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Technavio has announced the release of their research report on the global stretch and shrink film market for the period 2019-2023. This global stretch and shrink film market analysis report segments the market by type (stretch film and shrink film), application (food and beverages, industrial/bulk, consumer goods, and others), and geography (APAC, Europe, MEA, North America, and South America).
Global stretch and shrink film market size will grow by almost USD 4.91 billion during 2019-2023, at a CAGR of nearly 6%. The growing environmental concerns have increased the adoption of bio-based plastics in several end-user industries such as food and beverages, fiber and textile, paper and printing, and electronics. Stretch and shrink films are widely used in such end-user industries for packaging. The increasing preference for bioplastic packaging is expected to influence packaging manufacturers to move toward bioplastics. Though the adoption rates are slow compared to conventional plastics, bioplastics are expected to completely replace the traditional plastics over time due to rising environmental concerns. The advent of bioplastics is one of the key trends that are supporting the growth of the market during the forecast period.
The packaged food and beverage sector require durable packaging to maintain quality and taste. The increasing food demand has led many vendors to offer innovative packing designs and materials to prevent food contamination and increase their customer base. Stretch and shrink films are extensively used in food products such as pizza, cheese, fruits, and chocolate to give a better aesthetic appeal and prevent contamination. The increasing penetration of supermarkets, hypermarkets, convenience stores, and e-retailing will further fuel the demand for stretch and shrink films. The growing demand for packaged food and beverage products is expected to drive the growth of the global stretch and shrink film industry for the forecast period.
“The APAC region currently holds a larger market share and is expected to dominate throughout the forecast period. Rapid urbanization and growth in the retail sector are increasing the adoption of flexible packaging such as stretch and shrink film. The North American region has one of the most developed transportation and logistics sectors across the world. The demand for beverage products such as alcohol is steadily increasing in the US. The growing consumption of beverage products in the region will increase the demand for stretch and shrink films during the forecast period”, says an analyst at Technavio.
