Shrink Packaging Market Trends and Forecast
The future of the global shrink packaging market looks promising with opportunities in the food packaging, beverage, and paper & textile product markets. The global shrink packaging market is expected to grow with a CAGR of 5.2% from 2024 to 2030. The major drivers for this market are growing demand for product visibility, tamper resistance, and extended shelf life, increasing adoption of automated packaging solutions for efficiency and cost-effectiveness, and expansion of the food and beverage industry.
• Lucintel forecasts that linear low density polyethylene (LLDPE) is expected to witness the highest growth over the forecast period.
• Within this market, food packaging is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States - Sealed Air Corporation announced advancements in shrink packaging technology, aiming for 20% reduction in material usage by 2025. Government initiatives include tax incentives for companies adopting sustainable packaging practices, supporting efforts to reduce environmental impact.
Germany - Krones AG introduced a new range of shrink packaging machinery with enhanced efficiency and automation capabilities, aligning with government targets to boost manufacturing productivity and competitiveness.
China - Shanghai Xingpack Machinery Co. unveiled a collaboration with local authorities to develop eco-friendly shrink packaging materials, in line with government regulations promoting green manufacturing and reducing plastic waste.
Brazil - Bemis Company, Inc. announced investments in research and development of biodegradable shrink packaging solutions, supported by government grants for sustainable packaging innovations to address environmental concerns.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Shrink Packaging by Segment
The study includes a forecast for the global shrink packaging by type, application, and region.
Shrink Packaging Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Linear Low Density Polyethylene (LLDPE)
• Low Density Polyethylene (LDPE)
• Poly Vinyl Chloride (PVC)
• Others
Shrink Packaging Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Food Packaging
• Beverages
• Paper & Textile Products
• Others
Shrink Packaging Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Shrink Packaging Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies shrink packaging companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the shrink packaging companies profiled in this report include-
• Dowdupont
• Aakriti Packaging
• Amcor
• Bonset America Corporation
• American Eagle Packaging Corporation
• Bemis Company
• Berry Global
Recent Development in the Shrink Packaging Market
Sealed Air Corporation: Sealed Air Corporation introduced a new line of sustainable shrink packaging materials, leveraging innovative technology to reduce material usage and environmental impact while maintaining product protection and integrity.
Krones AG: Krones AG unveiled a groundbreaking shrink packaging machine equipped with advanced automation features, enhancing efficiency and productivity in shrink packaging operations for various industries.
Shanghai Xingpack Machinery Co.: Shanghai Xingpack Machinery Co. announced the development of a novel shrink packaging material made from eco-friendly and biodegradable materials, addressing environmental concerns and promoting sustainable packaging practices.
Bemis Company, Inc.: Bemis Company, Inc. launched a comprehensive sustainability initiative for its shrink packaging products, focusing on reducing plastic waste through the adoption of recyclable and biodegradable materials, aligning with consumer demand for eco-friendly packaging solutions.
Features of the Global Shrink Packaging Market
Market Size Estimates: Shrink packaging market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Shrink packaging market size by type, application, and region in terms of value ($B).
Regional Analysis: Shrink packaging market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the shrink packaging market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the shrink packaging market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for shrink packaging market?
Answer: The global shrink packaging market is expected to grow with a CAGR of 5.2% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the shrink packaging market?
Answer: The major drivers for this market are growing demand for product visibility, tamper resistance, and extended shelf life, increasing adoption of automated packaging solutions for efficiency and cost-effectiveness and expansion of the food and beverage industry.
Q3. What are the major segments for shrink packaging market?
Answer: The future of the shrink packaging market looks promising with opportunities in the food packaging, beverage, and paper & textile product markets.
Q4. Who are the key shrink packaging market companies?
Answer: Some of the key shrink packaging companies are as follows:
• Dowdupont
• Aakriti Packaging
• Amcor
• Bonset America Corporation
• American Eagle Packaging Corporation
• Bemis Company
• Berry Global
Q5. Which shrink packaging market segment will be the largest in future?
Answer: Lucintel forecasts that linear low density polyethylene (LLDPE) is expected to witness the highest growth over the forecast period.
Q6. In shrink packaging market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the shrink packaging market by type (linear low density polyethylene (LLDPE), low density polyethylene (LDPE), poly vinyl chloride (PVC), and others), application (food packaging, beverages, paper & textile products, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Shrink Packaging Market Market, Shrink Packaging Market Market Size, Shrink Packaging Market Market Growth, Shrink Packaging Market Market Analysis, Shrink Packaging Market Market Report, Shrink Packaging Market Market Share, Shrink Packaging Market Market Trends, Shrink Packaging Market Market Forecast, Shrink Packaging Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.