NEW YORK, United States, July 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Shrink Film for Beverage Multipacks Market- Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. According to the latest research study, the global shrink film for beverage multipacks market size was valued at around USD 1237 million in 2022. The market is expected to grow above a CAGR of 6.53% and is anticipated to reach over USD 2035 million by 2030.
The report delves deeper into several crucial aspects of the global shrink film for beverage multipacks market. It includes a detailed discussion of existing growth factors and restraints. Future growth opportunities and challenges that impact the shrink film for beverage multipacks industry are comprehensively addressed in the report.
Shrink Film For Beverage Multipacks Market Overview:
A shrink film, also known as shrink wrap, is an extremely versatile polymer material. Typically, it is utilised for the packaging of finished products. Shrink film for beverage multipacks is specially designed to protect and package beverage multipacks, including alcoholic and citrus beverages. A thermal source and the proper type of shrink film are required for the operation of shrink films. Using these polymers, beverage multipacks can be packaged securely by imparting heat to the film, which is typically passed through a gas or electric heat gun or a conveyor heat tunnel. These elements aid in securely wrapping the film around the item, and the resulting packaging solution provides the product with transparency, clarity, durability, resistance to external contaminants, and protection of the highest quality.
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Key Insights from Primary Research
- As per the analysis, the Shrink Film For Beverage Multipacks market share is likely to grow above a CAGR of around 6.53% between 2023 and 2030.
- The Shrink Film For Beverage Multipacks market size was worth around USD 1237 million in 2022 and is estimated to hit approximately USD 2035 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The shrink film for beverage multipacks market is projected to grow at a significant rate due to the growing sale of beverage multipacks
- Based on type segmentation, printed shrink film was predicted to show maximum market share in the year 2022
- Based on application segmentation, water & carbonated soft drinks was the leading application in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Shrink Film For Beverage Multipacks Market: Growth Drivers
- Growing sale of beverage multipacks to drive market growth
The global market for shrink film for beverage multipacks is anticipated to expand due to the rising demand for beverage multipacks. In terms of product availability and consumer demand, the market for beverages, including alcoholic and non-alcoholic beverages, is extremely dynamic. With the emergence of ready-to-drink beverages, fruit-based drink consumption has increased significantly.
This can be attributed to beverage manufacturers' substantial investments in research and development (R&D) to better comprehend consumer trends and expectations. In addition, the increase in the number of product offerings, with each brand employing intense product diversification strategies based on regional per capita income, spending habits, and general demand, has helped the beverages market reach new heights over the past decade.
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Shrink Film For Beverage Multipacks Market: Restraints
- Negative impact of shrink films on the environment to restrict market expansion
Shrink films are polymers derived from plastic. Polyethylene (PE), polyvinyl chloride (PVC), and polyolefin (POF) are the three primary shrink films used in the packaging industry today. Research indicates that PE's recycling capabilities are insufficient. In addition, several nations lack efficient plastic recycling systems. In contrast, even when PVC is recycled, it encourages the use of hazardous additives and tends to impede the recycling of other plastic products. If PVC is dumped in landfills, it can cause the discharge of harmful and toxic additives, resulting in a decline in soil quality.
According to Earth.org, more than 400 million tonnes of plastic waste are produced annually on a global scale. This has led regional governments to hold corporations accountable for plastic pollution.
Competitive Players
The report contains qualitative and quantitative research on the global shrink film for beverage multipacks market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global shrink film for beverage multipacks market include;
- Sealed Air Corporation
- Coveris Holdings
- Berry Plastics Corporation
- Reynolds
- Amcor
- Sigma Plastics
- Clondalkin
- Polyrafia
Shrink Film For Beverage Multipacks Market: Segmentation
The global shrink film for beverage multipacks market is segmented based on application, type, and region.
Based on application, the global market segments are water & carbonated soft drinks, alcoholic beverages, and others. In 2022, the highest growth was observed in the water & carbonated soft drinks segment as the demand for water-based products is consistent across the globe. The increase in domestic and foreign travel, the expansion of supermarkets and hypermarkets that offer a variety of beverage multipack options, and the growing effect of the e-commerce sector on the sale of multipacks have all contributed to the segment's increased growth.
Based on type, the shrink film for beverage multipacks industry is divided into unprinted shrink film and printed shrink film. The segment with the greatest growth was unprinted shrink film due to its more affordability. Since these packaging options cannot be branded, they typically have a wider range of applications than printed shrink films, which cannot be used for other purposes. In addition, they are ideal for small and medium-sized businesses with limited expenditures, while even the largest corporations favour unprinted shrink films.
Regional Analysis:
- North America to hold control over highest market share
North America is anticipated to dominate the global market for shrink film for beverage multipacks during the forecast period. The growth rate can be attributed to the expansion of the food and beverage industry and the role of supermarkets in the sale of beverage multipacks. The increasing rate of product innovation, product diversification, and use of new packaging solutions to attract a large consumer base could further drive the regional market. Given the US government's position on plastic pollution, the market for eco-friendly shrink films is expanding.
Europe is the second-largest region in terms of revenue generation. Countries such as the United Kingdom, Germany, France, Italy, and Spain have a high demand for multipacks of beverages. As European leaders enact stricter laws against the packaging industry's contribution to environmental contamination, product innovation could be crucial to regional expansion.
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Recent Industry Developments:
- In December 2022, CORTEC Corporation launched EcoShrink™. The product is an environment-friendly shrink wrap that is certified as commercially compostable. The presence of key beverage companies operating on an international scale helps in greater progress in regional revenue.
Key questions answered in this report:
- What is the market size and growth rate forecast for Shrink Film For Beverage Multipacks industry?
- What are the main driving factors propelling the Shrink Film For Beverage Multipacks Market forward?
- What are the leading companies in the Shrink Film For Beverage Multipacks Industry?
- What segments does the Shrink Film For Beverage Multipacks Market cover?
- How can I receive a free copy of the Shrink Film For Beverage Multipacks Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 1237 Million |
| Market Forecast in 2030 | USD 2035 Million |
| Growth Rate | CAGR of 6.53% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Sealed Air Corporation, Coveris Holdings, Berry Plastics Corporation, Reynolds, Amcor, Sigma Plastics, Clondalkin, and Polyrafia. |
| Segments Covered | By Application, By Type, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global shrink film for beverage multipacks market is segmented as follows:
By Application
- Water & Carbonated Soft Drinks
- Alcoholic Beverages
- Others
By Type
- Unprinted Shrink Film
- Printed Shrink Film
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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What Reports Offers:
- Full in-depth analysis of the parent market
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- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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