Shrink Bags Market : US Poised to Achieve Continuing Growth| grow at a CAGR of 5.0%

Persistence Market Research predicts that during the forecast period, the market for shrink bags will continue to rise steadily. The adoption of shrink bags in various applications showed a sluggish but growing trend on the global market for shrink bags between 2012 and 2016. According to the report's study, Shrink Bags Market is predicted to experience rapid expansion during the period 2017-2025.

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The market for shrink bags was projected to be worth roughly US$ 2900 million in 2017 and is anticipated to reach a value slightly more than US$ 4500 million by the end of the assessment year, 2025. Shrink bag sales are expected to increase steadily on a global scale with a value CAGR of 5.3%.

Manufacturers operating in the shrink bags market are more focused on sustaining their revenue growth owing to increasing competition across the globe. Several players are eyeing emerging economies to develop new markets to achieve sustainability in their revenues.

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Shrink bags market to witness high demand from the food industry

Shrink bags are used in various applications. However, they have witnessed increased demand from the food sector since past several years. The growing food industry is expected to spur the sales of shrink bags owing to their usability in packaging different food items. Shrink bags offer high durability and tend to extend the shelf life of the product they are carrying.

This has gained high steam, especially for packaging meat products and low shelf life products. In 2017, the food segment was valued at around US$ 1800 Mn and is expected to be valued at about US$ 2800 Mn. This jump in sales revenue of shrink bags in the food sector can be attributed to an increased adoption in this industry, which is expected to portray a value CAGR of 5.5% throughout the period of assessment.

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Lamb, beef and other processed meat are highly consumed across countries in Middle East and Africa and Europe. The demand for red meat is increasing, which in turn is expected to trigger the use of flexible packaging solutions. Bone meat products can cause damage to packaging bags during transportation, which also affects the quality of the product inside the packaging. This led to the production of protective packaging solutions - shrink bags - with the help of technological advancements. Shrink bags have the extended shelf life of bone meat products owing to additional strength and toughness. This has spurred the adoption of shrink bags across the globe.

Market Segmentation :  (Shrink Bags Market)

Shrink Bags Market By Barrier Type : Low Barrier, Medium Barrier, High Barrier, Ultra High Barrier
Shrink Bags Market By Product Type : Round Bottom, Straight Bottom, Side Sealed
Shrink Bags Market By Material Type : PE, HDPE, LDPE, LLDPE, PP, PET, EVOH, PVC, PVDC, PA, Others
Shrink Bags Market By Thickness : Up to 50 Micron, 50 to 70 Micron, 70 to 90 Micron, 90 to 110 Micron, Above 110 Micron
Shrink Bags Market By Application : Food, Meat, Seafood, Poultry, Cheese & Dairy, Other foods, Electronics, Cosmetics & Personal care, Healthcare & Pharmaceuticals, Industrial, Others
Shrink Bags Market By Region : North America, Latin America, APAC, Europe, MEA

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The Consumer Goods team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs by offering expert analysis, actionable insights, and strategic recommendations. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the consumer goods industry lucidly in 50+ countries for over a decade. We provide end-to-end research and consulting services; reach out to explore how we can help.

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