The packaging film market is projected to experience steady growth, reaching US$149.6 billion in 2023 and surging to US$223.5 billion by 2033, with a CAGR of 4.1%.
The growth in emerging countries can be attributed to factors like urbanization, rising consumer disposable income, and the increasing demand for packaged foods. Consumers are now more inclined towards products that use natural ingredients and environmentally friendly materials for packaging. As a result, edible packaging films have emerged as a prominent trend in the food industry.
These innovative films, made from food ingredients, are not only easy to digest but also safe for both humans and animals. Moreover, they promote sustainable packaging practices by optimizing the use of natural resources.
For instance, the Agricultural Research Services (ARS) of the United States Department of Agriculture has developed casein-based food wraps that are highly nutritious and completely edible, thus reducing waste. Similarly, a multinational team of scientists from Russia and India has created edible packaging sheets using natural materials that dissolve completely in water, ensuring safety for human health and the environment.
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Given these factors, Future Market Insights (FMI) predicts that edible packaging films and wraps will revolutionize the packaging industry and set a new standard in the food market, driving growth and innovation in the packaging film market
Key Takeaways from the Packaging Films Market:
- Polyethylene (PE) films accounted for 35% of the packaging films market in 2021.
- The demand for packaging films in the food industry is expected to grow at a CAGR of 4.2% from 2021 to 2031.
- The packaging films market in India is projected to register a CAGR of 5.6% during the forecast period, followed by China at 4.2%.
- China is expected to remain the largest market, holding a share of 22% in 2021.
- Innovations in the packaging films market are anticipated to accelerate. With strict bans on single-use plastics, there will be a greater focus on recyclable materials. Packaging film producers are expected to prioritize more sustainable materials to stay ahead of the evolving industry trends, as stated by a leading FMI analyst
Packaging Films Market Landscape
Berry Global, Mondi Group, Ampac Holdings, LLC., Huhtamaki Oyj., Smurfit Kappa, WestRock Company are some of the Tier 1 players of global packaging films market.
Key manufacturers operating in the packaging films market are focusing on producing lighter-weight, durable and sustainable products. Several mergers & acquisitions and innovations are taking place in the industry as there is synergy in forward as well as backward integration. · Recently in March 2022, Clearlake Capital has agreed to acquire Intertape Polymer Group. Intertape is one of the leading manufacturers of packaging films and many other products. Through this acquisition the company is planning to extend production capabilities of tapes and shrink films and increase industrial and retail customers.
- In March 2022, BASF and a Germany located packaging films manufacturer DuoPlast launched world’s first stretch PE blown film for potential use in the explosive areas.
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Packaging Films Market By Category
By Material Type, Packaging Films Market is segmented as:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Ethyl Vinyl Alcohol (EVOH)
- Polyvinyldiene Chloride (PVDC)
- Bioplastics
- Others
Packaging Films Sales: Factors Driving Growth
Packaging Films Sales in China: Growing demand due to population growth, increasing disposable income, and sustainable packaging adoption.
Germany: Key contributor in Europe with strong manufacturing base, advanced infrastructure, and emphasis on eco-friendly solutions.
Packaging Films Growth in India: Rapid growth fueled by increased demand in various industries, rising disposable income, and government initiatives promoting sustainability and technological advancements.
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By Product Type, Packaging Films Market is segmented as:
- Pouches
- Bags & Sacks
- Tubes
- Liners
- Sachets & Stick Packs
- Tapes & Labels
- Wraps/Rolls
By End Use Packaging Films Market is segmented as:
- Food
- Meat, Seafood and Poultry
- Ready to Eat Meals
- Dairy Products
- Bakery and Confectionery
- Other Food Products
- Beverages
- Alcoholic Beverages
- Non-Alcoholic Beverages
- Homecare Products
- Personal Care Products
- Healthcare Products
- Electronics & Electricals
- Other Industrial Goods
By Region, Packaging Films Market is segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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