Global Shrink Packaging Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2033

Global Shrink Packaging Market Overview:

“The global Shrink Packaging Market size is expected to be worth around USD xx Billion by 2021 from USD X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Shrink packaging is a type of packaging method in which sheets of transparent plastic film are wrapped around a product to form a solid, resistive packaging layer. This type of packaging is ideally used to overwrap packed packages. These can include cartons, canned beverages, boxes, and pallet loads to name a few. This method entails heating, stretching, and cooling the film prior to it being used for overwrap items.

Dynamics

Use of shrink packaging products such as hoods, sleeves, and wraps has been increasing significantly for wrapping of poultry products. Increasing demand for chicken, meat, and eggs from a growing global population is driving market growth to a significant extent.

In addition, shrink wrapping ensures an extra layer of protection from possible contamination or contact with dust or bacteria etc. Increasing consumer preference towards healthy and hygienic food and increasing use of e-Commerce platforms to purchase products online is also driving use of shrink-packaging products.

Flexibility and easy handling features of shrink-wrap packaged products is other factors driving preference in the packaging industry globally. Being transparent, shrink-wrap products are ideal for wrapped products to be displayed in retail and wholesale outlets, and also for general marketing purposes.

The recent trend indicates that manufacturers offering these products are focusing on differentiating their products by providing a robust and unitized packing format in the form of shrink-wrap packaging. However, stringent regulations on packaging material waste and recycling is expected to hamper the growth of the shrink packaging market.

Region Analysis

Geographically, the global shrink packaging market is segmented on the basis of major regions which include North America, Europe, Asia Pacific, Latin America and Middle East & Africa.  Asia Pacific accounts for the largest revenue share in global shrink packaging market owing to the presence of robust food & beverage and automotive industries in countries in the region. In addition, trend of online purchasing is rapidly increasing and gaining traction in India and China, and the use of e-Commerce platforms is substantially high.

Availability of raw materials and low labor costs are among other factors having a positive influence on the growth of the regional market. Moreover, the increasing consumption of different beverages and demand for ready-to-drink fruit juices has increased the demand for shrink films in the beverage packaging industry.

Global Shrink Packaging Market Segmentation:

Segmentation by Material type:

• Linear Low Density Polyethylene (LLDPE)
• Low Density Polyethylene (LDPE)
• Poly vinyl chloride (PVC)
• Others (Polyethylene Terephthalate (PET), EPS Foam)

Segmentation by Product

• Hoods
• Sleeves and labels
• Wraps

Segmentation by of End-use industry:  

• Food & Beverages
• Pharmaceuticals
• Automotive
• Others (Paper & Textile Products, Personal Care, and Chemical)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa