The global shrink wrapper market is on a trajectory of substantial growth, with a promising outlook for the coming decade. In 2022, the market is expected to reach US$ 842.3 million, and it is projected to achieve a remarkable CAGR of 7.2%, ultimately surpassing US$ 1.7 billion by 2032. This impressive growth is driven by various factors, including the increasing demand for shrink wrappers in the food and beverage sector, where it is expected to grow at a CAGR of 6.1%.
Shrink wrappers are gaining popularity not only in the food and beverage industry but also in consumer electronics, cosmetics, and personal care sectors, offering 360-degree protection from environmental factors such as dust, moisture, and UV rays. Their versatility allows them to be used in different stages of packaging, from primary to secondary or tertiary, with a significant focus on primary and secondary packaging and bundling of smaller products, accounting for approximately 80% of industry usage.
Unlock Valuable Knowledge: Get a Report Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-14996
Furthermore, it’s noteworthy that the shrink wrapper market constitutes a substantial share, estimated at 2-6%, of the global packaging machines market, which was valued at US$ 49 billion in 2021. This indicates the significance of shrink wrappers in the broader packaging machinery landscape and underscores their vital role in modern packaging solutions.
Additionally, the shrink wrappers are expected to outpace stretch wrappers in next five years. Unlike stretch films, shrink films used in the wrapping machine shrinks according to the shape of the product being packaged when heat is applied, and it gives a glossy and enhanced look.
Therefore, shrink wrappers are primarily preferred in the industries where end users want to display the product on shelf stores. Furthermore, to increase impulse purchase of the products, printed shrink wrap is gaining significant traction. On the back of above-mentioned benefits, the global shrink wrapper market is estimated to witness lucrative growth opportunities during the assessment period.
The demand for automatic shrink wrapper machines is expected to gain momentum as these machines offer an efficient and a fast way to bundle the product packaging, and are equipped with a PLC control system and safety protection.
Automatic shrink wrapping machines are easy to operate and maintain, and they automatically perform the scraps discharge process. These machines are widely used for packaging various products with different shapes and sizes. Shrink packaging helps to reduce production output time and the cost of safe packaging material. These factors are driving the demand for the shrink wrappers across the globe.
“Increase in the consumption and production of packaged food, along with rising demand for frozen foods are expected to propel the shrink wrapper market,” says an FMI analyst.
Key Takeaways:
By product type, L-bar sealers are expected to hold more than 2/5th of the total market share by 2032.
Based on end-use industry, the food and beverage segment is forecast to hold 34% of the total market share by 2032.
Consumption of shrink wrappers in food and beverage industry is expected increase 1.9 times of the current consumption value by 2032.
Sales in the U.S. shrink wrapper market are expected to increase at a 5.8% CAGR over the assessment period.
India will emerge as a lucrative pocket, with demand projected to grow at an 8.3% CAGR through 2032.
Ask an Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-14996
Shrink Wrapper Market Landscape
The shrink wrapper market is expected to witness tough competition due to the increasing number of market participants across various nations. The demand for packaging formats that cut down the lead/processing time and ensure contamination-free packaging is creating significant opportunities for key players.
Some of the estimated leading players of the shrink wrapper market include Shorr Packaging Corp., Texwrap Packaging Systems LLC, nVenia LLC, Eastey Enterprises Inc., Standard-Knapp, Inc., Shrinkwrap Machinery Co. Ltd., Klikwood Corporation, Sidel Group, Robopac-Aetna Group S.p.A, and Clearpack.
Shrink Wrapper Market Report
Future market insights, in its new report, offers an unbiased analysis of the global market for shrink wrapper market by product type (L-bar sealers, I-bar sealers and side sealers), by process (manual, semi-automatic and automatic), by end use industry (food & beverage, pharmaceutical, cosmetics & personal care, home care, automotive, electrical & electronics, and logistics & transportation) across seven regions.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Buy Now: https://www.futuremarketinsights.com/checkout/14996
Global Shrink Wrapper Market by Category
By Product Type:
- L-bar Sealers
- I-bar Sealers
- Side Sealers
By Process:
- Manual
- Semi-Automatic
- Automatic
By End Use Industry:
- Food & Beverage
- Pharmaceutical
- Cosmetics & Personal Care
- Home Care
- Automotive
- Electrical & Electronics
- Logistics & Transport
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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:
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