Twist Wrap Film Market: Primed for Continued Expansion, Forecasted to Further Expand at a Steady Compound Annual Growth Rate (CAGR) of 4.3% by 2033

According to research by Future Market Insights, the global twist wrap film market is projected to reach US$ 1.5 billion in 2023 and is poised for continued expansion, with a forecasted compound annual growth rate (CAGR) of 4.3%. By the year 2033, the market is anticipated to achieve a valuation of US$ 2.2 billion. This growth trajectory underscores the increasing demand for twist wrap films across various industries, driven by factors such as the rise in convenience packaging solutions, expanding food and confectionery sectors, and advancements in film manufacturing technologies aimed at enhancing product quality and sustainability.

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

Business Growth Drivers:

1. Increased Demand for Packaged Food: With the rise in consumer preference for convenience and on-the-go consumption, the demand for packaged food items has surged. Twist wrap films are extensively used for packaging chocolates, candies, snacks, and other food products, thus driving the market growth.
2. Growing Retail Sector: The expansion of the retail sector, including supermarkets, hypermarkets, and convenience stores, has boosted the demand for attractive and functional packaging solutions like twist wrap films to enhance product visibility and appeal.
3. Innovations in Packaging: Manufacturers are continuously innovating to develop twist wrap films with improved barrier properties, printability, and sustainability features, catering to the evolving needs of the packaging industry.
4. Rising Disposable Income: As disposable incomes increase, consumers are willing to spend more on premium and indulgent food products, which often come packaged in aesthetically appealing twist wrap films, further driving market growth.
5. Globalization and Urbanization: Urbanization trends and the expansion of the middle-class population worldwide have led to a higher demand for packaged goods, thereby fueling the growth of the twist wrap film market.
6. Environmental Concerns and Sustainability: The growing awareness of environmental issues has prompted manufacturers to develop eco-friendly twist wrap films made from biodegradable or recyclable materials, aligning with consumer preferences for sustainable packaging solutions.

Industry Restraints:

1. Raw Material Price Volatility: Fluctuations in the prices of raw materials used in twist wrap film manufacturing, such as plastics and aluminum, can impact production costs and profit margins, posing a challenge to market players.
2. Regulatory Compliance and Standards: Compliance with stringent regulations related to food contact materials, recycling, and environmental sustainability adds complexity and cost to twist wrap film manufacturing processes, potentially hindering market growth.
3. Competition from Alternative Packaging Solutions: Alternative packaging formats such as pouches, trays, and flow wraps may offer advantages in terms of convenience, shelf-life extension, or cost-effectiveness, posing competitive pressure on the twist wrap film market.
4. Limited Shelf Life: Certain types of twist wrap films may have limitations in terms of shelf life, especially when used for products susceptible to moisture or oxygen ingress, impacting their suitability for certain applications and markets.
5. Perception of Single-Use Plastics: The negative perception of single-use plastics and concerns about plastic pollution may affect consumer preferences and prompt shifts towards packaging alternatives, challenging the market for traditional twist wrap films.
6. Supply Chain Disruptions: Disruptions in the supply chain, such as logistics bottlenecks or raw material shortages, can disrupt production schedules and lead to delivery delays, affecting market stability and customer satisfaction.

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.

Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/7449

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:        

Nandini Singh Sawlani

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