Plastic Shrink Wrap Market Set for Expansion: Growing Appetite for Packaged Foods Boosts Demand

The plastic shrink wrap market is anticipated to expand its roots at an average CAGR of 4.1% between 2023 and 2033. The market is expected to have a market share of US$ 4.67 billion by 2033 while it is likely to be valued at US$ 3.13 billion in 2023

Demand for packaged food items has increased due to significantly changing lifestyles. Growing demand for packaged food has further pushed the need for plastic shrink wrap packaging in various industries. Also, plastic shrink wraps made of polyolefin can make them recyclable and companies can print information on them easily.

Easy availability of biodegradable plastics is another crucial factor that could propel market growth. Shrink wraps are also cost-effective, as compared to other packaging materials since they require less energy and resources during the manufacturing process. Additionally, these can also reduce wastage of products and surge their shelf life

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Key Points

1. The United States market leads the plastic shrink wrap market in terms of market share in North America. The United States region held a market share of13.8% in 2022. The growth in this region is attributed to the high penetration of e-commerce, online shopping, and high number of supermarkets and hypermarkets. North America’s market held a share of 23.6% in 2022.
2. Germany’s market is another important market in the Europe region. The market held a market share of 5.8% in 2022. The growth is attributed to many businesses advancing their packaging capacity, keeping the bundles and packages clean. Europe’s market held a market share of 20.1% in 2022.
3. India’s plastic shrink wrap market thrives at a CAGR of 5.4% between 2023 and 2033. The growth is attributed to the expanding warehouses, e-commerce penetrations, and increased per capita income.
4. China’s market also thrives at a CAGR of 2.9% during the forecast period. The flourishing growth is caused by enhanced manufacturing and packaging lines.
5. Based on the material type, polyethylene terephthalate glycol (PETG) leads the market as it held a significant share of 66.3%in 2022.
6. Based on application type, the shrink sleeves segment leads the market as it held a notable market share of 41.1% in 2022.

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Competitive Landscape

The key vendors focus on sustainable material and 100% recyclable products. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Recent Market Developments

• Amcor plc has introduced a broad range of shrinkable thermoforming films that come with the adapted barrier and sealing properties for dairy. The product comes with high O2 barrier to enhance the shelf life.
• J K Polyfilm has launched the lope shrink film, heat shrink film, shrink wrap film, and VCI film.\
• r IKEA

Key Regions Covered:

• North America
  • The United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • The United Kingdom
  • France
  • Spain
  • Russia
  • Rest of Europe
• Japan
• Asia Pacific Excluding Japan
  • China
  • India
  • Malaysia
  • Singapore
  • Australia
  • Rest of Asia Pacific Excluding Japan (APEJ)
• The Middle East and Africa
  • GCC Countries
  • Israel
  • South Africa
  • The Middle East and Africa (MEA)

About Future Market Insights Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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