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Beverage Multipack Shrink Film Market Report 2024 - Beverage Multipack Shrink Film Market Share, Growth And Forecast
Beverage Multipack Shrink Film Market
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According to The Business Research Company's, The beverage multipack shrink film market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in beverage consumption, adoption of multipack packaging, increased focus on branding and marketing, rise in convenience and portability trends, expansion of retail and hypermarket chains.
The beverage multipack shrink film market size is expected to see strong growth in the next few years. It will grow to $3.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to improved printing and labeling technologies, growth in e-commerce and online retail, adoption of lightweight and recyclable materials, rise in disposable income and consumer spending, adoption of tamper-evident packaging solutions, customization of multipack shrink films for branding. Major trends in the forecast period include innovation in shrink film manufacturing processes, technological advancements in shrink film, sustainable and eco-friendly packaging materials, collaboration for research and development in packaging, integration of smart packaging features, development of anti-counterfeiting features.
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Market Drivers and Trends:
Rising demand for bottled water is expected to propel the growth of the beverage multipack shrink film market going forward. Bottled water refers to water sealed in bottles or other containers for human consumption with no additional components. Shrink film is used in the packaging of multipack beverages to create a secure and tamper-evident wrapping for bottles of mineral water and carbonated beverages to maintain product integrity throughout storage and transit. For instance, in March 2023, according to the World Economic Forum, a Switzerland-based non-governmental and lobbying organization, the global consumption of bottled water is anticipated to increase from around 350 billion liters by 2021 to 460 billion liters 2030. Therefore, the rising demand for bottled water is driving the growth of the beverage multipack shrink film market.
Product innovations are the key trend gaining popularity in the beverage multipack shrink film market. Major companies operating in the beverage multipack shrink film market are focused on innovating new products and solutions to sustain their position in the market. For instance, in November 2021, Dow, a US-based sustainable materials science company, partnered with Lotte Chilsung Beverage Co Ltd., a South Korea-based drink manufacturer, to launch a new collation shrink film (CSF) for bottled water made from a material containing 20% post-consumer recycled (PCR) content. This partnership will utilize the CFS as additional packaging for Lotte's Icis 8.0 Eco bottled water, which has no additional plastic labels. According to Dow, the PCR CFS film performs on par with conventional films created using solely virgin resins. Dow's PCR collation enhances the sustainability of Lotte's beverage products shrink film, which also aids Lotte in further reducing its use of plastic.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amcor PLC, Berry Global Inc., Sonoco Products Company, Sealed Air Corporation, Huhtamaki Group, CCL Industries Inc., Sigma Plastics Group, Novolex Holdings LLC, Winpak Ltd., RKW Group, Uflex Limited, ProAmpac LLC, C-P Flexible Packaging, Vibac Group S.p.A., Treofan Germany GmbH & Co. KG, Mitsubishi Polyester Film Inc., Flexopack S.A., Crayex Corporation, Dow Inc., Transcontinental Inc., Layfield Group Ltd., Taghleef Industries Group, Eurofilms Extrusion Ltd., Baroda Packaging Private Limited, Barbier Group, Aintree Plastics Ltd., Atlantis-Pak Co. Ltd., Elite Plastics Ltd, Polypack S.r.l., Intertape Polymer Group Inc.
Beverage Multipack Shrink Film Market 2024 Key Insights:
• The beverage multipack shrink film market size is expected to see strong growth in the next few years. It will grow to $3.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Surge In Bottled Water Demand Boosts Beverage Multipack Shrink Film Market Growth
• Product Innovations Drive Advancements In The Beverage Multipack Shrink Film Market
• North America was the largest region in the beverage multipack shrink film market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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