Shrink Packaging Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Shrink Packaging Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Shrink Packaging Market

The shrink packaging market size was valued at USD 11.00 billion in 2023, and the market is now projected to grow from USD 11.61 billion in 2024 to USD 18.85 billion by 2032, exhibiting a CAGR of 6.24% during the forecast period of 2024-2032.

During the COVID-19 pandemic, stretch and shrink movie sales surged, driven basically by the need to keep, bundle, and shipping crucial items like hygiene products, drugs, and clinical gadgets. Additionally, the accelerated demand for e-commerce and grocery objects packaging, consisting of cheeses, meats, dairy, bottled water, and frozen meals, in addition fueled marketplace boom.

Shrink packaging stands proud for its versatility and effectiveness across industries, supplying sturdy product protection towards external factors and enduring diverse weather conditions. Its better barrier resistance, coupled with value-effectiveness and light-weight nature, positions reduce films, wraps, and hoods as surest picks for various packaging wishes, using marketplace boom notably.

The surge in demand for cut back packaging from e-commerce and retail sectors is propelled by using its fee-effectiveness, light-weight construct, and durability, making it a preferred desire for transportation. This fashion is fueled via the rapid enlargement of global retail and e-trade markets. Additionally, the preference for reduce hoods, tubes, and luggage for enhanced product protection and average packaging efficiency similarly solidifies its position as a key market fashion, especially useful for e-trade packaging manufacturers looking for space-saving answers.

Comprehensive Analysis of Shrink Packaging Market

The shrink packaging market growth is rising at an exponential price due to its marketplace segmentation. This market expansion correctly offers a detailed nearby assessment considering the dominant supply and demand forces that impact the enterprise. These segmentations are methodically segregated by material analysis, by product type analysis, by application analysis. By material analysis incudes, Polyethylene (PE), Polyvinyl Chloride (PVC), Polyolefin (POF), Ethylene-vinyl Alcohol (EVOH) others. By product type analysis incudes, sleeves & labels, movies & wraps, hoods, bags, and others. By application analysis incudes meals, drinks, personal care & cosmetics, consumer items, logistics & transportation, and other.

The North America region lead the shrink packaging market share by benefitting a market size of USD 3.43 billion in 2023 due to increasing demand for shrink films & wraps among the food & beverages and consumer goods sectors in the U.S.

The pinnacle gamers within the marketplace play an important position within the enterprise assuring market increase and putting marketplace standards. These players include, Amcor Plc, Allen Plastic Industries Co., Ltd., Bonset America Corporation, Berry Global Inc., Coveris Holdings, Clondalkin Group Holdings, CCL Industries Inc., C-P Flexible Packaging, Printpack Incorporated, PPC Flexible Packaging, PremiumPack GmBH, Sealed Air Corporation, Smurfit Kappa, Sigma Plastics Group, and Winpack Ltd these market players provide a level-playing competitive landscape.

In November 2023, Duo and Plastix have introduced a shrink film for food and beverage outer packaging made from Plastix's Oceanix recycled plastic, derived from 98% maritime waste like fishing nets and ropes.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.24% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Material

Polyethylene (PE)

Polyvinyl Chloride (PVC)

Polyolefin (POF)

Ethylene-vinyl Alcohol (EVOH)

Others

By Product Type

Sleeves & Labels

Films & Wraps

Hoods

Bags

Others

By Application

Food

- Dairy Products

- Meat, Seafood, and Poultry

- Pet Food

- Others

Beverages

- Alcoholic Beverages

- Non-alcoholic Beverages

Personal Care & Cosmetics

Consumer Goods

Logistics & Transportation

Others

By Region

North America (By Material, By Product Type, By Application, and Country)

- U.S. (By Material)

- Canada (By Material)

Europe (By Material, By Product Type, By Application, and Country)

- Germany (By Material)

- U.K. (By Material)

- France (By Material)

- Italy (By Material)

- Spain (By Material)

- Russia (By Material)

- Poland (By Material)

- Romania (By Material)

- Rest of Europe (By Material)

Asia Pacific (By Material, By Product Type, By Application, and Country)

- China (By Material)

- India (By Material)

- Japan (By Material)

- Australia (By Material)

- Southeast Asia (By Material)

- Rest of the Asia Pacific (By Material)

Latin America (By Material, By Product Type, By Application, and Country)

- Brazil (By Material)

- Mexico (By Material)

- Argentina (By Material)

- Rest of Latin America (By Material)

The Middle East & Africa (By Material, By Product Type, By Application, and Country)

- Saudi Arabia (By Material)

- UAE (By Material)

- Oman (By Material)

- South Africa (By Material)

- Rest of the Middle East & Africa (By Material)


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