Anticipated to reach US$ 1.5 billion in 2023, the global twist wrap film market is poised for continuous growth, with a projected Compound Annual Growth Rate (CAGR) of 4.3%. The market is set to expand its valuation to US$ 2.2 billion by 2033. This positive trajectory is attributed to the rising demand for twist wrap films, particularly in the food and confectionery industries, emphasizing their role in product packaging. As consumer preferences and packaging innovations align, the twist wrap film market is positioned to play a vital role in meeting the evolving needs of diverse industries across the globe.
The United States is poised to maintain a substantial share, accounting for approximately 81% of the North American twist wrap film market by the end of the forecast period. This dominance can be attributed to the country’s significant contributions to the food service and food retailing industry, which plays a pivotal role in shaping the demand for packaging solutions.
According to data from the US Department of Agriculture (USDA), the food service and food retailing industry in the US was responsible for supplying food worth a staggering US$ 1.8 trillion. Notably, out of this immense value, approximately US$ 978 billion worth of food was supplied by food service facilities within the United States. This underscores the immense scale of the food service industry in the country, with a significant volume of food requiring diverse packaging solutions.
From takeout containers to food packaging for delivery services, the food service sector relies heavily on packaging to maintain food safety, hygiene, and presentation. As a result, the consumption of packaging materials, including twist wrap film, is substantial in this dynamic industry, making it a key driver for the twist wrap film market in the United States. This connection between the food service sector and packaging highlights the critical role packaging plays in the food supply chain and consumer experience.
Get our Sample Report to discover how recent industry developments, like: https://www.futuremarketinsights.com/reports/sample/rep-gb-7449
Market Drivers:
- Growing Food and Confectionery Industry: The demand for twist wrap films is often linked to the food and confectionery industry. As these industries grow, there is an increased need for effective packaging solutions, including twist wrap films for candies, chocolates, and other confectionery products.
- Consumer Preferences for Convenience and Portability: The convenience of twist wrap packaging, which allows for easy opening and resealing, can be a significant driver. Consumers often prefer products that are easy to handle and carry, which can boost the demand for twist wrap films.
- Innovation in Packaging Materials: Advancements in packaging materials, including improvements in the properties of twist wrap films such as better barrier properties, enhanced flexibility, and sustainability features, can drive market growth.
- Globalization of Trade: The globalization of trade has led to increased international movement of goods. This has driven the demand for efficient and reliable packaging solutions, contributing to the growth of the twist wrap film market.
- Rise in Disposable Income: As disposable income levels rise, consumers may be more inclined to purchase packaged goods, especially in the food and confectionery sector, contributing to the demand for twist wrap films.
Market Restraints:
- Environmental Concerns: The plastic packaging industry, including twist wrap films, faces scrutiny due to environmental concerns. The use of traditional plastics in packaging has led to increased pressure to adopt more sustainable and eco-friendly materials, which may pose a challenge to the market.
- Stringent Regulations: Regulatory measures aimed at reducing plastic waste and promoting sustainable packaging can act as a restraint. Compliance with such regulations may require manufacturers to invest in new materials and technologies, impacting the overall cost structure.
- Fluctuations in Raw Material Prices: Twist wrap films are often made from various materials, and their prices can be subject to fluctuations in the prices of raw materials, such as polymers. Volatility in raw material prices can affect the profit margins of manufacturers.
- Increasing Popularity of Alternative Packaging Formats: The rise of alternative packaging formats, such as flexible pouches and sustainable packaging solutions, may divert demand away from traditional twist wrap films, impacting market growth.
The Key players Are:
- Amcor plc
- LyondellBasell Industries Holdings B.V.
- A&M Packaging
- Polysack Flexible Packaging
- Flexipol
- Korozo Flexible
- Maxpack Co.
- Design Group UK
- Packaging Sleeves Printing
- Datec Packaging
Overall, the twist wrap film market is expected to be a lucrative market in the coming years, with a significant potential for growth and innovation. Companies operating in the twist wrap film market are expected to focus on developing new and innovative packaging solutions that meet the changing needs of consumers and address the challenges faced by the market.
Recent Developments-
- In Dec 2022, Amcor opens China’s largest flexible packaging plant in Huizhou, with an investment of almost US$ 100 Million to strengthen its position in the Asia Pacific region.
- In Oct 2022, LyondellBasell announced a signed agreement with ExxonMobil, and Cyclyx to advance the development of plastic waste sorting and processing facility in the Houston area.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-7449
Twist Wrap Film Market Segmentations-
By Material
- Plastic
- PE
- PET
- PVC
- Others
- Paper
- Metal (Foil)
By Printability
- Printed
- Non-printed
By Thickness
- Below 20 Micron
- 20-25 Micron
- Above 25 Micron
By Application
- Confectionery Packaging
- Candy Wraps
- Chocolate Wraps
- Gums
- Sweets
- Other
- Gift Wrapping
- Personal Care
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
