Shrink Bags Market – Global Industry Analysis, Growth, Trends, Forecast 2024
In the recent past, packaging industry has focused on developing and adopting packaging solutions that address specific needs of the packaged product. Shrink bag is one of the most popular forms of packaging for several reasons. Compared to other forms of packaged product, shrink bag is much more affordable and often more times efficient for manufacturing. Shrink bags has been adopted across the industries including food, beverages and pharmaceuticals by offering excellent shrink properties like safe seals, high mechanical resistance and good clarity to many perishable fresh or frozen food products, such as sub-primal meat, smoked and processed meats, poultry, fish, cheese. Demand for shrink bags is expected to be driven by increasing adoption of shrink packaging technology across developing geographies of the globe.
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Shrink bags Market- Market Segmentation:
Global shrink bag market is segmented on the basis of technology, type, application, material type and end use industry. On the basis of technology the global shrink bags market can be segmented as automatic, semi-automatic, fully-automatic, and manual. On the basis of type, the global shrink bag market can be segmented into sleeve wrapper bag, L-sealers, side sealers, lap sealers and shrink tunnels. On the basis of application, the global shrink bags market can be segmented into trays, books, beverages, sleeve, sachet, and others. On the basis of material type, PVC, polyolefin, and polyethylene shrink films. On the basis of end use, shrink bags market can be segmented into food & beverages, personal care, home care and others.
Shrink Bags Market – Market Dynamics:
One of the significant factors contributing towards the growth of shrink bags market is the extensive growth in the retail sector, health issues and fast lifestyle. Moreover, shrink bags market is expected to grow along with the growth of hypermarket, supermarket, and online retail sales. As many of film producers have started offering customized solution to their client which is again anticipated to drive the overall films demand in North America. Another aspect towards the growth of the shrink bags market is the growing concern towards health issues and food safety, which are related to another form of packaging material such as plastic; wherein plastic is used as a raw material for making shrink bags and wraps. Adding to this, the growing disposable income among the middle-class income group is expected to drive the growth of the shrink bags market. However, the restraining factor towards the growth ofs the shrink bags market is the non-reusable nature. Increasing consumer concerns over healthy and hygienic food are expected to create major growth opportunities for players operating in the global shrink bags market over the forecast period.
Shrink Bags Market – Regional Outlook:
Geographically, the global shrink bags market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The global shrink bags market is expected to witness a stable CAGR over the forecast period of 2016-2024. Moreover, Asia-Pacific is expected to be the largest shrink bags market in terms of pouches, due to the rising consumption of dairy products. Apart from this, the extensive evolution of the retail sector in the growing economies such as India & China is expected to boost further the sales of the shrink bags market in Asia Pacific by the end of the forecast period of 2016-2024.
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Shrink Bags Market – Major Players:
Some of the major players identified across the globe in the shrink bags market are Saitech Inc, Texwrap Packaging Systems, Ballore, Berry Plastics, Arpac LLC, Shrinkwrap Machinery Co. Ltd, Yorkshire Packaging Systems, and Extreme Packaging Machinery.
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