Overwrap Packaging Market: Introduction of Innovative Packaging Solutions to Foster Growth Prospects

Over the past few years, packaging has surfaced as an imperative part of a product launch in any industry. Rapid technological advancements in packaging methods have revolutionized the packaging industry worldwide and its affiliated markets, one of which is the global overwrap packaging market. Overwrap packaging is largely used in packaging of consumer products such as fruits and vegetables and water bottles and thus, the robust growth of the FMCG sector across the globe is augmenting the market. A report by Transparency Market Research (TMR), titled “Overwrap Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,” provides a 360-degree view of the market.

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The availability of a diverse range of innovative packaging solutions is anticipated to have a positive impact on the growth of the market over the forecast horizon. Moreover, the burgeoning demand for convenience packaging coupled with the rising disposable income is creating a staggering volume of demand for overwrap packaging. Their transparency and waterproof nature make them an attractive option for packaging. Furthermore, the increasing adoption of bioplastics by packaging companies due to its eco-friendly nature is providing a fillip to the global overwrap packaging market.

Overwrap packaging finds its applications in diverse sectors including food and beverages, household and toiletries, tobacco industries, and cosmetic and personal care. Based on material, the market can be segmented into aluminum films, plastic films, bioplastic films, and paper. Plastic films can be further classified into polypropylene, polyethylene, polystyrene, and EVOH. In terms of product film overwrap, vacuum overwrap, and shrink overwrap.

The segments analyzed in the report on the basis of geography are Asia Pacific, North America, Europe, and Rest of the World. Developed regions such as Europe and North America will account for a substantial cumulative share in the revenue pie of the overall market. The high purchasing power of consumers is the key factor propelling the growth of these regions. However, the markets in these regions are at mature stages and are, therefore, expected to exhibit a sluggish growth rate.

Asia Pacific, on the other hand, will progress at a noteworthy CAGR during the forecast period. The widening base of middle-class population along with rising disposable income and the booming demand for convenient packaging are providing a significant boost to the growth of the region.

The majority of the players in the global overwrap packaging market are keen on strengthening their foothold by offering innovative packaging solutions. Some of the key players in the market are Ampac Holdings, Overwrap flexibles S.A., Sealed Air Corporation, Bemis Company Inc., WS Packaging, and Bemis Company Inc.

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