Shrink Packaging Market Report Analysis, Growth, Trends and Top Key Players

Shrink Packaging Market

The global shrink packaging market size was valued at USD 11.00 billion in 2023. The industry is expected to expand from USD 11.61 billion in 2024 to USD 18.85 billion by 2032, exhibiting a CAGR of 6.24% over the study period.

Shrink packaging refers to the innovative packaging solution that aids in the protection and packaging of a single product and can also be deployed to bundle many products together. The growing use of shrink sleeves, wraps, and films by the food & beverage industries is impelling the market expansion.

Over 60% of shrink film and stretch sales were made from bundling, transportation, and storage of products, including hygiene items (e.g. toilet paper, wipes, and paper towels), medical devices, and drugs amid the COVID-19 pandemic. Moreover, the market witnessed growth owing to the deployment of shrink films for packaging grocery and e-commerce products, meats, bottled water, dairy, cheeses, frozen items, and others.

Fortune Business Insights™ provides this information in its research report, titled “Shrink Packaging Market, 2024-2032”.

List of Key Players Mentioned in the Report:

• Amcor Plc (Switzerland)
• Allen Plastic Industries Co., Ltd. (Taiwan)
• Bonset America Corporation (U.S.)
• Berry Global Inc. (U.S.)
• Coveris Holdings (Austria)
• Clondalkin Group Holdings (Netherlands)
• CCL Industries Inc. (Canada)
• C-P Flexible Packaging (U.S.)
• Printpack Incorporated (U.S.)
• PPC Flexible Packaging (U.S.)
• PremiumPack GmBH (Austria)
• Sealed Air Corporation (U.S.)
• Smurfit Kappa (Ireland)
• Sigma Plastics Group (U.S.)
• Winpack Ltd. (Canada)

Segmentation:

Polyethylene (PE) Segment Dominates Due to Massive Deployment to Package Various Products

In terms of material, the market is divided into polyvinyl chloride (PVC), polyethylene (PE), ethylene-vinyl alcohol (EVOH), polyolefin (POF), and others. The polyethylene (PE) segment accounts for the largest shrink packaging market share. The massive usage of polyethylene (PE) to package medical, food & beverage, and different bulky and heavy items is fostering the segment growth.

Water-resistance Features of Films & Wraps to Propel the Segment Expansion

By product type, the market is categorized into bags, films & wraps, sleeves & labels, hoods, and others. The films & wraps segment registers the largest share in the market. Films & wraps are versatile and durable and demonstrate water-resistance attributes, which bolster their deployment in diverse end-use sectors, augmenting the segment growth.

High Usage of Shrink Films & Wraps in the Food Industry to Expedite the Segment Growth

With respect to application, the shrink packaging market is classified into personal care & cosmetics, logistics & transportation, food, consumer goods, beverages, and others. The food segment occupies the largest share. The high utilization of shrink films & wraps in the food industry for the prevention of oxygen from reaching the food products, which enhances the shelf life while decreasing the decomposition rate, is proliferating the segment expansion.

From the regional perspective, the market is segregated into the Asia Pacific, Europe, the Middle East & Africa, North America, and Latin America.

Report Coverage

The research report offers a comprehensive coverage of the key driving and restraining factors affecting the market expansion. In addition, it provides vital insights into the top trends, the COVID-19 pandemic impact, and the key industry developments. Additional aspects of the report include the key segments and competitive scenario of the market.

Drivers and Restraints:

Increasing Demand from Retail & E-commerce Sectors to Escalate the Market Growth

One of the major factors boosting the shrink packaging market growth is a surge in the demand for retail and e-commerce sectors. Due to its lightweight nature, damage-resistance attributes, and low cost, shrink packaging is a highly preferred packaging solution in the transportation sector. The fast-paced growth in hypermarkets & retail globally, coupled with the expanding e-commerce industry, bolster its demand.

However, the growing concerns pertaining to the environment and issues in recycling may hinder the market expansion.

Information Source: https://www.fortunebusinessinsights.com/shrink-packaging-market-109247

Regional Insights:

North America Leads Due to Growing Demand for Shrink Films & Wraps

North America market for shrink packaging occupies the largest share. This can be attributed to the surging demand for shrink films & wraps among the consumer goods and food & beverages sectors in the U.S.

Europe is the second-leading region due to the rising demand for shrink wraps in the personal care sector.

Competitive Landscape:

Leading Players Deploy Product Innovations to Provide Enhanced Solutions

Allen Plastic Industries Co., Ltd., Amcor Plc, Berry Global Inc., Bonset America Corporation, Clondalkin Group Holdings, Coveris Holdings, and others are a few leading companies in the market. These companies are adopting various strategies such as mergers & acquisitions, collaborations, and joint ventures to keep ahead of their competition. Product innovation strategies are also being focused on by leading players to offer enhanced solutions.

Key Industry Development:

May 2023 – Innovia Films announced the release of a sustainable and floatable shrink sleeve material, APO45. This innovation is aimed at improving PET recycling rates while supporting a circular economy for packaging.