Packaging Film Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2
Posted by Statzy Market Research on April 30th, 2021
The disposable income of consumers, urbanization, and the demand for packaged food are increasing in countries, like China, India, and others in the APAC region. Growth in these nations is expected to positively impact the packaging film industry.
- China and India are expected to drive the global market over the forecast period. Packaging films are generally made of plastic, as it is light, relatively cheaper. These enable the preservation of the products for long durations. These are preferred by consumers in the food and beverages industry owing to its aesthetic appeal that aid in its promotion.
- The market is expected to witness growth in consumption of biodegradable films over the forecast period. North America is the major contributor to this market, while Asia-Pacific is expected to record the highest growth rate.
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Key Market Trends
Food and Beverage and Healthcare Sectors Hold Majority of the Share in Packaging Film Market
- The packaging sector is evolving constantly to cater to changing consumer needs. Growing disposable incomes and the increasing middle-class population are among the prominent factors driving the demand for high-barrier packaging films across industries, such as food and beverage, consumer products, industrial goods, and others.
- Food and beverage packaging is estimated to be the largest consumer of packaging film, followed by pharmaceutical and medical packaging, respectively. However, the healthcare sector is expected to offer huge potential growth opportunities for the packaging film market over and beyond the forecast period.
- The lifestyle changes, especially for the working urban population, has been a key factor in the demand surge for packaged food and beverage products. Introduction of ready-to-cook and eat variants of food and drinks have been experienced and have seen continued growth in demand. Such predictors have been influencing market demand.
Asia-Pacific and Europe Contribute to Healthy Growth Rate over the Forecast Period
- Growing disposable incomes and a rising middle-class population are among the prominent factors driving the demand for high-barrier packaging films across industries in the Asia-Pacific region. The increasing demand for packaged food and pharmaceutical products in growing economies, such as China, India, Thailand, and Indonesia is expected to drive the growth of the packaging film market in Asia-Pacific at the highest rate.
- Also, the European Union and the United Kingdom are at the forefront of countries that make efforts to reduce plastic usage and waste. In 2018, EU European Strategy for Plastics in a Circular Economy. Thus the market in this region is likely to witness a steep shift toward other packaging alternatives.
- The current US and China trade war situation is expected to impact market demand. The recent ban on plastic waste imports in nations, such as Singapore and China, is also expected to impact the market over the forecast period.
Competitive Landscape
The packaging film market is a fragmented one with the presence of various global as well as regional players, such as AEP Industries Inc., Novolex, Bemis Company Inc., RKW SE, Dupont Teijin Films, Jindal Poly Films Ltd, Innovia Films, ProAmpac, and many others. Most of these players are involved in several strategic developments including mergers, acquisitions, new product launch, and market expansion to gain a competitive edge in the market.
In recent years, the packaging industry has seen many mergers and acquisitions among big packaging firms. Big players, including ONCAP, Berry Global Group Inc., Jindal Poly, and many others, are acquiring small companies to gain major market share in the industry and are trying to consolidate their market position.
- May 2019 - Bemis Company Inc. and Amcor Limited announced to merge and become one company by 12th June 2019 with clearance from the US Department of Justice.
- February 2018 - Berry Global acquired Clopay Plastic Products Company Inc. from Griffon Corporation, at a total value of USD 475 million.
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