New Report Offers Shrink Bags Market Trends, Future Prospects during 2017-2025

New research report offers a comprehensive analysis of the “Global Market Study on Shrink Bags: Electronics Application Segment to be Highly Attractive in the Coming Years Owing to Increasing Use of Shrink Bags in Packaging Electronic Components“ The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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Shrink bags are proving to be vital packaging solutions for different applications across various industries

According to Persistence Market Research, the global shrink bags market is anticipated to show consistent growth during the forecast period. During the 2012-2016 timeline, the global market for shrink bags reflected slow yet an upward trend with respect to adoption of shrink bags in several applications. The analysis of the report portrays that the 2017-2025 timeline is expected to present high growth opportunities for shrink bags market. In 2017, the global shrink bags market was valued at around US$ 2900 Mn and is estimated to touch a value bit higher than US$ 4500 Mn by the end of the year of assessment, 2025. The global market for shrink bags is projected to grow at a steady pace to reflect a value CAGR of 5.3% and a volume CAGR of 5.0% throughout the period of assessment.

Sustaining revenue growth has never been so imperative until now

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. Moreover, the overall consumer packaging market has been witnessing a paradigm shift towards development of untapped market in emerging economies. In addition, the growing population in emerging economies can present lucrative opportunities for growth in adoption of shrink bags, thus supporting the manufacturers of shrink bags to gain additional revenues.

Bone meat production to offer attractive opportunities for shrink bags

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.

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Shrink bags 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.

The meat sub segment is expected to largely contribute to the growth of the food segment

In the food segment, the meat sub segment is a rapidly evolving segment which is spurring the use of shrink bags. This sub segment is expected to largely contribute to the growth of the food segment in terms of sales revenues of shrink bags. Shrink bags are widely used to package meat products across the globe. The meat sub segment is estimated to reach a value of more than US$ 1 Bn by 2025 end and is projected to grow at a value CAGR of 5.4% throughout the period of assessment.

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