In a recent report, Transparency Market Research (TMR) delivers insights into the global PVDC shrink bags market. It covers global industry analysis and offers insights into size, share, and growth trends. The report also offers refined forecast for the period between 2020 and 2028.
According to TMR, the global market is forecast to rise at 2.9% CAGR over the course of the forecast period. The report offers a comprehensive overview of the market, covering various factors enabling growth.
PVDC shrink bags sales surged in response to the increasing demand for flexible and uniform packaging solution. These bags are resistant to puncture and have excellent luster. They are lightweight and considered extremely convenient to offer packaging solutions in the food sector.
These bags are predominantly used for packing fresh and processed meat and seafood items. While shrink bags find exceptional usability in shipping and logistics industry, the food sector is expected to account for maximum share in the market for PVDC shrink bags.
TMR’s report segments the market in terms of product, application, and region. Based on product, side sealed shrink bags account for hefty share in the market and is expected to remain dominant through the course of the forecast period.
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Rising Demand for Improved Shelf-life Spurring Growth Prospects
PVDC shrink bags are manufactured to offer strong seal performance. It therefore is expected from them to address myriad p0ackaging needs while exhibiting excellent sealing functionality. These bags are also found useful in ensuring longer shelf life of any food products.
The demand for shrink bags is likely to surge in the coming years. A small increase in shelf life, especially in meat, poultry, and sea food products is valued by consumers. It is also a valued proposition for industry participants creating opportunities for them to strengthen their footprint in the market.
PVDC shrink bags’ ability to improve shelf life of food products, coupled with their excellent properties as barrier to moisture and oxygen, is the primary reason behind their widespread application in the food sector.
With the increasing penetration of giant retail chains in developed and high potential markets alike, the demand for packaged foods is likely to accelerate. Against this backdrop, shrink bag manufacturers see incredible scope for expansion in the near future.
Manufacturers Focusing on Design Innovation to Offer Better Customization
The demand for PVDC shrink bags is rising, however, not at a pace expected. It has therefore led market players to focus on innovative product designs. There is greater focus on incorporating innovative features such as high puncture resistance, impressive barrier properties, and greater luster to continue gaining traction through the course of the forecast period.
A case in point in Schur Flexibles Holding GesmbH’s PVDC shrink bags that bring to the table impressive puncture resistance, excellent, transparency, high barrier properties, and flexo printing options.
Meanwhile, Sealed Air Corporation has designed shrink bags meant for meat packaging with features such as excellent brightness, gloss, and transparency, and multi-barrier structure to prevent microbiological growth.
These innovations are intended to help food industry cater to the demand for contamination-free food to end users. Innovations are seen as key strategic moves by market players and are expected to help the global market gain impetus in the coming years.
Rising Availability of Eco-friendly Alternatives Poses Threat
Despite its application in the food sector, the market sees the availability of alternative packaging solutions and materials as potential threats. Companies in the food sector in developed as well as high potential markets are eager to switch to technological advancements.
They are putting constant effort towards design innovations to manufacture eco-friendly, recyclable, and flexible packaging solutions. Flexible packaging solutions made from PVDC materials might have long-term impact on the environment.
The rising awareness regarding the same is making manufacturers uneasy. Consequently, prominent companies within the market are shifting to alternative materials such as ethylene vinyl alcohol (EVOH) and others to offer superior barrier qualities and better recyclability.
For instance, WINPAK LTD’s DuraShrink are eco-friendly barrier shrink bags. The availability of similar alternatives is increasing steadily, posing threat to the PVDC shrink bag producers.
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Global PVDC Shrink Bags Market: Competition Landscape
Despite prevailing consolidation, competition is expected to get fiercer among the key market players. Besides the presence of a few well established companies, the market is characterized by the presence of several local players and start-ups.
TMR profiles some of the key players operating in the market. These include Amcor Plc, Sealed Air Corporation, Schur Flexibles Holding GesmbH, ALLFO Vakuumverpackungen, Green Packaging Material (Jiangyin) Co.,Ltd, Sunrise Packaging Material (Jiangyin) Co., Ltd, Hanxhosa (Suzhou) Limited Company, Astar Packaging Pte Ltd, Shuanghui Group among others.
In order to study the extent of competition between companies, TMR categorizes them in Tier 1, Tier 2, and Tier 3. It also conducts SWOT analysis to study the strengths and weaknesses of the market players and uncover hidden opportunities.