Cling Film Manufacturers Eyeing to Expand their Footprint in Russia

As per the latest study by Future Market Insights (FMI), sales will continue growing in the market at a ten-year compound annual growth rate (CAGR) of 5.0% annually, through 2031.

Application in food industry will account for more than half of sales in the market through 2031. However, demand in consumer goods will rise at a higher pace of 5.2% CAGR over the course of the assessment period. Revenue generated in the cling film market is expected to increase by 3.0% in 2021. Between 2021 and 2031, the market valuation is expected to double reaching US$ 1.9 billion.

Consumer preference for easy food wrapping solutions is expected to drive the cling film market. According to Market Study, cling films sales to rise at 5% CAGR between 2021 and 2031. Rising demand for high-quality and efficient packaging solutions at lower cost will drive cling film sales in the food sector.

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Within the food industry, cling films are used for protecting fruits and vegetables, meat, seafood, dairy products, frozen foods, and other items against contamination and improve their shelf life. Besides this, cling wraps are used for packaging of non-food items such as consumer goods, healthcare products, and more.

Cling film protects products from getting contaminated by keeping them fresh while also enhancing shelf life. Cling film is primarily used for short term preservation for on-the-go food and online deliveries through e-commerce channels. These factors are acknowledged as critical factors driving the cling films market.

Key Takeaways from the Cling Film Market Study

Polyvinyl chloride is expected to create incremental opportunity of US$ 508.3 million by 2031. It is cost-effective and suitable for recycling processes.
Cling film products up to 9 microns in thickness is estimated to increase 1.7 times by the end of 2031, attributed to clear and transparent packaging for food product displays.

Canada is expected to reflect faster growth in North America, with a 6.5% CAGR due to the presence of key players and the availability of technological advancements.
Germany leads Western Europe accounting for 26% of the value share by 2031, owing to relatively higher production capacity.

China will continue to dominate APEJ holding over 40% of the market through 2031, supported by a large base of end users and manufacturers.
"With competition expected to get fiercer, market players are expected to focus on capacity expansion. Mergers and acquisitions will remain key strategy as companies aim for strengthening their global footprint," said a lead analyst.

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Impact of COVID-19 on Cling Film Market

The covid-19 outbreak has bolstered the demand for food packaging solutions under the essential products category. Demand for packed foods, online deliveries, on-the-go food, and consumer goods has shifted drastically due to the shutdown caused by the pandemic for which packaging demand has risen.

Packed frozen foods with the help of cling film has been sold globally through e-commerce platforms. Due to the Covid-19 outbreak, consumers and marketers have displayed increased interest in the use of hygienic products which are reusable and recyclable outweighing concerns about plastic disposal in terms of environment.

Who is Winning?

Tier 3 players in the cling film market hold 80-90% of the overall value share. Key players contribute up to 20% of the global demand. Capacity expansion and material innovation strategies will remain important in the coming decade.
Berry Global,
Intertape Polymer Group,
Gruppo Fabbri Vignola S.p.A,
Klöckner Pentaplast Europe GmbH & Co. KG,
Anchor Packaging,
Wrapex Limited,
and among others are the prominent players in the global cling film market.

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
Ready to Eat Meals
Others
Healthcare
Consumer Goods
Others

By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified 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.

This release was published on openPR.