According to a new report published by Allied Market Research, titled, “Shrink Film Market,” The shrink film market size was valued at $4.7 billion in 2021, and shrink film industry is estimated to reach $8.0 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
Shrink films are flexible packaging films that are sealed around a product and shrink tightly when heat is applied. Shrink films find wide usage in packaging of food items and other consumer goods.
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“Rapid increase in consumption of beverage and fast food in the developed and developing countries across the globe have significant impact on the market. The increase in the digitalization in various sectors and utilization of labels produced from shrink films to optimize the data in the supermarkets will have positive impact on the market. The increase in the demand for fresh food products such as meat, seafood, and others through e-commerce will provide ample opportunities for the development of the global shrink film market in the forecast period. ”
IMPACT OF COVID-19 ON THE GLOBAL ENGINEERED STONE MARKET:
The global COVID-19 pandemic has negative impact on the shrink film market. The outbreak of the COVID-19 pandemic in 2020 positively affected the ready-to-eat food segment due to the government restrictions and consumer apprehensions about having outside food. The pandemic has compelled consumers to focus on safety and hygiene, which has made packaged food a preferential choice over food cooked in restaurants. The lockdown restrictions severely impacted the sales of the foodervice industry, which resulted in a decline in sales of packaging materials such as shrink films.
With the ease in lockdown norms, the various industries started to produce products which are in huge demand for consumers. Food & beverage industries have started production of snacks and other food items. The increase in the demand for fast food and rise in awareness among the people regarding the importance of packaging of food materials during pandemic outbreak is also another factor which led to surge in shrink film market opportunitites.
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Shrink films find applications in packaging of food such as meat, poultry and seafood, bakery & confectionary, and various others. Shrink films are primarily made up of polyethylene material which is cost efficient as compared to other raw materials. On the other hand, polypropylene shrink films have high heat resistance and provide good transparency as compared to polyethylene and polyvinyl chloride shrink films.
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Competitive Landscape
The major companies profiled in this report include Intertape Polymer Group Inc., Sealed Air Corporation, SYFAN USA, Clysar, Bollore Group, Kureha Corporation, Winpak Ltd., Flexopack S.A., Coveris Holdings S.A., PREMIUMPACK GmbH, Schur Flexibles Group, Kuplast Matejka Kumar S.P., Buergofol GmbH, Atlantis-Pak Co. Ltd., and Crawford Packaging. Due to rapid development in the food processing industries and e-commerce services across the globe will drive the market growth. Additional growth strategies such as expansion of storage capacities, acquisition, partnership and research & innovation in the customized packaging technologies for medical and personal care products have led to attain key developments in the global shrink film market trends.
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