The packaging films market is expected to witness significant growth throughout the forecast period, driven by the increasing demand for flexible packaging solutions across various industries. With a projected compound annual growth rate (CAGR) of 3.9%, the market is anticipated to expand from US$143.7 billion in 2022 to US$209.7 billion in 2032.
The growth of the packaging films market in emerging nations can be attributed to factors such as urbanization, rising consumer disposable income, and the demand for packaged foods.
Consumers are increasingly inclined towards products that utilize natural ingredients and environmentally friendly packaging. Edible packaging, including edible packaging films, has emerged as a popular trend in the food industry. Edible packaging is available in both rigid and flexible forms, with edible packaging films gaining attention. Many companies are developing edible packaging films that are easily digestible, made from food ingredients, and safe for human and animal consumption.
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For example, the Agricultural Research Services (ARS) of the United States Department of Agriculture has developed casein-based food wraps. These packaging sheets and wraps, derived from milk protein, offer high nutritional value and are edible, contributing to waste reduction.
Furthermore, a multinational team of scientists from Russia and India has developed edible packaging sheets for packaging fruits, vegetables, fish, meat, poultry, and more. These packaging films, made from natural materials, completely dissolve in water and are safe for both human health and the environment.
Based on the factors mentioned above, Future Market Insights (FMI) predicts that edible packaging films and wraps will introduce a new dimension to the packaging industry and set a new standard in the food market. The adoption of edible packaging films can offer sustainable and environmentally friendly packaging solutions while meeting the growing consumer demand for natural products.
Key Takeaways from Packaging Films Market
- The polyethylene (PE) films represented 35% of packaging films market in 2021.
- Demand for packaging films in the food industry will grow at a CAGR of 4.2% between 2021 and 2031.
- India packaging films market is projected to register a CAGR of 5.6% during the forecast period followed by China with a CAGR of 4.2%.
- China will continue to remain the largest market with a market. It held a share of 22% in 2021.
- “Innovations are expected to pick up pace in the packaging films market. With stringent bans on single-use plastic use, the focus on recyclable materials will grow higher. Likewise, packaging film producers are expected to focus on more sustainable materials to stay ahead of the curve,” said a lead FMI analyst.
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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
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
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