The cling film market is on a growth trajectory, projecting a 3.0% revenue increase in 2021 and an impressive valuation of US$ 1.9 billion by 2031, doubling its worth. According to Future Market Insights (FMI), sustained expansion is expected, with a steady 5.0% compound annual growth rate (CAGR) until 2031. Notably, over half of the sales are projected to stem from the food industry, while consumer goods demand is set to surge at a higher pace of 5.2% CAGR during the assessment period. The market’s evolution underscores its significance across diverse sectors and consumer needs.
Key Points:
- Cling film market: 3.0% revenue increase in 2021.
- Valuation to double by 2031, reaching US$ 1.9 billion.
- Anticipated 5.0% CAGR through 2031.
- The food industry drives over 50% of sales.
- Consumer goods demand grows at 5.2% CAGR.
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Inside the food business, cling films are utilized for safeguarding leafy foods, meat, fish, dairy items, frozen food varieties, and different things against tainting and further develop their time span of usability. Other than this, cling wraps are utilized for bundling of non-food things like shopper merchandise, medical services items, and that’s just the beginning.
Cling film safeguards items from getting defiled by keeping them new while additionally upgrading timeframe of realistic usability. Cling film is basically utilized for transient protection for in a hurry food and online conveyances through internet business channels. These variables are recognized as basic elements driving the cling films market.
Cling films give assurance against different organic, compound and actual dangers. Cling films are likewise utilized as a boundary on injuries by not permitting dampness or microorganisms to influence the region. The development of the cling film market is additionally modestly determined by the medical care industry as no other material other than plastic fulfills the prerequisites.
The interest for bundled food has expanded dramatically in the beyond couple of years. This development is essentially because of changing way of life and the subsequent utilization of instant food items.
Significant cheap food retailers like Pizza Hut, Mcdonald’s, Dominos, Subway, and KFC have proactively laid out their presence in the North American area. The developing interest for in a hurry and cheap food items will set out huge open doors for bundling producers to develop alongside the market.
Food organizations are searching for bundling producers who can offer great and effective bundling arrangements at less expensive expenses. These elements are probably going to drive the interest for cling film across North America.
Key Takeaways from the Cling Film Market Study
Polyvinyl chloride is expected to create incremental opportunity of US$ 508.3 million by 2031. It is cost-effective and suitable for recycling processes.
Cling film products up to 9 microns in thickness is estimated to increase 1.7 times by the end of 2031, attributed to clear and transparent packaging for food product displays.
Canada is expected to reflect faster growth in North America, with a 6.5% CAGR due to the presence of key players and the availability of technological advancements.
Germany leads Western Europe accounting for 26% of the value share by 2031, owing to relatively higher production capacity.
China will continue to dominate APEJ holding over 40% of the market through 2031, supported by a large base of end users and manufacturers.
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“With competition expected to get fiercer, market players are expected to focus on capacity expansion. Mergers and acquisitions will remain key strategy as companies aim for strengthening their global footprint,” said a lead analyst at FMI.
What is the Impact of COVID-19 on the Cling Film Market?
The packaging value chain has an important role to play in finding future-proof solutions to meet sustainability and resource-efficiency requirements arising during the covid-19 pandemic.
Demand will rise for packaging used in dietary supplements, fruits & vegetables, frozen & processed food items, meat, seafood, consumer goods and more. Consumers are transitioning to online grocery purchases and online food deliveries for safe high-quality packaging.
Cling film can be packed closely to the product, with transparency, appearance, and cleanliness with dustproof and moisture resistant properties. The rise in manufacturer and consumer preference towards cling films for its efficient qualities are driving sales.
Competitive Landscape
Companies operating in the cling film market are aiming for strategic collaborations and partnerships with other manufacturers to expand their portfolio and production capacity.
- In 2021, Berry global group Inc. announced an investment of more than $70 million in food & beverage, e-commerce and consumer goods sector to support continued growth in consumer packaging films.
- In 2020, Gruppo Fabbri Vignola S.p.A developed a certified compostable cling film that is appropriate for food packaging. The cling film will have an ideal combination of breathability, aesthetics, and mechanical performance and is also suitable for industrial uses.
- Compostic announced the launch of certified home-compostable plastic alternative cling film for consumers in the U.S. through online sales channels in 2021.
Who is Winning?
Tier 3 players in the cling film market hold 80-90% of the overall value share. Key players contribute up to 20% of the global demand. Capacity expansion and material innovation strategies will remain important in the coming decade.
Berry Global, Intertape Polymer Group, Gruppo Fabbri Vignola S.p.A, Klockner Pentaplast Europe GmbH & Co. KG, Anchor Packaging, Wrapex Limited, and among others are the prominent players in the global cling film market.
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Cling Film Market by Category
By Material type:
- Polyethylene
- Low Density Polyethylene (LDPE)
- High Density Polyethylene (HDPE)
- Linear Low Density Polyethylene (LLDPE)
- Bi-axially Oriented Polypropylene (BOPP)
- Polyvinyl Chloride
- Polyvinylidene Chloride
- Others
By Thickness:
- Up to 9 micron
- 9 to 12 micron
- Above 12 micron
By End Use:
- Food
- Meat
- Seafood
- Baked Foods
- Dairy Products
- Fruits & Vegetables
- Ready to Eat Meals
- Others
- Healthcare
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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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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