Global Shrink Packaging Market Growth, Future Scope, Analysis, Size, Share: By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC), Product (Hoods, Labels & Sleeves, Wrap), Application (Food Packaging, Beverages) and Region — Forecast Till 2023
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Shrink Packaging Market Scenario
Shrink packaging is a process wherein plastic is covered loosely around a product and heat is applied to it which results in shrinking of the plastic. This packaging helps to tightly combine smaller items together and is widely used for packaging of meat products, vegetables, and others. This type of packaging helps to fully encase the plastic around products which protects them from damage, dirt, and debris in transit. Market Research Future (MRFR) has recently published an in depth report on the global shrink packaging market, covering key market insights. MRFR’s analysis has projected a CAGR of 4.9% in the shrink packaging market over the forecast period of 2018-2023.
The shrink packaging market derives its growth from continuous demand from end use industries such as food & beverage, cosmetics, and pharmaceuticals. The demand for the end products of these industries have increased significantly in recent years, especially in the developing countries. The spending capabilities of consumers in the emerging economies have increased considerably which consequently increases the demand for packaged consumer goods. The market is also gaining from the increased consumption of meat products and increased acceptance of convenience shopping.
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On the other hand, shrink packaging process is energy intensive and involves significant cost which can hinder the growth of the market over the forecast period. Additionally, certain restrictions placed in developed countries, on the use of PVC is likely to deter the growth of the market over the forecast period.
Competitive Landscape
Bemis Company, Inc. (US)
Amcor Ltd (Australia)
Dow Chemical Company (US)
Printpack Incorporated (US)
American Eagle Packaging Corporation (U.S)
Aakriti Packaging (India)
Berry Global, Inc. (US)
Bonset America Corporation (US)
Deufol SE (Germany)
are the key players in the shrink packaging market.
Industry Updates
June 2019 – Chadwicks of Bury, a world leading innovator in heat seal pre-cut lids and shrink sleeves, introduced a new shrink sleeve in response to growing consumer demand. The product has been especaily developed for Silent Pool Gin, where the smaller format bottle will help consumers to sample the product without purchasing a multi-store bottle.
Shrink Packaging Market Segmentation
The global shrink packaging market has been segmented based on material, product, application.
By material, the shrink packaging market has been segmented into linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC). The low density polyethylene segment is leading the market on account of its flexibility and superior transparency due to which majority of shrink packaging films are made up of LDPE. ON the other hand, the linear low-density polyethylene (LLDPE) segment is likely to be the fastest growing segment over the forecast period. LLDPE has high tensile strength and durability. The polyvinyl chloride (PVC) segment is anticipated to showcase substantial growth over the forecast period.
By product, the shrink packaging market has been segmented into hoods, labels & sleeves, wraps, and others. Product-wise, the hoods segment is expected to be the fastest growing segment over the forecast period. Towering demand from industrial segment is substantiating the growth of the segment.
By application, the shrink packaging market has been segmented into food packaging, beverages, paper & textile products, and others. The beverages segment is dominating the market due increased consumption of beverages on a global scale.
Regional Analysis
Region-wise, the shrink packaging market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC shrink packaging market is likely to capture the largest share of the market. The burgeoning growth of the food & beverage industry in the region which is being supported by economic upturn in the region. Additionally, the growth of the e-commerce industry in the region is also favoring the growth of the market. Mounting demand for consumer goods in the region is another factor.
Europe too is an important revenue pocket for shrink packaging market. Increased consumption of meat and other products in the region has highly fueled the growth of the market.
The presence of many consumer goods manufacturing companies in the North America is fostering the growth of the shrink packaging market in the region.
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Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Shrink Packaging Market, By Material
4.1 Introduction
4.2 Linear Low Density Polyethylene (LLDPE)
4.3 Low Density Polyethylene (LDPE)
4.4 Poly Vinyl Chloride (PVC)
4.5 Others
Continues……
LIST OF TABLES
TABLE 1 GLOBAL SHRINK PACKAGING MARKET, BY MATERIAL
TABLE 2 GLOBAL SHRINK PACKAGING MARKET, BY PRODUCT
TABLE 3 GLOBAL SHRINK PACKAGING MARKET, BY APPLICATION
TABLE 4 GLOBAL SHRINK PACKAGING MARKET, BY REGIONS
TABLE 5 NORTH AMERICA SHRINK PACKAGING MARKET, BY COUNTRY
TABLE 6 NORTH AMERICA SHRINK PACKAGING MARKET, BY MATERIAL
Continues…
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