Global Packaging Wrap Market - 2024-2031

Overview

Global Packaging Wrap Market reached US$ 10.6 billion in 2023 and is expected to reach US$ 14.4 billion by 2031, growing with a CAGR of 3.9% during the forecast period 2024-2031.

Growing e-commerce activity, stricter rules for sustainable packaging, growing consumer demand for convenience and ready-to-eat food and the requirement for longer product shelf lives are some of the factors propelling market expansion. The demand for creative, effective and sustainable packaging solutions to meet the changing tastes and lifestyles of customers looking for ready-to-eat, convenient and safe food options is being driven by the rise of the RTE segment and the packaging wrap industry.

For instance, The All India Food Processors Association predicts that increasing disposable incomes, changing consumption habits and urbanization will propel the country's food and beverage packaging sector to US$ 86 billion by 2029. According to them, the market is shifting towards natural organic, vegan and GI-tagged products, as well as health foods and environmentally friendly packaging. Thus, India contributes significantly in the global packaging market with more than 1/3rd of the regional shares.

Dynamics

Sustainability Concerns

Innovation in package wraps is being driven by ongoing improvements in packaging technology, including active packaging solutions, nanotechnology and smart packaging. The developments are intended to increase overall functionality, increase shelf life and improve product safety.

Requirements from regulations and a growing environmental consciousness have fueled the transition to sustainable packaging. Packaging wraps made of recyclable, compostable and biodegradable materials are becoming more popular as the need to reduce plastic waste and carbon emissions grows.

For instance, in March 2024, Ineos Olefins & Polymers Europe, announced a collaboration with its supply chain partners to develop premium film packaging with more than 50% recycled content. While using at least 30% recycled material, the new pallet stretch-hood packaging film performs identically to a film that was previously constructed entirely of virgin resin.

E-Commerce Expansion

E-commerce companies are paying more attention to environmentally friendly packaging options as a result of customer demand and worries. In line with the sustainability objectives of e-commerce companies, this promotes the creation and use of eco-friendly packaging wraps with features such as recyclable materials, biodegradable alternatives and less packaging waste.

The need for innovative, robust and customized package wraps is still being driven by the world's e-commerce sector's explosive expansion. To meet the unique requirements of e-commerce companies, producers and suppliers in the packaging sector work hard to develop and enhance packaging materials, designs and efficiency. The helps to support the growing e-commerce market.

Recycling and Waste Management Challenges

Packaging wraps are challenging to recycle because they can include a variety of components, including laminates, mixed materials and multilayer polymers. Because of the intricacy of these compositions, recycling attempts are hampered because it becomes both economically and technically impossible to separate and manage these elements.

The effective collection, sorting and processing of package wraps is hampered in some areas or nations by inadequate recycling infrastructure. Low recycling rates and an increase in the quantity of packaging trash dumped in landfills or burned are caused by inadequate facilities and recycling systems.

Competition and Price Sensitivity

Manufacturers of packaging wraps are compelled by intense competition to innovate and set themselves apart from the competitors. Companies invest expenditure on R&D to provide innovative, useful and reasonably priced packaging solutions.

Investments in modern technology and machinery to increase manufacturing efficiency are encouraged by competition. To fulfil market needs, minimize production costs and improve overall efficiency, manufacturers can benefit from automation, smart packaging solutions and streamlined procedures.

Segment Analysis

The global packaging wrap market is segmented based on material, product, end-user and region.

Growing Capacity Expansion Drives the Segmental Growth

Manufacturers of packaging wraps could increase their manufacturing capacities by expanding their facilities. Meeting the increased need for packaging wraps, particularly in quickly expanding sectors like e-commerce, food and beverage, medicines and transportation, is made possible by scaling up production.

Stretch film manufacturing at Sigma Stretch has expanded to all five of its plants in North America and Canada. Establishing new production or distribution facilities in other states or nations is a common step in facility expansions. By using this expansion method, businesses may penetrate new markets, accommodate local tastes, cut expenses associated with transportation and broaden their global reach.

Geographical Penetration

Innovative Product Launches Leads to the Regional Market Growth

The launch of new products frequently results in a rise in the need for packaging wraps. Innovative product launches across a range of industries, including food and beverage, medicines, personal care and electronics, necessitate the use of specialist packaging wraps to protect, preserve and advertise these products.

For instance, Dow and Thong Guan, a global manufacturer of plastic stretch cling film, have unveiled a new line of bio-based polyethylene (bio-PE). Enabling industry suppliers to make high-performance plastics while lowering carbon footprint, represents a significant milestone in the commercialization of a plastics offering made from renewable feedstock in the region. Therefore, Asia-Pacific is accounting for the largest market shares in the global product market.

COVID-19 Impact Analysis

The epidemic increased demand for necessities like food, hygiene products and medical supplies. As a result, there was a greater demand for packaging wraps to guarantee the secure delivery, storage and transit of these necessary products.

Lockdowns and other social distancing techniques resulted in a significant shift in consumer behavior towards internet buying. The surge in e-commerce has led to a significant increase in demand for packaging wraps that are suited for protecting various products ordered online. The has, in turn, driven expansion in the packaging wrap market.

Russia-Ukraine War Impact Analysis

Global supply chains can be disrupted by geopolitical tensions, which can have an impact on where raw materials for packaging wraps are sourced. The supply of essential materials required in the manufacturing of packaging may be disrupted by unstable economic relations between the warring parties.

Currency exchange rate changes brought on by geopolitical disputes can impact import and export prices. Unfavorable exchange rates may result in higher prices for packaging wrap makers who depend on imports for specific raw materials.

By Material

• Plastic Film
• Paper & Paperboard
• Aluminum Foil
• Others

By Product

• Stretch Films
• Shrink Films
• Others

By End-User

• Food and Beverages
• Pharmaceuticals & Healthcare
• Logistics & Transportation
• Retail & Consumer Goods
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On April 11, 2023, Antalis, a K-based supplier of packaging solutions, has expanded and modernized its pallet wrapper and "Master'in" film product lines.
• In April 2024, Cox and Co., a European packaging solutions manufacturer, announced the launch of its new paper flow wrap solution for packaging finished chocolate and confectionery products.
• In May 2024, Mondi, a multinational manufacturer of packaging solutions, announced the launch of TrayWrap, a new packaging wrap solution for coffee brewing. Tray wrap comes with the all the advantages of the company's StretchWrap technology.

Competitive Landscape

The major global players in the market include Berry Global Inc., Dow Inc., Amcor plc, Sealed Air Corporation, Sigma Plastics Group, Intertape Polymer Group, Knoll Packaging, Bemis Company, Inc., UFLEX Ltd. and Toray Plastics (America), Inc.

Why Purchase the Report?

• To visualize the global packaging wrap market segmentation based on material, product, end-user and region, as well as understands key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of packaging wrap market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Metalworking Activity mapping available as excel consisting of key metalworking activities of all the major players.

The global packaging wrap market report would provide approximately 61 tables, 59 figures and 190 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies