Shrink Plastic Film Market: Market Dynamics
by Mit K. SEOAccording
to MarketsandMarkets, the global shrink
plastic film market size for beverage multipacks is estimated to be
valued at USD 2.5 billion in 2020 and projected to reach USD 3.0 billion by 2025,
recording a CAGR of 3.5% in terms of value. Emerging markets in upcoming
economies such as the Asia Pacific and South American countries are going to be
potential markets for the shrink plastic film manufacturers. The increase in
per capita income and change in the trends of food consumption are poised to
increase the share of the market. These factors are projected to drive the
growth of the shrink plastic film market for beverage multipacksfor beverage
multipacks during the forecast period.
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Shrink
plastic film is asecondary packaging used by the manufacture to protect the
product and keep it hygienic. Shrink plastic films have numerous applications
in the food & beverage industry. They are used in a wide range of products
such as beverages, frozen food, and dairy products. The industry has witnessed
consistent growth in the past few years.
In North
America, the US dominated the shrink plastic film market for beverage
multipacksdue to the high production and demand of processed beverages. Europe is
projected to dominate the global shrink plastic film market for beverage
multipacks, which is primarily driven by the rising demand for safe and cost-effective
secondary packaging options for packaged and processed beverages. The shrink
plastic films industry functions with legislators and regulators to deliver
qualitative products to its end users. In the major markets, shrink packaging
also serves as a cost-effective method of marketing and brand placement.
Attractive shrink packaging and labels are used by the manufacturers to print the
brand logo and other marketing & useful information
Water is
the dominating application segment of shrink plastic film market for beverage
multipacks due to its versatile usage among many industries. It is high in
demand in both developed and developing economies. It finds various
applications in restaurants, hotels, schools, malls, theatres, and domestic
applications.
Asia
Pacific is projected to witness the fastest growth in the shrink plastic film
market for beverage multipacks during the forecast period due to the increase
in the production and supply of packaged beverages, while Europe is the
dominant marketdue to the rise in the demand forpackaged water and other
beverages.
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The bottle
segment is the dominant container type segment for the shrink plastic film
market for beverage multipacks.The increase in the demand for packaged water has
vis-à-vis increased the need for the bottles, as well. Apart from water,
juices, dairy products,and various other beverages are also present in the
market in bottled form. Therefore the demand for shrink plastic film for
bottles has been increased.
The unprinted
type of shrink plastic film is popular
among manufacturers. The unprinted shrink packaging is economical as compared
to the printed one. Therefore, the SMEs mostly use unprinted
one as it is cost-effective.
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Created on Sep 4th 2020 08:23. Viewed 278 times.