive demand from the eCommerce sector.
Shrink Packaging Market– Competitive Landscape
Highly competitive, the shrink packaging market size appears fragmented, with several well-established players forming a competitive landscape. To maintain their market positions and drive a larger competitive share, notable players adopt strategies such as mergers acquisitions, collaboration, expansion, and product/technology launch. Also, they make heavy investments in new product development and technologies. Industry players are keen on ecological norms and to reduce both cost and wastage.
- Dow Chemical Company (U.S.)
- Deufol SE (Germany)
- Aakriti Packaging (India)
- Bonset America Corporation (U.S.)
- Amcor Ltd (Australia)
- American Eagle Packaging Corporation (U.S.)
- Berry Global Inc. (U.S.)
- Bemis Company Inc. (U.S.)
- Printpack Incorporated (U.S.)
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