Food Wrap Films Market Expected to Reach USD 12.0 billion by 2026 with a CAGR of 2.0%: Transparency Market Research, Inc.
The food industry has been evolving substantially. Due to this, the demand for packaging foils and films is also increasing. The awareness about food leftovers is rising, which makes consumers pack the leftover food from restaurants. Hence, this acts as another driving force for the market under consideration.
Wilmington, Delaware, United States, March 11, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The expected market valuation of the *global food wrap films market* is US $ 12.0 billion, which shall be achieved by the market by 2026. In the case of the current market valuation, the last measured value was in 2021, accounting for about US$ 10.8 billion. The advancement forecasted by the market is a sluggish progress *at a CAGR of 2.0%.*
As far as the fundamental market driver is concerned, it is evident from the rising demand for flexible wrapping and packaging solutions for the food industry that foils, wrappers, and films are frequently required. Therefore, it creates demand for the subject market. Additionally, this factor enables the transportation of the food with better handling and shelf-life. Due to this, demand from consumers is also increasing for the same.
Consumers demand more Cost-efficient and eco-friendly products so that food carrying becomes more convenient. These purposes are mainly served by aluminum foil. Apart from this, the weight of the foil is negligible, and hence, it proves to be another market driver for the subject market.
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The food service industry has been emerging in the modern business world. As a result, there is a rising demand for better food packaging and delivery. This is better served with the help of different foil and wrapping film materials. Hence, this is another market driver.
*Key Findings from the Market Report
*
· The global food wrap films market operates in limited market segments. From the perspective of the market segment of the material used, it is evident that aluminum is a widely used material. Aluminum foils find versatile applications; therefore, this market segment is vast.
· Apart from this, plastic material is a crucial vertical in the market segment that is vastly used. Polyethylene film carry bags are widely used in the food industry.
· From the industry's perspective using food wrapping films, the retail sector uses several food-covering films to cover items from the store.
· Furthermore, meat shoppers, a food industry segment, use polyethylene films on a larger level.
*Regional Profile
*
· Regarding the market share secured by different continents in the global food wrap films market, Europe is anticipated to have the largest share. This is due to the continent's availability of labor and cheaper production costs. Also, the sales points within different European countries are higher, easing the wrapping films’ sales.
· Asia-Pacific is the following region, which shows significant growth in the subject market. It has been anticipated to progress with a CAGR of 2.3% from 2022 to 2026.
· The Middle East and North America also contribute to the subject market.
*Key Trends for the Food Wrap Films Market
*
· In 2022, Georgia-Pacific LLC finalized an acquisition deal with Bakelite Synthetics. This shall diversify the market vertical for the business and help the organization collaborate with allied companies.
· In 2023, Amcor Plc acquired Phoenix Flexibles, Moda, and MDK from India, New Zealand, and China, respectively. Due to this strategic move made by the key player in the global food wrap films market, international expansion has become possible. Due to this, the consumer base of the said business has increased.
· In February 2024, Berry Global, Inc. introduced new circular stretch films due to innovation. Better load integrity can be achieved due to the said development.
*Competitive Landscape
*
· Georgia-Pacific LLC is one of the key competitors working in different verticals. It does not only produce cellulose products but also offers packaging services and products related to the same.
· Berry Global, Inc. produces many plastic products, including plastic tubs, pots, bottles, bags, and more.
· Lastly, Amcor Plc operates in different markets, including food and beverage, pet care, healthcare, etc.
*Key Players
*
· Amcor Plc
· Berry Global Inc.
· Georgia-Pacific LLC
· Hindalco Industries Limited
· Huhtamaki Oyj
· Mitsubishi Chemical Holdings Limited
· Mondi Group
· Pactiv LLC
· Thong Guan Industries Berhad
· Tonesed Company RUSAL Plc
· Speciality Polyfilms
· Guangdong Xintianli Holdings Co. Ltd
· Nan Ya Wrap Film
· Dupont Teijin Films
· KM Packaging
· Cosmo Films Limited
· Borealis
· Indevco Plastics
· Korpak
· Sirane Group
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*Market Segmentation
*
*Material Type*
· Aluminum
· Plastic
· Polyethylene
· Polyamide
· Polypropylene
· PVC
· PVDC
· Others (EVOH, Bioplastic, etc.)
*End User*
· Food Processing
· Bakery & Confectionery
· Meat & Seafood
· Dairy Product
· Others
· Food Service
· Retail
*Region*
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa
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