Global Shrink Packaging Market expected to grow at a CAGR of 4.50% during the forecast period

Pune, India, September 14, 2017 /MRFR Press Release/- Market research future published a half cooked research report on global Shrink-Packaging Market. The Shrink-Packaging Market was valued at approximately USD 23.99 billion in 2022. It is anticipated to grow from USD 24.97 billion in 2023 to around USD 35.7 billion by 2032, reflecting a compound annual growth rate (CAGR) of about 4.05% during the forecast period from 2024 to 2032.

Shrink Packaging Market Highlights:

Growing demand for packaged and processed food across the globe driving the growth of the market. Shrink packaging is the process in which sheets of transparent plastic film are wrapped around a product to form a solid, weather-resistant packaging layer. This packaging is transparent, making it suitable for retail and wholesale display, and ideal for general marketing purposes due to its clear surface. These are the factors also impact positively on the growth of the market. However, stringent government regulation may hamper the growth of the market.

Drivers:

Market Research Analysis:

Global shrink packaging market has been segmented based on material, product, application and region. On the basis of material, the market is segmented as Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Poly vinyl chloride (PVC). Low Density Polyethylene dominates the material segment of the market. Majority of shrink film is LDPE. LLDPE is expected to be the fastest growing material segment. PVC is a dense material. It is considered to be a common material in India, when clarity is an important selection criterion, particularly for consumer packaging. This is because it is relatively strong, inexpensive and has a good shrink ratio.

Based on product, shrink film hoods are expected to register highest growth rate. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. On the basis of applications, the market is segmented as food packaging, beverages, paper & textile products, and others. Beverages segment dominates the application segment of the market. Increased consumption of beverages across the globe driving the demand of beverages.

Global Shrink Packaging Market, 2016-2023 (USD Million) 

Scope of the Report:

This study provides an overview of the global shrink packaging market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Shrink packaging market by its material, product, application and region.

By Material

• Linear Low Density Polyethylene (LLDPE)


• Low Density Polyethylene (LDPE)


• Poly vinyl chloride (PVC)


• Other

By Product

• Hoods


• Labels & Sleeves


• Wrap


• Other

By Application

• Food Packaging


• Beverages


• Paper & Textile Products


• Others

By Region

• North America 


• Asia-Pacific 


• Europe


• Rest of the World  

Key Players:

The prominent players in the shrink packaging market include Deufol SE (Germany), Dow Chemical Company (U.S.), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (U.S.), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (U.S.), Berry Global, Inc (U.S.), Printpack Incorporated (U.S.), and others.

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