Market Research Future published a research report on “Global Shrink Packaging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Deufol SE (Germany), Dow Chemical Company (U.S.), Aakriti Packaging (India), Amcor Ltd (Australia), Bonset America Corporation (U.S.), American Eagle Packaging Corporation (U.S), Bemis Company, Inc. (U.S.), Berry Global, Inc (U.S.), Printpack Incorporated (U.S.) are some of the prominent players at the forefront of competition in the global Shrink Packaging market and are profiled in MRFR Analysis.
Shrink packaging market is projected to grow at a CAGR of 4.8% during the forecast period.
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Global Shrink Packaging Market – Overview
The global shrink packaging market is a very dynamic market and is expected to witness decent growth over the forecast period. The growth of market is enhanced by factors such as amplified consumption of meat and poultry and improved government policies regarding food safety. However, stringent regulations on packaging material waste and recycling is expected to hinder the growth of the shrink packaging market.
The meat consumption has constantly seen rise in the U.S., European Union, and developed world. There is seen a swing towards poultry, and red meat. This represents the major proportion of meat consumed in the U.S. The demand for meat in developing countries remains moderate as the production and consumption of meat surges with swelling disposable income. There is seen a change in the dietary pattern in developing countries which is noticeable due to the high meat consumption. This drives the demand of packaging technology for the meat, poultry and seafood packaging which is a growing industry that utilizes the shrink packaging.
With the increasing acceptance of convenience shopping, the retail sector is mushrooming across the globe. The retail sector is flourishing, owing to factors such as positive demographics, rising consumer incomes and real estate developments, particularly the emergence of new and bigger shopping malls. With the emergence of consumerism, the retailer has to face a more knowledgeable and demanding consumer. This has elevated the demand for packaging across the fruits, vegetables, poultry, and meat products.
There is seen an intensifying role of government to ensure food safety. Government agencies are accountable for setting food safety standards, directing inspections, safeguarding the standards and making sure they are met, and also upholding a strong enforcement program to deal with those who do not obey with standards. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to guard public health by consolidation the food safety system. This also includes packaging and product information. Such policies push the demand for shrink packaging across the food industry for features such as extended shelf life, retaining taste, nutrition, and color along with other additional benefits.
Global Shrink Packaging Market – Competitive Analysis
Shrink Packaging industry has seen significant growth in last few years due to its application across industries, cost efficient solution and sustainable packaging solutions. The major players operating in this market, who have adopted expansion as their key startegy are Bemis Company Inc (U.S.), Berry Global Group, Inc. (U.S.), LINPAC Packaging Limited (U.K.), Amcor Ltd. (Australia), Sealed Air Corporation (U.S.), DuPont (U.S.), G. Mondini SA (Italy), Green Packaging Material (Jiangyin) Co., Ltd. (China) and others.
In 2016, Clysar in Pack Expo 2016 introduced with its new Shrink Packaging Solutions. It features new narrow-to-wide film widths, live shrink wrapping demonstrations, expanded shrink film selection and services, and updated website launch.
Amcor Ltd. launched transparent packaging that enables consumers to see the product inside. This has been a growing trend in recent years. The company faced challenges of metal-free packaging. This was often not a practical option for products requiring an outstanding barrier. However they launched the product.
Berry Global Group, Inc. followed strategy of merger & acquisition and continued partnership & collaboration with major companies. This is line with expanding their current business network by forming economic value through mergers & acquisitions. This is focused on improving Berry’s long-term financial performance, improve market positions and expanding existing and complementary product lines. In 2015, Berry Plastics Group, Inc. acquired AVINTIV Inc. from private equity funds managed by The Blackstone Group LP for approximately USD 2.45 Million.
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Global Shrink Packaging Market – Segments
Global Shrink Packaging Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Material : Comprises – Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Poly vinyl chloride (PVC) and others
Segmentation By Product : Comprises – Hoods, Labels & Sleeves, Wrap, and Other
Segmentation By Application : Comprises – Food Packaging, Beverages, Paper & Textile Products, and Others
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World
Global Shrink Packaging Market – Regional Analysis
APAC is expected to show the fastest growth during the forecasted period due to the economic growth of China and India. The growing population of the region, along with positive disposable income and the demand for hygienic packaging of products are factors driving the growth of the shrink packaging market in this region.
China is estimated to grow faster than other countries in the region. It is due to upsurge in food consumption, quick migration in urban areas, and strengthening economy. China has been by far one of the largest consumer and producer of pork and has upheld self-sufficiency over the years. In 2016, The Ministry of Agriculture’s 5-year plan set the objectives of cumulative scale of utilizing hog waste, hog farms, shifting hogs away from cities improving cold chain, founding traceability, and increasing vertical coordination.
North America accounted for the second largest market share. According to the North American Meat Institute (NAMI), the meat and poultry is the largest segment of U.S. agriculture. The meat and poultry production in 2012 reached more than 93 billion pounds. There is an huge requirement for proper packaging of such products, which will safeguard longer shelf life of the meat products. For this reason, shrink packaging market is gaining traction in the U.S. region.
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