Shrink Packaging Market at 4.8% CAGR : Share, Analysis, Trend, challenges, Opportunities and Forecast to 2023

Global Shrink Packaging Market Information Report by Material (Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Poly vinyl chloride (PVC) and others), by Product (Hoods, Labels & Sleeves, Wrap, and Other), by Application (Food Packaging, Beverages, Paper & Textile Products, and Others) and By Region - Forecast To 2023

Global Shrink Packaging Market is expected to grow at a CAGR of 4.8% during the forecast period

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

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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.

Asia-Pacific region dominates the global shrink packaging market
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.

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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.

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