Shrink Packaging Market Is Expected To Grow At A CAGR Of 4.9% Till forecast 2023Posted by sagark on November 15th, 2019 Summary Global Shrink Packaging Market Segments, Size, Share, Trends, Growth, Future Scope: By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC), Product (Hoods, Labels & Sleeves, Wrap), Application (Food Packaging, Beverages) and Region — Forecast Till 2023 Shrink Packaging Market Drivers and Restraints The market growth is influenced by several driving factors, including the increasing consumer demand for goods from industries such as cosmetics, food and beverage, pharmaceutical, among others. This is primarily due to the growing per capita disposable income of consumers and changing, modernized lifestyle, which results in the higher consumption of packaged commodities. Moreover, the demand for shrink packaging is also increasing due to its adaptable property to wrap goofs of various sizes, shapes, and volumes. The global shrink packaging market, according to the analysis of Market Research Future (MRFR), is poised to reach a substantial market valuation at a moderate CAGR of 4.9% over the assessment period. Get Sample Copy @ https://www.marketresearchfuture.com/sample_request/4264 On the other hand, the higher cost associated with shrink wrapping machines is likely to impact the adoption rate and hence, may pose as a restraining factor for the growth of the global shrink packaging market over the review period. Moreover, the growing environmental concerns across the globe are driving significant manufacturers, such as Coca Cola, Budweiser, Carlsberg, among others, to switch from using plastic for packaging to more eco-friendly alternatives. This factor may act as a significant challenge for the market players for shrink packaging. Nevertheless, the increasing adoption of recyclable plastic for shrink packaging is poised to create a notable scope of opportunities over the forecast period. Competitive Analysis
Segmental Analysis The global shrink packaging market has been segmented on the basis of products, materials, and application. The products available in the market include hoods, labels & sleeves, wraps, and others. The shrink film hoods segment is expected to record the highest growth over the forecast period, driven by its growing demand in consumer goods packaging and industrial packaging. Industry News In Oct. 2010, Bonset America Corporation announced to establish a new plant as the subsidiary of Bonset near Montevideo, Uruguay. The new plant has additional capacity and is also the first high-quality heat shrinkable film manufacturing facility in South America. In June 2014, Bemis Europe, a division of Bemis Company Inc., increased its shrink bag range and developed ClearShield PRO. This is a PVC-free fully coextruded bag which offers 100% surface protection with abrasion and extremely high puncture resistance. Access Full Report With TOC @ https://www.marketresearchfuture.com/reports/shrink-packaging-market-4264 Regional Analysis The global shrink packaging market, on the basis of region, is segmented into Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific region is one of the most important regional markets for shrink packaging and is slated to acquire the largest market share over the review period. The changing economic dynamics have led to rapid industrialization in the developing countries of China, India, Japan, and South Korea. The higher consumer demand from industries such as food and beverage, textiles, and others, are driving the need for shrink packaging. The thriving e-commerce sector in the region is also expected to contribute substantially towards the market growth over the assessment period. North America and Europe are also significant regional markets for shrink packaging. One of the primary factors driving the demand for shrink packaging in these regions is the presence of notable market players, substantial investments, and established end-use industries. Like it? Share it!More by this author |