With a valuation of approximately US$ 29.5 billion in 2021, the global flow wraps market exhibited a year-on-year (Y-o-Y) growth of 3.3%. Forecasts indicate a positive trajectory as flow wraps sales are anticipated to witness robust growth at a healthy compound annual growth rate (CAGR) of 3.9%, reaching an impressive valuation of US$ 44.4 billion by 2032. This optimistic outlook is driven by increased consumer demand for convenient and on-the-go packaging solutions, as well as advancements in packaging technology. As the market evolves, the projected CAGR underscores a sustained upward trend, emphasizing the continued significance of flow wraps in diverse industries.
A versatile packaging format, flow wrap serves as a protective barrier, guarding products against damage, pollutants, and dust while extending their freshness. Beyond preservation, flow wrap offers additional advantages through its protective encasement, shielding items from exposure and potential hazards. Moreover, the packaging format minimizes pick-through damages that often occur at retail points by reducing direct handling, contributing to a more secure and intact presentation of products on store shelves.
In 2021, the dominance of flow wraps in the food & beverage sector fueled market growth, with notable contributions from sales in the USA. Flow wrap machine sales in key markets such as the USA, the UK, Japan, India, and China collectively comprised approximately 30-35% of the overall market share in 2021. Looking ahead from 2022 to 2032, the USA food service industry is poised to experience a robust 3.40% Compound Annual Growth Rate (CAGR). This growth is attributed to an increasing demand for safe and hygienic packaging, driving rapid evolution in the dynamics of the food service sectors and, consequently, benefiting the food service packaging market.
Request Sample Report Here: https://www.futuremarketinsights.com/reports/sample/rep-gb-5425
End users are considering cold seal packaging for flow wraps as it increases the processing speed, fast the ramp up and ramp down times and ensures less product damage. Cold seal flow wrap packaging results in almost two times less line speed compared to traditional heal seal flow wraps. As per Sonoco Products Company, cold seal flow wrap pack 300-1000 flow wraps per minute whereas heat seal flow wrap limits to 150-400 flow wraps per minute.
Key Takeaways from Flow Wraps Market
· Plastic is the most used material segment for manufacturing flow wraps and it holds a market share of 2/3rd of the total flow wraps industry. The same segment is estimated to create an incremental opportunity of US$ 12 Bn during the forecast period.
· Flow wraps in the food and beverage industry is estimated to increase 1.5x in the next decade due to increasing consumption of bakery and confectionery products among youngsters.
· China’s flow wraps industry projected to register a CAGR of 5.5% during the forecast period (2022-2032).
“Due to high competition in the global flow wrap market, manufacturers are eying on inclusion of new technologies and materials that will result in sustainable packaging. Cold seal flow wrap packaging is expected to be next normal of packaging industry boost the processing speed of packaging activities and revenue growth in the flow wrap market”- says FMI Analyst.
Flow Wraps Market Landscape
Some of the leading players included in the Flow Wraps industry are players like
- Amcor PLC,
- Constantia Flexibles Group GmbH,
- Berry Global Group, Inc.,
- Huhtamäki Oyj,
- Sonoco Products Company,
- Huhtamaki Oyj,
- Sealed Air Corporation,
- Mondi Group,
- DS Smith Plc,
- CCL Industries Inc.,
- Uflex Ltd.,
- Winpak Ltd.,
- Rengo Co. Ltd.,
- Glenroy, Inc.,
- Schur Flexibles Group,
- ProAmpac LLC,
- Goglio Group,
- Bischof & Klein GmbH & Co. KG,
- Clondalkin Group Holdings B.V.,
- Coveris Holdings S.A.,
- Interflex Group Inc.
Market Drivers:
- Convenience and Portability: Flow wraps are popular for packaging products due to their convenience and portability. The demand for on-the-go snacks and single-serving packages has driven the growth of the flow wraps market.
- Increased Shelf Life: Flow wrapping helps in extending the shelf life of products by providing a protective barrier against external elements such as moisture, air, and contaminants. This is particularly crucial for perishable goods.
- Cost-Effectiveness: Flow wrapping is often considered a cost-effective packaging solution. The efficiency of the packaging process, coupled with the use of flexible packaging materials, can contribute to reduced production costs.
- Brand Visibility and Marketing: The nature of flow wraps allows for attractive and vibrant product displays. Companies often use visually appealing packaging to enhance brand visibility and attract consumers, contributing to the growth of the market.
- Technology Advancements: Continuous advancements in packaging machinery and technology, including innovations in flow wrapping machines, can drive market growth by improving efficiency, speed, and customization options.
Market Restraints:
- Environmental Concerns: The packaging industry, including flow wraps, faces challenges related to environmental sustainability. Increased awareness of environmental issues may lead to a preference for eco-friendly packaging solutions, potentially impacting the demand for traditional flow wraps made from non-biodegradable materials.
- Regulatory Compliance: Stringent regulations related to packaging materials, labeling, and food safety can pose challenges for companies operating in the flow wraps market. Adhering to these regulations may require additional investments in research, development, and compliance measures.
- Competition from Alternative Packaging Formats: Other packaging formats, such as pouches, sachets, and rigid packaging, may compete with flow wraps in certain product categories. Preferences for alternative packaging solutions could affect the market share of flow wraps.
- Customization Challenges: While flow wraps offer some level of customization, the flexibility of certain alternative packaging solutions may be more appealing to brands looking for unique and specialized packaging options.
Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/5425
Flow Wraps industry By Category
By Material Type:
- Plastic Flow Wraps
- Paper Flow Wraps
By Thickness Type:
- Up to 25 Microns
- 26-40 Microns
- 41-60 Microns
- Above 60 Microns
By End Use:
- Food & Beverages
- Electrical & Electronics
- Personal Care and Cosmetics
- Home Care
- Pharmaceuticals
- Other End Use
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