Shrink-Packaging Market Research Report- Forecast till 2023
As per the Market Research Future Reports (MRFR), the global shrink-packaging market 2020 is estimated to rise at a CAGR of 4.9% in the forthcoming years. There are various factors which bring an impact on the growth of the shrink packaging market size. Since the last years, the market for shrink packaging has been rising due to increasing demand for products like pharmaceutical items, cosmetics, food, and beverage in the developing countries. This is primarily due to the increasing disposable income of people and changing lifestyle, which results in the consumption of packaged food products. In addition to that, rapid industrialization and urbanization in countries like Indonesia, Japan, and China are expected to assist in expanding the market. The quality of shrink packaging to wrap items of different sizes, volumes, and shapes may also be one of the reasons for the expansion of the market. Polyolefin is also used as a raw material for the production of shrink due to its recyclability as well as its superior quality. This quality encourages people to utilize it. However, the expensive cost of the shrink-wrapping machine can result in an obstacle in the growth of the shrink-packaging market.
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On the basis of geography, the global shrink packaging market is segmented into Europe, Asia-Pacific, North America, and the Rest of the world. Countries like India and China are estimated to be the leading packs due to the rising food and beverage industries and developing the e-commerce industry in the region. Another major reason for the expansion of this market is the increasing requirement and demand for consumer goods due to the rising population, along with the increase in disposable income. China is expected to grow faster than other countries in the region due to the rising food consumption, strengthening economy, and increasing migration in urban areas. China is the largest pork consumer and has been independent for years. In 2016, The Ministry of Agriculture’s five-year plan set the goals of cumulative scale regarding the hog waste, hog farms, shifting hogs away from the cities to improve cold chain, increasing vertical coordination, and founding traceability.
Europe is likely to hold major shrink packaging market share during the forecast tenure due to increasing growth in the consumables market, such as meat and other edible products. North America is likely to record a higher growth rate. The expansion in this region can be acknowledged to the existence of many consumer goods manufacturing enterprises.
North America has the second largest market share. As per the North American Meat Institute (NAMI), the poultry and the mean are the enormous segments of the U.S agriculture. There is a need for appropriate packaging of such products, which will enhance the shelf life of the meat products. For this very reason, shrink packaging is blooming at a faster pace in the U.S region.
Global Shrink-Packaging Market- Segmentation
Global Shrink-Packaging Market is segmented into four key elements for a practical understanding. The segmentation consists of product, material, application, and regions.
On the basis of product, the shrink packaging market can be segmented into a wrap, labels, hoods, and others.
On the basis of material, shrink packaging market can be segmented into Polyvinyl chloride (PVC), Low-Density Polyethylene (LDPE), linear low-density polyethylene (LLDPE), and others.
On the basis of application, the shrink packaging market can be segmented into paper and textile products, food packaging, beverages, and others.
On the basis of region, the shrink packaging market can be segmented into APAC, Europe, North America, and the Rest of the world (RoW).
The eminent players in the shrink-packaging market include Printpack Incorporated (U.S.), Deufol SE (Germany), Berry Global, Inc. (U.S.), Dow Chemical Company (U.S.), Bemis Company, Inc. (U.S.), Aakriti Packaging (India), Bonset America Corporation (U.S.), American Eagle Packaging Corporation (U.S), Amcor Ltd (Australia), and others.
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Global Shrink Packaging Market Research Report: 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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