Food Wrap Film Market: Pin-Point Analysis For Changing Competitive Dynamics

Posted by Kishor on July 25th, 2019

The global market for food wrap films was valued at US$ 10,038.6 million in 2017. The market is forecast to expand at a CAGR of 2.1% during the forecast period, 2018-2026.

Competitive Landscape

Key players operating in the global market for food wrap films include Reynolds Group Holding Limited, Mondi Group, Mitsubishi Chemical Holdings Limited, Amcor Limited, United Company RUSAL Plc, Hindalco Industries Limited, Berry Global, Inc., Georgia-Pacific LLC, Huhtamaki Oyj, and Thong Guan Industries Berhad.

The global market for food wrap films is segmented as per material type and end use. The growing demand for on-the-go food and requirement of the increased shelf life of food items from the consumers is acknowledged as a critical factor driving the food wrap films market. The increase in demand for food service across the globe is expected to fuel the growth of global food wrap films market.

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Food wrap films are used to wrap food products to protect them from contamination, keep food fresh and enhance the shelf life of the food. Food wrap films are generally used for short-term preservation of prepared food. Besides, they are also used to package confectioneries like chocolate and to wrap processed food such as meat & sea-food to keep them fresh for an extended period. Furthermore, food wrap films are used to pack ready-to-eat food items.

Drivers and Restraints

Food wrap films are used to increase the shelf life of the food. The increased demand for on-the-go food across the globe is the key driver for the global food wrap films market. On-the-go food packaging requires wrapping to maintain the temperature. The barrier properties of the aluminum and high barrier plastics such as EVOH and polyamide isolates the food products from the environmental factors such as moisture, odor and atmospheric gases. The fast-paced life of people in developing and developed countries require better packaging of food items so that food can be consumed anytime irrespective of the time the food was prepared.

The barrier properties of food wrap films against oxygen, moisture, and odor help it to provide higher shelf life to the food products. The restraint associated with the food wrap films is the environmental concerns associated with the harmful effects of conventional plastic materials which are not biodegradable and is a potential threat to the environment.