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The technique of “shrinking” food products with films is one of the most commonly applied methods. This film is heated then, while it shrinked, the conformed tightly to the shape of the interior products. The main point of the shrink packaging is to ensure the same and to make products look good in the store by adding to their shelflife.
The shrink packaging market is driven by the market's great versatility that improves its image among customers. Unlike the general packaging size decrease that is usually a result of production standardization for products such as snacks and beverages, shrink packaging of significantly smaller product sizes can be applied to food items, beverages, electronics, pharmaceuticals, and consumer goods, which it is most adequately suited for. As a result of its flexibility, this innovativeness is now the norm across many industries because producers are on a constant lookout for an efficient and cost-effective way of securing their many packages.
The food and beverage sector makes an enormous venture in the domestic packaging market, which makes it grow. Squeezing ensures the freshness of food products is retained, and the spoilage chances are prevented along with the shelf life elongation of the products. For example transparent shrink film affords customer’s the business that they see a wide range of ways which could influence their purchasing decisions. Shrink packaging is the first line of defense for the beverage industry against counterfeit companies, as it covers the products sealed from the manufacturer to the end-user.
The electronic commerce, which has played the key role in the development of a little shrink packaging market, is the other factor that is contributing to the growth of the market. Working in line with the growing acceptance of e-commerce, providing designed and durable packaging is no longer just fulfilling the role. Shrink wrapping layers (or wraps) the product from external elements, decreasing the chance of damage during shipping. Also it contributes to the overall look at the products presented in the package, often leaving a good impression with the customers when they open their orders.
Prominent concerns about environmental impact and sustainability play a vital role in an array of packaging decision processes As reaction to it, companies are investigating the design of take-back system, re-usable shrink packaging and the utilization of sustainable materials. Biodegradable and recyclable shrink films are created now that contributed to the solution of environmental issues of non-reusable regular plastic films. This packaging approach is mostly the representatives of the industries most environmentally conscious way forward.
Drug manufacturing is also another vast industry with significant user of the shrink packaging. Pharmaceutical sector necessitates packaging solutions whose function is to guarantee the product condition and to be in accord with the individual safety standards. Tight-wrapping this type of goods creates an undisturbed seal, which, in turn, protects the pharmaceutical products against tampering and the occurrence of fake stuff. And hence, the printability of vital data on shrink fim exhibits compliancy with traceability and regulatory requirements.
Shrink Packaging Market Highlights:
Shrink Packaging Market Synopsis
shrink packaging market is expected to grow USD 15,500 million at a CAGR of 5.70% in the coming years.
The report for Global Shrink Packaging Market of Market Research Future comprises extensive primary research along with detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight into the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and other governing factors of the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Global shrink packaging market is expected to grow at a CAGR of 4.9% in the coming years. There are many factors affecting the growth of shrink packaging market. In last few years, the market of shrink packaging has been increasing due to increasing demand for products like food & beverage, cosmetics, pharmaceutical items in the developing countries. This is mainly due to the rising disposable income of people and chnaging lifestyle resulting in the consumption of packaged food products.
Moreover, rapid industrialization and urbanization in countries such as China, Japan, and Indonesia are likely to impact the growth of the market positively. The ability of shrink packaging to wrap items of different shapes, sizes and volumes may also be a reason for the growth of the market. Polyolefin is also used as a raw material for manufacturing shrink films due to its easy recyclability as well as superior printability. This quality of polyolefin triggers the people to use of it. However, high cost of shrink wrapping machines may result in their slower adoption and can act as a restraint to the market of shrink packaging.
Regional Analysis of Global Shrink Packaging Market
On the basis of region, the global shrink packaging market has been covered in Asia-Pacific, North America, Europe and the rest of the world. Asia-Pacific is responsible for the largest market share of shrink packaging market. Major countries, particularly China and India, are expected to be the leading consumers because of the growing food & beverage industries and emerging e-commerce platforms in this region. Another reason for growing market in this area is the increasing demand for consumer goods because of the growing population along with the rise in disposable income.
Europe is also expected to be a key revenue contributor during forecast period because of growth in consumables market such as meat and other food products. North America is anticipated to register a healthy growth rate. The growth in this region can be attributable to the presence of many consumer goods manufacturing companies.
Key Players & Industry News
List of the prominent companies in the shrink packaging market include
Deufol SE (Germany), Dow Chemical Company (US), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (US), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (US), Berry Global, Inc. (US), Printpack Incorporated (US), and others.
In Oct. 2010, Bonset America Corporation announced to establish a new plant as the subsidiary of Bonset near Montevideo, Uruguay. The new plant has additional capacity and is also the first high-quality heat shrinkable film manufacturing facility in South America.
In June 2014, Bemis Europe, a division of Bemis Company Inc., increased its shrink bag range and developed ClearShield PRO. This is a PVC-free fully coextruded bag which offers 100% surface protection with abrasion and extremely high puncture resistance.
Segmentation of Shrink Packaging Market
Source: MRFR Analysis
Global shrink packaging market has been segmented based on material, product, application, and region. On the basis of material, the market of shrink packaging is segmented as linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC). The material segment of the market is dominated by low density polyethylene due to its flexibility and superior transparency. Majority of shrink films are made up of low-density polyethylene (LDPE). Linear low-density polyethylene (LLDPE), on the other hand, is expected to be the fastest growing segment by material because of its high tensile strength and durability. Polyvinyl chloride (PVC) is a dense material, commonly used in countries like India for manufacturing shrink films. This is because, it is comparatively inexpensive, durable, and has a good shrink ratio.
Based on product, shrink film hoods are expected to register the highest growth rate in the forecast period. The growth is expected to be driven by the increasing demand for hoods in industrial packaging and consumer goods packaging. On the basis of applications, the market is segmented into food packaging, beverages, paper & textile products, and others. Beverages are expected to dominate the application segment of the market owing to increased consumption of beverages on a global level.
Shrink packaging is basically used for a single or bundle of products to protect them from dust and dirt along with moisture damage or weathering. Shrink packaging tends to bind the components or products, especially small items, together. It is one of the best ways to protect the product during transportation and storage from surface damage. Heat is a very important part of overall shrink packaging process.The major components required for shrink packaging are heat machine and shrink wrap. Shrink wrap is a polymer plastic wrap which is made up of polyethylene, polyolefin and polyvinyl chloride (PVC). Polyolefin is a highly consumed raw material in shrink wraps. These wraps or films are also available in a wide array of variants depending on the degree of clarity, strength, shrink ratio and thicknesses. Shrink packaging is done by wrapping and sealing the film tightly around the item or bundle of items by heat gun or a heat tunnel.
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