Food wrap films is expected to witness new investments and growth opportunities
Food packaging plays an important role in keeping the food quality safe while handling and transportation. Food wrapping film is one of the most commonly available and preferred solution for food packaging. It is referred to by various names, such as saran wrap, plastic film and cling film. These films are mostly used to seal food items inside the container, in order to keep them fresh for a longer period. It protects the food products from contamination caused by microorganisms, air, and moisture, and helps prevent food spilling and leakage.
The Dow Chemicals developed the first plastic wrap in 1933 and the company commercialized the product as ‘saran plastic wrap’ in 1949. Initially, food wrap films were made of polyvinyl chloride; however, now, there are number of alternative materials available for the manufacturing of this film. Currently, majority of the consumers are increasingly focusing on using food wrap films, which are approved by the government-authorized bodies such as FDA, for food contact. The most commonly used raw materials for the production of food wrap films are polyolefin, low-density polyethylene, polypropylene, etc. Besides, there has been a significant rise in the usage of biodegradable materials for food packaging. Researchers and manufacturers, in collaboration, are trying to modify conventional plastic and innovate new materials for ensuring and maintaining safe and hygienic food packaging practices. Food wrap films made out of these new materials are ideal for direct food contact, in view of their various beneficial features, such as they offer resistance to external environment, are suited for freezer and cold storage use, are smoke and odor free, and are also durable.
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Evolving life style of consumers, increasing health and environmental awareness, and supportive environmental policies implemented by various governments across the globe are the major factors responsible for the increasing global demand for food wrap films and, thereby, their market growth. Owing to its value added applications, right from protection of food products to their safe distribution and transportation, the market for food wrap films is expected to witness new investments and growth opportunities, especially in the developing countries. Besides, the food wrap films market is expected to continue to grow steadily in developed nations, wherein consumers need the product regularly for garbage storage and handling. The main growth drivers for the market are private consumers, retailers, and local packaging firms, which are focusing more on delivering the product in the local market.
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However, presence of big and small retailers and increasing consumer preference for using cheap local products has created a highly competitive environment for big brands in the food wrap films market.
The global food wrap film market is segmented based on material type, product type and end user. By material, the global food wrap film market is segmented into conventional plastic and biodegradable plastic. By type, the market is segmented into shrink film, stretch film, coated film, non-coated film, and others. By end user,the market is segmented into private consumers and industrial consumers.
By geography, the global food wrap film market has been classified into seven key regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, the Middle East & Africa, and Japan. The global food wrap film market is anticipated to expand at a double digit CAGR over the forecast period. Asia Pacific market is expected to be the most attractive market for food wrap film packaging due to rise in end use applications of the packaging type in the region. As of 2016, China is the largest food wrap film market in Asia Pacific, followed by India, and the market in these countries is expected to grow rapidly in the near future. North America, followed by Western Europe, are the other prominent regions projected to hold a promising future growth potential in the food wrap film market by the end of 2026.
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Some of the key players in the global food wrap film market are US Packaging and Wrapping LCC, DM Packaging, Jhaveri Flexo India Ltd., Specialty Polyfilms Pvt. Ltd., Xiongxian Liya Packing Material Co., Ltd., Suzhou Innovation Packaging Materials Co. Ltd., Ricken Technos Corp., Mpact Limited, CeDo Ltd., and PrintPac Inc.
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