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(Health-NewsWire.Net, October 02, 2020 ) According to MarketsandMarkets, the global shrink plastic film market size for beverage multipacks is estimated to be valued at USD 2.5 billion in 2020 and projected to reach USD 3.0 billion by 2025, recording a CAGR of 3.5% in terms of value. Emerging markets in upcoming economies such as the Asia Pacific and South American countries are going to be potential markets for the shrink plastic film manufacturers. The increase in per capita income and change in the trends of food consumption are poised to increase the share of the market. These factors are projected to drive the growth of the shrink plastic film market for beverage multipacksfor beverage multipacks during the forecast period.
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Shrink plastic film is asecondary packaging used by the manufacture to protect the product and keep it hygienic. Shrink plastic films have numerous applications in the food & beverage industry. They are used in a wide range of products such as beverages, frozen food, and dairy products. The industry has witnessed consistent growth in the past few years.
In North America, the US dominated the shrink plastic film market for beverage multipacksdue to the high production and demand of processed beverages. Europe is projected to dominate the global shrink plastic film market for beverage multipacks, which is primarily driven by the rising demand for safe and cost-effective secondary packaging options for packaged and processed beverages. The shrink plastic films industry functions with legislators and regulators to deliver qualitative products to its end users. In the major markets, shrink packaging also serves as a cost-effective method of marketing and brand placement. Attractive shrink packaging and labels are used by the manufacturers to print the brand logo and other marketing & useful information
Water is the dominating application segment of shrink plastic film market for beverage multipacks due to its versatile usage among many industries. It is high in demand in both developed and developing economies. It finds various applications in restaurants, hotels, schools, malls, theatres, and domestic applications.
Asia Pacific is projected to witness the fastest growth in the shrink plastic film market for beverage multipacks during the forecast period due to the increase in the production and supply of packaged beverages, while Europe is the dominant marketdue to the rise in the demand forpackaged water and other beverages.
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The bottle segment is the dominant container type segment for the shrink plastic film market for beverage multipacks.The increase in the demand for packaged water has vis-ŕ-vis increased the need for the bottles, as well. Apart from water, juices, dairy products,and various other beverages are also present in the market in bottled form. Therefore the demand for shrink plastic film for bottles has been increased.
The unprinted type of shrink plastic film is popular among manufacturers. The unprinted shrink packaging is economical as compared to the printed one. Therefore, the SMEs mostly use unprinted one as it is cost-effective.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
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