The Global packaging films market is expected to be worth US$ 149.6 billion in 2023 and US$ 223.5 billion by 2033, with a CAGR of 4.1% from 2022 to 2032. The global packaging film industry is predicted to expand significantly due to increased application in pharmaceutical, food and beverage, and other industries.
The rising middle-class population and increased disposable income are predicted to propel the packaged food and personal care goods business. Over the forecast period, rising demand in these industries is expected to contribute to an increase in packaged goods and packaging films.
Developing economies are investigating the various advantages of packaged products in a variety of industrial areas to boost demand for packaging films. Plastics have non-corrosive, light, and relatively inexpensive properties that are predicted to boost global market growth for packaging films.
Industry Trends in Packaging Films:
- E-commerce Boom: The Packaging Films Market is witnessing a surge in demand due to the exponential growth of the e-commerce industry, driving the need for efficient and protective packaging solutions.
- Downgauging Trend: The industry experiences a shift towards thinner films (downgauging) as a sustainable practice, aiding the transition from rigid to flexible packaging and reducing material waste.
- Convenience and Shelf Life Focus: Consumer preferences for convenience products and the retail sector’s emphasis on longer shelf lives are significant trends boosting packaging films sales.
- Rise of Fresh Packaging: The increasing popularity of packaged fresh goods, including fruits, meat, vegetables, and seafood, is driving a notable uptick in the demand for packaging films.
- Sustainability Priority: The market is influenced by a growing emphasis on sustainability, with a focus on recyclability and environmentally friendly packaging solutions to meet consumer and regulatory expectations.
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Driving Forces Reshaping the Packaging Films Industry: A Dynamic Landscape of Innovation and Sustainability
Several important driving forces are altering the market in a dynamically expanding industry. To begin with, the increased need for sustainable and eco-friendly packaging solutions has fueled the creation of biodegradable and compostable films, which cater to environmentally concerned consumers.
Second, technological advances have permitted the creation of high-performance films with improved barrier qualities, maintaining product freshness and prolonging shelf life. Furthermore, the growth of e-commerce has increased demand for flexible packaging films that provide simplicity and durability for shipping and handling.
Changing consumer lifestyles and preferences have spurred the demand for aesthetically appealing and adaptable packaging solutions. Resulting in advancements in printing and finishing processes.
Unveiling Lucrative Opportunities in the Market: A Window to Growth and Expansion
For manufacturers, the packaging films business offers a myriad of attractive opportunities. To begin with, the growing emphasis on sustainability opens the door to the creation and adoption of recyclable and biodegradable films that cater to environmentally sensitive consumers.
Second, the brisk e-commerce industry necessitates the use of tough and protective films to preserve product integrity throughout delivery. The growing popularity of simple, single-serve packaging necessitates the development of novel films that provide portion control and longer shelf life.
The increased consumer demand for aesthetically appealing packaging opens up new markets for high-quality printing and finishing films. Emerging markets and underserved regions provide opportunities for market expansion and global reach.
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Growth Factors in Packaging Films Market:
- E-commerce Expansion: The booming growth of the e-commerce sector is a key factor propelling the Packaging Films Market, driven by the need for secure and efficient packaging for online shipments.
- Consumer Demand for Convenience: Increasing consumer preference for convenient packaging solutions is fueling the demand for flexible and easy-to-use packaging films in various industries.
- Downgauging and Sustainable Practices: The industry benefits from the downgauging trend, as companies prioritize thinner films to reduce environmental impact, aligning with sustainable packaging practices.
- Retail Sector Emphasis on Shelf Life: The retail sector’s focus on extending the shelf life of packaged goods contributes significantly to the growth of the Packaging Films Market, driving innovation in preservation technologies.
- Rising Popularity of Fresh Packaging: The growing consumer preference for packaged fresh produce, driven by factors like convenience and hygiene, is a significant growth factor boosting the demand for packaging films in the market.
Key Takeaways
- The United States may control 20% of the packaging films market.
- From 2023 through 2033, Germany maintained its 4.4% market share.
- Japan may control 5.8% of the packaging films industry.
- From 2023 to 2033, Australia held a 1% market share for packaging films.
- The Chinese packaging films market is expected to record a 5.8% CAGR until 2033.
- The India packaging films industry is expected to register a 6.4% CAGR between 2023 and 2033.
- The packaging films market in the United Kingdom is expected to thrive at a 2.9% CAGR between 2023 and 2033.
- From 2023 to 2033, the Polypropylene (PP) subcategory of the material type category might have a market share of 23.3%.
- The food segment in the end-use category may account for 33.5% of the market share between 2023 and 2033.
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:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Ethyl Vinyl Alcohol (EVOH)
- Polyvinylidene Chloride (PVDC)
- Bioplastics
- Others
By Product Type:
- Pouches
- Bags & Sacks
- Tubes
- Liners
- Sachets & Stick Packs
- Tapes & Labels
- Wraps/Rolls
By End Use:
- 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:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- 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.
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.
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