A rapid increase in disposable income of the middle-class consumers and rising population are some of the major factors creating opportunities for the vendors in the packaging films market. Also, the rising competition amongst the food and beverages and pharmaceuticals market players has led to increased demand in the packaging films market. As per the evaluations of a newly compiled market research report from IndustryARC, the global packaging film market size stood at $90,123 million in 2018 and the demand will grow at compound annual growth rate (CAGR) of 5.20% during the forecast period of 2019 to 2025.
The IndustryARC report, titled “Packaging Film Market: By Color (White, Blue, Green & Others); By Raw Material Type (LDPE, LLDPE, HDPE); By End-User Industry (Food & Beverages, Medical & Pharmaceutical); & By Geography – Forecast (2019 – 2025),” also states that packaging film helps in protecting the product from ultraviolet radiations and improves shelf life. As the awareness expands, the opportunities will mushroom.
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Global Packaging Films Market: Leading Segments
Geographically, APAC accords the maximum growth due to the contribution from China, Australia, and India. The APAC packaging films market is growing because of the demand for packaged food, rise in the disposable income of the middle class, and strengthening healthcare infrastructure. APAC constituted for 45% of the overall opportunities in the global packaging films market, and dominance is anticipated to sustain.
On the other hand, food and beverage packaging continue to be the key application segment of the packaging films market, growing at an impressive CAGR of 7.80% during the aforementioned forecast period. The packaging films industry is a young and innovative sector with tremendous economic and ecological potential, and APAC has started to acknowledge the benefits of it and players have started investing ample money in this eco-friendly domain.
Global Packaging Films Market: Market Trends and Growth Drivers
- Growth in E-Commerce Sector
The robustness for online shopping and direct-to-consumer shipping has had a huge impact on the packaging films market. The usage of packaging films in the e-commerce sector is the most as compared to any other sector. This provides tremendous opportunities in the market for growth.
- Digitalization of Packaging
Digitalization has hit every sector in some other way, including the packaging films market. Companies are spending a huge amount of money for the R&D and innovation of it. Internet of Things (IoT) is opening up a variety of ways to interact with the customers and improve its supply chain management.
- Increasing SustainabilityDemands Pushing Product Innovation
Globally, the organizations are working towards the environment and sustainability. The packaging films are now becoming more eco-friendly and are value-added packaging that inspires the customers to buy.
- Target Group Recognition
Target group recognition is one innovation that the major players are working on. Also, digital signage element will help in focusing on the target customers. This is a high-tech solution that the companies are majorly looking at to improve on.
- Maintaining Freshness
The most important growth driver for the millennials is maintaining the simple meat and fruits and vegetables fresh for a longer duration. Due to lack of time and change in the lifestyle of millennials the demand has increased for the packaging films.
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Global Packaging Films Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global packaging films market are AEP Industries Inc., Amcor Limited, Ampac Holdings, LLC, Bemis Company, Berry Plastics Corporation, Charter Nex Films Inc., Dupont Teijin Films, Exopack Holding Corporation, RKW SE, Sealed Air Corporation, Sigma Plastic Group, Graphic Packaging Holding Corporation, Hilex Poly Co LLC, Innovia Films Ltd, and Jindal Poly Films Ltd.
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A. Flexible Packaging Market
B. Fresh Food Packaging Market
What can you expect from the report?
The Packaging Film Market is Prepared with the Main Agenda to Cover the following 20 points:
- Packaging Film Market Size by Product Categories & Application
- Packaging Film Market trends & Relevant Market Data
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End-user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Packaging Film Market Demand Analysis (Revenue & Volume)
- Country-level Analysis
- Competitor Analysis
- Packaging Film Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Packaging Film Market Strategic Analysis
- Packaging Film Market Current & Future Market Landscape Analysis
- Opportunity Analysis
- Packaging Film Market Revenue and Volume Analysis
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- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.
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