Shrink Film for Food Market was valued at USD 4.5 Billion in 2022 and is projected to reach USD 6.7 Billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030.
From 2018 to 2022, the demand for shrink film in the food market was primarily driven by technological advancements in packaging materials and improvements in the quality and durability of shrink films. Innovations such as the development of multi-layered shrink films, which provide enhanced protection against moisture, oxygen, and other environmental factors, further propelled market demand. Moreover, the food industry has increasingly adopted automated packaging processes, which has led to an upsurge in the usage of shrink films in packaging lines.
The demand for shrink films saw a notable rise in the Asia Pacific region, particularly in countries like China and India, which have large food processing industries. The increased disposable income and changing lifestyles of consumers in these regions have further fueled the need for convenient and durable packaging solutions. However, concerns regarding plastic waste and the environmental impact of traditional shrink films have led to a demand for biodegradable and recyclable alternatives, a trend that has gathered momentum in recent years.
As we move from 2023 to 2033, the shrink film for food market is expected to experience robust growth. This is due to the rapid expansion of the food packaging industry, driven by increasing food consumption and the need for better preservation and presentation of food products. The rise of e-commerce in the food industry, combined with advancements in the food packaging sector, is expected to push demand for shrink films. Furthermore, the growing trend toward sustainability and eco-friendly packaging solutions is likely to influence the development of biodegradable and recyclable shrink films. The increased demand for convenience foods, ready-to-eat meals, and online grocery shopping will continue to drive the need for advanced and efficient packaging solutions in the years ahead.
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The shrink film for food market has been undergoing significant changes from 2018 to 2022, with demand steadily increasing due to consumer preference for convenient and hygienic packaging solutions. During this period, global trends such as the growing inclination towards packaged food products, especially in the fresh food sector, contributed to the market's growth. Shrink films are increasingly used in the food industry for packaging various products, including meats, fruits, vegetables, and bakery goods. Their ability to extend shelf life, provide tamper resistance, and offer attractive, clear packaging has made them a preferred choice for manufacturers. The market witnessed a significant shift in consumer preferences toward eco-friendly and sustainable packaging materials, and as a result, biodegradable shrink films gained traction during this period.
Berry Plastics Corporation
Sealed Air Corporation
Amcor
Coveris Holdings
Reynolds
Sigma Plastics
Clondalkin
Polyrafia
Crayex Corporation
Tri-Cor
Berry Plastics Corporation
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Shrink Film for Food Market
Deli Food
Fresh Food
Multipack Food
Based on Types the Market is categorized into Below types that held the largest Shrink Film for Food market share In 2023.
Unprinted Type
Printed Type
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Shrink Film for Food Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Shrink Film for Food Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Shrink Film for Food Market, By Type
6. Global Shrink Film for Food Market, By Application
7. Global Shrink Film for Food Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Shrink Film for Food Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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