LONDON--(BUSINESS WIRE)--The stretch and shrink film market size is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing demand for packaged foods and beverage products is expected to boost the stretch and shrink film market growth during the forecast period. The packaged food and beverage sector requires durable packaging to maintain quality and taste. The increasing food demand has led many vendors to offer innovative packing designs and materials to prevent food contamination and increase their customer base. Stretch and shrink films are extensively being used in packaging of food products such as pizza, cheese, fruits, and chocolate to give better aesthetic appeal and prevent contamination. The increasing penetration of supermarkets, hypermarkets, convenience stores, and e-retailing will further fuel the demand for stretch and shrink films.
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As per Technavio, the increasing adoption of bioplastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Stretch and Shrink Film Market: Increasing Adoption of Bioplastics
Growing environmental concerns have increased the adoption of bio-based plastics in several end-user industries such as food and beverages, fiber and textile, paper and printing, and electronics. Stretch and shrink films are widely used in these end-user industries for packaging of materials. The increasing benefits of bioplastic packaging are expected to encourage packaging manufacturers to move toward bioplastics. Though the adoption rates are slow compared to conventional plastics, the bioplastics segment is expected to completely replace the conventional plastics over time due to rising environmental concerns. Thus, the advent of bioplastics is one of the key trends that will support market growth during the forecast period.
“Apart from the increasing adoption of bioplastics, other factors such as the growth in the retail sector, and the increasing use of LLDPE over other forms of polyethylene will have a significant impact on the growth of the stretch and shrink films market during the forecast period,” says a senior analyst at Technavio.
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Stretch and Shrink Film Market: Segmentation Analysis
This market research report segments the stretch and shrink film market by type (stretch film and shrink film), application (food and beverages, industrial/bulk, consumer goods, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The dominance of the stretch and shrink film market share in APAC can be attributed to factors such as increasing industrialization, and rising demand for stretch and shrink film products from end-user industries such as food and beverages, and consumer goods.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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