The global shrink wrap market is on track for significant expansion, driven by its effectiveness in minimizing food waste and the growing adoption of automated wrapping solutions. According to a new market analysis, the market is expected to reach US$ 842.3 million in 2022 and is projected to surpass US$ 1,685.7 Million by 2032, reflecting a healthy CAGR of 7.2%.
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Combating Food Waste with Shrink Wrap Packaging:
Food spoilage is a major global concern, with a significant portion of food waste occurring during transportation and storage. Shrink wrap packaging offers a powerful solution by extending product shelf life and minimizing waste. A recent report by the UN Environment Programme (UNEP) highlights the alarming scale of food waste, with 931 million tonnes generated globally in 2019.
Shrink wrap, along with modified atmospheric packaging, can extend shelf life by 8-10 days, significantly reducing food waste from 16% to 4%. This translates to not only environmental benefits but also economic advantages, as consumers increasingly seek solutions that minimize food waste and associated costs.
Automation Streamlines Wrapping Process:
The introduction of vertical shrink wrappers is further propelling market growth. These innovative machines eliminate the need for manual product positioning, allowing for efficient wrapping of multipacks directly from filling lines. This streamlined process reduces labor costs and increases production speed. Additionally, combined tray packaging and shrink-wrapping solutions offered by leading manufacturers provide versatility and efficiency for diverse product types.
Strong U.S. Market Driven by Flexible Packaging Growth:
The U.S. shrink wrapper market is expected to witness a steady CAGR of 5.8% during the forecast period. The growing popularity of flexible packaging, the second-largest segment in the U.S. packaging industry, is a key driver. Consumers appreciate the convenience and safety benefits offered by flexible packaging, which often incorporates shrink wrap technology to extend product shelf life.
Overall, the shrink wrap market presents a promising outlook with increasing focus on food waste reduction and automation. As consumer demand for efficient and sustainable packaging solutions grows, the market is well-positioned for continued expansion.
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Key Companies Profiled
- Shorr Packaging Corp.
- Texwrap Packaging Systems LLC
- nVenia LLC
- Eastey Enterprises Inc.
- Standard-Knapp, Inc.
- Shrinkwrap Machinery Co. Ltd.
- Klikwood Corporation
- Sidel Group
- Robopac-Aetna Group S.p.A
- Clearpack
- Shivansh Packaging Machines
- Sealers India
- Packing Solution
- USA Packaging & Wrapping LLC
- Xiamen Fushide Packing Machinery Co., Ltd.
- Tokiwa Kogyo Co., Ltd
- Tufcoat ltd
- aetna group uk
- KALLFASS VERPACKUNGSMASCHINEN GMBH
- trepko
Key Takeaways:
By product type, L-bar sealers are expected to hold more than 2/5th of the total market share by 2032.
Based on end-use industry, the food and beverage segment is forecast to hold 34% of the total market share by 2032.
Consumption of shrink wrappers in food and beverage industry is expected increase 1.9 times of the current consumption value by 2032.
Sales in the U.S. shrink wrapper market are expected to increase at a 5.8% CAGR over the assessment period.
India will emerge as a lucrative pocket, with demand projected to grow at an 8.3% CAGR through 2032.
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Global Shrink Wrapper Market by Category
By Product Type:
- L-bar Sealers
- I-bar Sealers
- Side Sealers
By Process:
- Manual
- Semi-Automatic
- Automatic
By End Use Industry:
- Food & Beverage
- Pharmaceutical
- Cosmetics & Personal Care
- Home Care
- Automotive
- Electrical & Electronics
- Logistics & Transport
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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