According to a recent market study by Future Market Insights (FMI), the global cling film market is expected to experience favorable growth in the coming years. The study forecasts a 3.0% increase in revenue in 2021, with the market valuation anticipated to double by 2031, reaching approximately US$1.9 billion. The cling film market is projected to maintain a steady growth trajectory with a compound annual growth rate (CAGR) of 5.0% over the next decade, extending until 2031.
The growth of the cling film market is driven by several factors. Firstly, there is a growing consumer demand for packaged and convenient goods, leading to a need for effective food storage solutions. Cling film is widely used in households, restaurants, and the food processing and packaging industries to extend the shelf life of food products, maintain freshness, and prevent spoilage.
Furthermore, the expansion of the market is fueled by increasing consumer awareness of food safety and storage practices. Consumers are becoming more conscious of proper food handling and storage to ensure hygiene and minimize food waste, which boosts the adoption of cling film as a practical solution.
The cling film market comprises various materials, with polyvinyl chloride (PVC) being the most commonly used due to its favorable attributes such as clarity, strength, and flexibility.
However, environmental concerns related to plastic cling film have led to a rising demand for sustainable alternatives. Eco-friendly options such as beeswax wraps and silicone food covers are gaining popularity as they offer a more sustainable approach to food storage, addressing the environmental issues associated with plastic cling film.
Stay ahead of the competition with actionable insights! Download our Sample Report to understand key trends and challenges shaping the market @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2654
Key Takeaways from the Cling Film Market Study:
- Polyvinyl chloride accounted for the highest revenue of US$ 828 million in 2021, favored for its cost-effectiveness and recyclability.
- Cling film products up to 9 microns in thickness are estimated to increase 1.7 times by the end of 2031, attributed to their clear and transparent packaging for food product displays.
- Germany leads Western Europe, accounting for 26% of the value share by 2031, owing to its relatively higher production capacity.
- China will continue to dominate the Asia-Pacific, holding over 40% of the market through 2031, supported by a large base of end users and manufacturers.
Competitive Landscape
- Berry Global Group, Inc.
- Intertape Polymer Group (IPG)
- Gruppo Fabbri Vignola S.p.A
- Kalan SAS
- Fine Vantage Limited
- Rotofresh – Rotochef s.r.l.
- Manuli Stretch S.p.A.
The report on the global Cling Film market offers valuable benefits and insights for stakeholders:
- Comprehensive Analysis: The report provides an in-depth analysis of the Cling Film market, covering current trends and future projections. This comprehensive assessment allows stakeholders to gain a clear understanding of the market’s dynamics and potential growth opportunities.
- Competitive Landscape: Thorough examination of key market players and their strategies provides valuable insights into the competitive landscape within the industry. This information helps stakeholders to identify key competitors and make informed decisions regarding their market positioning.
- Application Insights: The report comprehensively examines market trends across various applications. This facilitates a comprehensive understanding of industry developments and enables stakeholders to identify specific areas of growth and investment opportunities.
- Quantitative Data: The report includes a quantitative analysis of the market from 2021 to 2031, presenting stakeholders with valuable data to capitalize on existing market opportunities. This data-driven approach helps in making informed decisions and devising effective business strategies.
Explore Custom Report: Drive Future Expansion and Profitability @ https://www.futuremarketinsights.com/customization-available/rep-gb-2654
Cling Film Market Insights: Country-wise Overview
The cling film market is witnessing growth and investment opportunities in various countries around the world. Here’s a brief overview of the market trends in different regions:
- U.S.: The U.S. cling film market is expected to grow at a rate of 4.4% from 2021 to 2031. It holds a dominant market share of 81.2% in North America. Factors such as economic growth, changing consumer lifestyle, and the presence of key players contribute to the market’s expansion. Additionally, the U.S. benefits from reduced energy prices, ensuring raw material availability and supporting production levels.
- India: The Indian cling film market is experiencing steady growth, driven by the expansion of food service centers and the rising consumption of cling film. The country offers promising opportunities due to its rapidly growing food industry, government initiatives, and increasing awareness of personal health and hygiene. India’s economic development, low labor costs, and affordable setup for manufacturers make it an attractive market for investment.
- China: China presents a lucrative market for cling film manufacturers, with a projected market share of over 40% in the Asia Pacific (excluding Japan) region. The evolving healthcare industry in China contributes to increased sales. With North America and Europe already established as leading markets, key players are looking to expand their presence in China to tap into new profit opportunities.
- Russia: Cling film demand in Russia is expected to grow at a CAGR of nearly 5.9%. Import restrictions have stimulated domestic production, leading to competitive prices in both local and international markets. The rise in food packaging factories, high consumer demand for fresh foods, and an improved standard of living are driving factors for the cling film market’s growth in Russia.
- Australia & New Zealand: Australia is a rapidly growing manufacturer in the cling film market, expected to hold a market share of 11.6% in the Asia Pacific (excluding Japan) region by 2031. Stringent government regulations and high living standards of consumers support the adoption of cling film in Australia and New Zealand, leading to steady market growth
Shape your strategy with expert guidance – Talk to an analyst for customized advice @ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-2654
Cling Film Market by Category
By Material type:
- Polyethylene
- Low Density Polyethylene (LDPE)
- High Density Polyethylene (HDPE)
- Linear Low Density Polyethylene (LLDPE)
- Bi-axially Oriented Polypropylene (BOPP)
- Polyvinyl Chloride
- Polyvinylidene Chloride
- Others
By Thickness:
- Up to 9 micron
- 9 to 12 micron
- Above 12 micron
By End Use:
- Food
- Meat
- Seafood
- Baked Foods
- Dairy Products
- Fruits & Vegetables
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
LinkedIn| Twitter| Blogs
