Global Shrink Sleeve Packaging Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Shrink Sleeve Packaging Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Shrink sleeves are a relatively new type of label and are quickly gaining use for product packaging in a variety of markets. Manufacturers print sleeves on a digital or flexographic press, with text on the inside of the shrink sleeves. The sleeve is then slipped over a container and tightened around the container using heat (heat-shrunk). The label then conforms to the surface of the container.

Market Overview:

The latest research study on the global Shrink Sleeve Packaging market finds that the global Shrink Sleeve Packaging market reached a value of USD 3786.51 million in 2022. It’s expected that the market will achieve USD 6069.89 million by 2028, exhibiting a CAGR of 8.18% during the forecast period.

Securing Adequate Resources for the Health Care System

With the world facing a dramatic health and eco- nomic crisis in 2020, the policy response needs to be commensurate with the challenge. Effective policies are essential to forestall worse outcomes. As a first priority, resources should be made available for health care systems to cope with the surging need for their services. this means expanding public spending on additional testing, rehiring retired medical professionals, purchasing personal protective equipment and ventilators, and expanding isolation wards in hospitals. Trade restrictions on medical and health products should be avoided to help ensure that they are able to go to where they are most critical. International aid to provide support to countries with limited health care system capacity and resources will be needed to help them prepare for and weather the pandemic.

Shared Economic Policy Objectives across Countries, but Emerging Market and Developing Economies Relatively More Constrained

Beyond strengthening health care systems, policies will need to limit the propagation of the health crisis to economic activity by shielding people and firms affected by necessary containment measures, minimizing persistent scarring effects from the unavoidable severe slowdown, and ensuring that the economic recovery can begin quickly once the pandemic fades. This will require sizable targeted policies complemented by broader stimulus at the national level. Advanced economies: with relatively stronger health care capacity, better access to international liquidity (in some cases by virtue of issuing reserve currencies), and comparatively lower borrowing costs will be better equipped to combat the health crisis and meet the large financing needs of supportive policies. In the euro area, where many countries are particularly hard-hit by outbreaks, meaningful European support targeted at these countries should supplement their national efforts, which would help meet financing needs arising from the very large and purely exogenous common shock. In emerging market and developing economies, the objectives of policy are much the same, but resources to achieve them are more constrained, both by more limited health system capacities and tightening borrowing constraints (see also the April 2020 Fiscal Monitor).

COVID-19 Impact: Shrink Sleeve Packaging Market Opportunities and Drivers

Because the global epidemic (COVID-19) cases are still increasing. During the epidemic period, food, diapers, medicines, disinfection products and protective products are in short supply, so the shrink sleeve packaging industry will develop rapidly in the short term. The production of shrink sleeve packaging is critical to the company, so most companies choose to continue production to combat COVID-19. The growth of the population in developing countries, the increase in people's income and consumption capacity, the increase in demand for packaged foods and the increase in the degree of urbanization are the main factors for the growth of shrink sleeve packaging market. Shrink sleeve packaging is a type of packaging used in food and beverage packaging to improve its aesthetics and increase information about packaged products. The packaging is used to inform consumers about the product, so its brand can increase its popularity and make the product more attractive.

COVID-19 Impact: Market Challenges

The main disadvantage of shrink sleeve packaging is the complexity of the manufacturing process. Government regulations on environmentally friendly production have become stricter, which has led manufacturers to switch to cheaper alternatives. Cheap alternatives, the supply of eco-friendly and biodegradable packaging is hindering the development of the market. Another disadvantage of shrink sleeve packaging is that the coating speed is much slower than shrink sleeve labels. With the spread of the COVID-19 epidemic and its increasing impact on humanitarianism, industries that help meet basic needs (such as providing consumers with food and essentials safely) are increasingly affected. COVID-19 led to a sharp decline in demand for certain types of shrink sleeve packaging.

COVID-19 Impact: Market Restraints

One of the disadvantages of shrink sleeve packaging is that it takes extra time to design the label to solve the image distortion that may occur when the package shrinks and expands. Designers are developing software to help manufacturers calculate distortion rates. Suppliers of shrink sleeve packaging with a global footprint have been affected by the COVID-19 epidemic, which has led to production problems and factory closures in many regions. Due to the increasing number of cases of COVID-19, industry trade fairs were forced to be cancelled or postponed. The loss of promotions and online platforms provided by trade fairs is a huge blow to shrink sleeve packaging companies.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia Pacific (48.08% in 2022).

Company Overview:

Fuji Seal International is one of the major players operating in the Shrink Sleeve Packaging market, holding a share of 26.23% in 2023.

Fuji Seal International

FUJI SEAL INTERNATIONAL, INC. Production of various packaging related materials and machinery. The company's products include caps, labels and plastic containers. Fuji Seal International also develops shrink-wrap seals and adhesive labels. The company has production bases in the United States, the United Kingdom, the Netherlands and Thailand.

CCL Industries Inc.

CCL Industries Inc. is a company located in Toronto, Ontario, established in 1951. CCL Industries Inc. claims to be the world's largest label manufacturer. CCL Industries Inc. is listed on the Toronto Stock Exchange and is an integral part of S & P / TSX 60. CCL consists of five departments – CCL label, CCL container, Avery, Checkpoint and Innovia.

Segmentation Overview:

Among different product types, PVC segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Food & Beverage, with a market share of 77.63% in 2022.

Key Companies in the global Shrink Sleeve Packaging market covered in Chapter 3:

WestRock
Fuji Seal International
Huhtamaki
Constantia Flexibles
Clondalkin Group
Hammer Packaging
Bonset
CCL Industries
Polysack
Avery Dennison
Klockner Pentaplast

In Chapter 4 and Chapter 14.2, on the basis of types, the Shrink Sleeve Packaging market from 2018 to 2029 is primarily split into:

PVC
PETG
OPS
PLA
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Shrink Sleeve Packaging market from 2018 to 2029 covers:

Food & Beverage
Pharmaceuticals
Personal Care
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)