Packaging Films Market Forecast With Potential Impact, Despite Covid-19 Pandemic, Finds FMI 2022 - 2032

 

Edible packaging films are expected to be the new normal in the food industry, projects Future Market Insights (FMI) in a new study. The sales in the global packaging films market will grow by 3.9% CAGR through 2032.

Consumers are increasingly focusing on sustainability and nature-based packaging products. Edible packaging is one of the booming trends in the food industry which ensures optimum utilization of the natural resources for packaging. Edible packaging is not only available in rigid formats but also in flexible formats such as edible packaging films. Many of the companies are following research on manufacturing edible packaging films that are made from food products, safe for human beings and other animals, and easy to digest.

The global packaging films market is estimated at US$ 143.7 billion in 2022 and is projected to reach US$ 209.7 billion by 2032, at a CAGR of 3.9% from 2022 to 2032.

For instance, Agricultural Research Services (ARS), the U.S. Department of Agriculture, has formulated food wraps from casein. These packaging films/wraps are having many nutritional values as it is made up of milk protein. Therefore, these packaging films are edible and help to reduce waste.

Besides this, an international group of scientists from India and Russia has developed edible packaging films for food packaging such as vegetables, fruits, seafood, meat, poultry, etc. As these packaging films are made up of natural ingredients, they are completely soluble in the water and safe for health and the environment.

Based on the aforementioned factors, FMI predicts that edible packaging films and wraps are giving a new dimension to the packaging industry and are the new normal for the food industry.

Key Takeaways from Packaging Films Market

· The polyethylene (PE) films represented 35% of packaging films market in 2021.

· Demand for packaging films in the food industry will grow at a CAGR of 4.2% between 2021 and 2031.

· India packaging films market is projected to register a CAGR of 5.6% during the forecast period followed by China with a CAGR of 4.2%.

· China will continue to remain the largest market with a market. It held a share of 22% in 2021.

“Innovations are expected to pick up pace in the packaging films market. With stringent bans on single-use plastic use, the focus on recyclable materials will grow higher. Likewise, packaging film producers are expected to focus on more sustainable materials to stay ahead of the curve,” said a lead FMI analyst.

Consistently Increasing Adoption of Flexible Packaging Formats Motivating Key Players for Manufacturing High Barrier Strength Packaging Films

Pre-made pouches have gained significant traction for packaging applications in pet food and baby food products. There are huge opportunities in the pet food and baby food packaging market for existing manufacturers and new entrants to establish their market presence. Pre-made pouches are expected to outpace other packaging products (such as folding carton, jars, trays, and thin wall plastic containers) in these categories.

Consumers prefer convenient packaging solutions that offer high-barrier properties and long shelf life. The demand for pre-made pouches for baby food is increasing at a much faster pace than before due to the introduction of different closure systems and easy resealability of these pouches. Additionally, pre-made pouches are made up of FDA approved materials that assure the safety of food products packed inside.

Pre-made pouches for pet food packaging are gaining attention due to their retort application, easy resealability, transparency, and high-barrier properties. Brand owners are also preferring pre-made pouches over other rigid packaging products to gain cost competitiveness and increase profitability margins through a reduction in transportation and raw material costs.

Further, product safety during transportation is the prime concern of many end users. Packaging films minimizes the risk of product damage and contamination. These films are not only used as a primary or secondary packaging formats, but also used as a tertiary packaging format. Packaging films such as stretch films and shrink films are used for wrapping around the pallet based bulk packages and ensures slip-free transportation of products.

To cater with the increasing consumption of flexible packaging formats, key players are planning for two-fold investment for increasing production capacity of packaging films. Some of the manufacturers are also investing on research and development activities for boosting barrier strength of these films.

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.

Packaging Films Market By Category

·       By Material Type, Packaging Films Market is segmented as:

·       Polyethylene (PE)

·       Polypropylene (PP)

·       Polyethylene Terephthalate (PET)

·       Polyvinyl Chloride (PVC)

·       Polyamide (PA)

·       Ethyl Vinyl Alcohol (EVOH)

·       Polyvinyldiene Chloride (PVDC)

·       Bioplastics

·       Others

·       By Product Type, Packaging Films Market is segmented as:

 

·       Pouches

·       Bags & Sacks

·       Tubes

·       Liners

·       Sachets & Stick Packs

·       Tapes & Labels

·       Wraps/Rolls

By End Use Packaging Films Market is segmented as:

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, Packaging Films Market is segmented as:

·       North America

·       Latin America

·       Europe

·       Middle East and Africa

·       East Asia

·       South Asia

·       Oceania

Packaging Films Market Report

Global packaging films market by material type (polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, polyamide, ethyl vinyl alcohol, polyvinyldiene chloride, bioplastics, and others), by product type (pouches, bags & sacks, tubes, liners, sachets & stick packs, tapes & labels, and wraps/rolls), by end-use (food, beverages, homecare products, personal care products, healthcare products, electronics & electrical, and other industrial goods) across seven regions.

Get Detailed Study @ https://www.futuremarketinsights.com/reports/packaging-films-market