Throughout the projected period, the twist wrap film market is anticipated to reach US$ 1.5 billion in 2023 and is poised for continued growth at a 4.3% CAGR, ultimately reaching a market valuation of US$ 2.2 billion by 2033.
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.
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Market Projections and Growth Factors
The Twist Wrap Film Market is poised for substantial growth in the coming years. Several factors contribute to this optimistic outlook:
- Rising Confectionery Consumption: As the global population continues to grow, the demand for confectionery items remains strong. Twist wrap films play a pivotal role in preserving the quality and visual appeal of these products.
- Innovation in Materials: Ongoing research and development efforts are leading to the creation of advanced materials with enhanced barrier properties. These materials prolong shelf life, reduce food waste, and address consumer concerns about product safety.
- E-Commerce Boom: The rapid expansion of e-commerce has transformed packaging requirements. Twist wrap films are adapted for online retail, offering protective packaging that is visually appealing and durable enough to withstand the rigors of shipping.
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 Mn 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.
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Twist Wrap Film Market Segmentations-
By Material, the Twist Wrap Film Market is Segmented as:
- Plastic
- PE
- PET
- PVC
- Others
- Paper
- Metal (Foil)
By Printability, Twist Wrap Film Market is Segmented as:
- Printed
- Non-printed
By Thickness, Twist Wrap Film Market is Segmented as:
- Below 20 Micron
- 20-25 Micron
- Above 25 Micron
By Application, the Twist Wrap Film Market is Segmented as:
- Confectionery Packaging
- Candy Wraps
- Chocolate Wraps
- Gums
- Sweets
- Other
- Gift Wrapping
- Personal Care
- Others
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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.
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