Shrink Packaging Market to Witness a Pronounce Growth Rate of 4.8% Through 2023

Market research future published a half cooked research report on global shrink packaging market. The shrink packaging market is expected to grow over the CAGR of around 4.8% during the period 2017 to 2023.

Market Highlights:

Growing demand for packaged and processed food across the globe driving the growth of the market. Shrink packaging is the process in which sheets of transparent plastic film are wrapped around a product to form a solid, weather-resistant packaging layer. This packaging is transparent, making it suitable for retail and wholesale display, and ideal for general marketing purposes due to its clear surface. These are the factors also impact positively on the growth of the market. However, stringent government regulation may hamper the growth of the market.

Shrink packaging market is projected to grow at a CAGR of 4.8% during the forecast period.

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Market Scenario

On the basis of regions, global shrink packaging market is segmented as North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific dominates the global shrink packaging market. It is expected to be the fastest growing region for the market. Rapid growth in food and beverage industry in this region driving the growth of the market. Increasing demand for consumer goods in the region mainly due to high population is also fuelling the growth of the market. Additionally, availability of raw materials and low labor cost are the factors have the positive influence on the growth of the market. North America is also expected to contribute significantly during the forecast period. Increased consumption of beverages fuelling the growth of the market.

Global shrink packaging market has been segmented based on material, product, application and region. On the basis of material, the market is segmented as Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Poly vinyl chloride (PVC). Low Density Polyethylene dominates the material segment of the market. Majority of shrink film is LDPE. LLDPE is expected to be the fastest growing material segment. PVC is a dense material. It is considered to be a common material in India, when clarity is an important selection criterion, particularly for consumer packaging. This is because it is relatively strong, inexpensive and has a good shrink ratio. Based on product, shrink film hoods are expected to register highest growth rate. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. On the basis of applications, the market is segmented as food packaging, beverages, paper & textile products, and others. Beverages segment dominates the application segment of the market. Increased consumption of beverages across the globe driving the demand of beverages.

Shrink packaging is the process in which sheets of transparent plastic film are wrapped around a product to form a solid, weather-resistant packaging layer.

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The prominent players in the Shrink packaging market include Deufol SE (Germany), Dow Chemical Company (U.S.), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (U.S.), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (U.S.), Berry Global, Inc (U.S.), Printpack Incorporated (U.S.), and others.

Hence, global shrink packaging market is expected to grow at a CAGR of 4.8% during the forecast period.

This study provides an overview of the global shrink packaging market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.

The report for Global Shrink Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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