Shrink Bags Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Shrink Bags Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The demand for shrink bags across various industries is poised to witness substantial growth, according to a recent analysis by Fairfield Market Research. The report forecasts a consistent upward trajectory in the global shrink bags market, with significant opportunities emerging in the coming years.

Steady Growth Projected

Fairfield Market Research's analysis indicates a steady rise in the adoption of shrink bags worldwide. From 2024 to 2031, the market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 6.3% in terms of value and 6.0% in terms of volume. In 2024, the global shrink bags market value is estimated to surpass US$ 4500 Mn.

Emerging Economies Driving Growth

Manufacturers in the shrink bags market are strategically targeting emerging economies to sustain revenue growth amidst intensifying competition. With a paradigm shift towards untapped markets in emerging economies and a growing population, there are significant opportunities for expansion. This trend is expected to bolster the adoption of shrink bags, thereby supporting manufacturers in achieving sustainable revenue streams.

Meat Industry Offers Lucrative Opportunities

The production of bone meat products presents a challenge for packaging due to transportation-related damages. In response, technological advancements have led to the development of protective packaging solutions like shrink bags. These bags offer enhanced strength and toughness, resulting in extended shelf life for bone meat products. As a result, the demand for shrink bags, particularly in the meat sub-segment, is expected to witness substantial growth.

Rising Demand in the Food Sector

Shrink bags have emerged as a preferred packaging solution in the food industry, particularly for meat products and items with low shelf life. The durability and shelf life extension capabilities of shrink bags have propelled their adoption in the food sector. The meat sub-segment, in particular, is expected to contribute significantly to the growth of the food segment by the end of 2031.

Key Players in the Market

The players are actively engaged in product innovation and market expansion strategies to maintain their competitive edge in the market. Leading companies in the global shrink bags market include:
• Bemis Company, Inc.
• Kureha Corporation
• Sealed Air Corporation
• Winpak Ltd.
• Flexopack S.A.
• Coveris Holdings SA
• PREMIUMPACK GmbH
• Schur Flexible Group
• BUERGOFOL GmbH
• Allfo Vakuumverpackungen Hans Bresele Kg
• Kuplast
• Spektar d.o.o.
• Atlantis-Pak Co. Ltd.
• Inauen Group
• GAP S.r.l.
• Others.

Market Segmentation

By Barrier Type
• Low Barrier
• Medium Barrier
• High Barrier
• Ultra High Barrier

By Product Type
• Round Bottom
• Straight Bottom
• Side Sealed

By Material Type
• PE
• HDPE
• LDPE
• LLDPE
• PP
• PET
• EVOH
• PVC
• PVDC
• PA
• Others

By Thickness
• Up to 50 Micron
• 50 to 70 Micron
• 70 to 90 Micron
• 90 to 110 Micron
• Above 110 Micron

By Application
• Food
• Meat
• Seafood
• Poultry
• Cheese & Dairy
• Other foods
• Electronics
• Cosmetics & Personal care
• Healthcare & Pharmaceuticals
• Industrial
• Others

By Region
• North America
• Latin America
• APAC
• Europe
• MEA