Global Stretch and Shrink Film Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth

The global Stretch and Shrink Film market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027).

A surge in the end user’s disposable income, rapid urbanization, and surging awareness about the benefits of the Stretch and Shrink Film are some of the leading factors that are contributing to the growing market of Stretch and Shrink Film, globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China is projected to allow consumers to spend more on processed and packaged foods, consumer appliances, etc., which is leading to the growing demand for the Stretch and Shrink Films., As per OCED, the household spending in Canada, China, Denmark, European Union, France, and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively.

As per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019. However, the GDP per capita witnessed a steep fall in 2020 due to the COVID-19 outbreak but it is expected that by the end of 2021 the global economy would get stabilized, and the market would be the same as it was earlier in 2019. Also, In 2021, Luxembourg has the fastest-growing economy with 5.86% and is the top country in GDP per capita (US$125,923) amongst the 10 richest economies.

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A rise in GDP per capita signifies the increased standard of living. So, consumers in the developed and developing countries where per capita income is witnessing a rise can think of spending more on their home products, health products, etc. Also, a rise in awareness about the benefits of stretch and shrink films coupled with the availability of biodegradable films is gaining traction among consumers and the market is uplifting.

Moreover, rapid urbanization across the globe is leading to the growing demand for new products related to health and wellness, day-to-day activities, and food items. Data from UN’s Population Division shows that the world urban’s populations are growing fastest. In 1950, less than 20% of Africans and Asians lived in cities, that number had increased to 43% and 51%, respectively, by 2020 South America also increased urban populations majorly during the same period, arriving at an urban population share of more than 80%, higher than that of Europe. So, rapid urbanization is acting as a growth catalyst to the Stretch and Shrink Film market.

The covid-19 pandemic has inflicted disruptions on manufacturing activities and supply chains across the globe. The pandemic-led interruptions and the lockdown norms implemented in various countries to contain the pandemic have bottlenecks in the bulk movement of non-essential goods. The factor also led to a decline in demand for retail packaging, adversely affecting the growth dynamics of the stretch and shrink film market.

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Based on the type, the market is fragmented into Stretch Film and Shrink Film. The stretch film segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. The growing beverage industry globally is one of the prominent reasons that is driving the demand for stretch films. More than 50 beverage manufacturers have made a shift from traditional corrugated boxes to multilayer shrink film packaging.

Based on the resin, the market is fragmented into PP, LLDPE, LDPE, PVC, and Others. The LLDPE segment grabbed XX% market share in 2020 and captured USD XX Mn the market. Proliferating e-commerce sector is one of the leading factors that is contributing to the growth of this segment. Moreover, rising consumer health consciousness and the move toward smaller packing sizes on account of rising nuclear households in developed economies are anticipated to fuel the growth of the segment in the upcoming years.

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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Asia-Pacific region dominated the market and grabbed major market share in 2020. Rising consumption of ready-to-eat food products in countries such as India, China, Australia is leading to the growing share of this particular segment.

Global Stretch and Shrink Film Market Segmentation

Market Insight, by Type

• Stretch Film
• Shrink Film

Market Insight, by Resin

• PP
• LLDPE
• LDPE
• PVC
• Others

Market Insight, by Application

• Food & Beverage
• Consumer Goods
• Pharmaceutical
• Others

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• AEP Industries Inc.
• Bemis Company Inc.
• Berry Plastics Corporation
• Sigma Plastics Group
• Bollore Inc.
• ExxonMobil Chemical
• American Eagle Packaging
• Flex Sol Packaging Corp.
• Barbier Group
• Dow Chemical