NEW YORK, February 15, 2022 /PRNewswire/ — The global packaging film market is expected to reach a market size of $164.11 billion by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. The rapid growth of packaging films can be attributed to the growing demand for flexible packaging. Food and beverage manufacturers are increasingly adopting flexible polyethylene-based films because they have distinct barrier properties that contribute to better protection or longer shelf life. Manufacturers are increasingly investing in the production of improved flexible packaging films that prioritize durability and tear resistance, food safety and freshness, safe distribution and storage. safety and protection against environmental elements such as light, humidity, temperature and gases.
Flexible packaging films help maximize the shelf life of perishable items and conceal odors from package contents. Eliminating the cost of labeling or capping with the use of flexible packaging films is expected to drive the market growth over the forecast period. Companies like UFlex are investing in the domestic and international expansion of the packaging film business. Companies are also investing in collaboration and mergers and acquisitions, such as Berry Plastics acquired AEP Industries Inc., which contributes to the growth of global packaging film markets.
Growing demand for antimicrobial and antioxidant active food packaging is expected to support the advancement of the packaging films market over the forecast period. Packaging film manufacturers are investing in the development of new antimicrobial and antioxidant active food packaging to reduce the oxygen content inside packaging and prevent microbial growth.
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Other key findings from the report suggest
- In April 2021, Amcor has partnered with Nestlé to bring sustainable packaging to shelves. Amcor, with the help of its global research and development resources, supported Nestlé in making Smarties the first confectionery brand to adopt recyclable paper packaging in Australia. Amcor is developing this new, next-generation packaging solution to maintain durability and ensure product protection.
- Based on packaging materials, the polypropylene segment is expected to witness a faster revenue growth rate during the forecast period. The excellent strength, heat sealing, softness and clarity properties offered by polypropylene contribute to its growing demand among the food and pharmaceutical industries. The increase in fresh produce consumption is a key driver for the use of BOPP and CPP packaging films.
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- Based on the applications, the food and beverage packaging segment is expected to account for the largest market share during the forecast period. Sustainability concerns, technological innovations and an attractive economy are key factors driving the demand for packaging films among food and beverage manufacturers. FMCG companies are increasingly adopting sustainable packaging films to ensure the recycling of packaging materials and minimize packaging costs.
- The packaging film market in Asia Pacific accounted for the highest revenue share in 2020, owing to the presence of large processed food and beverage industries in countries like India and China. Additionally, the growth of the organized retail sector in the region is contributing to the growth of the food and beverage industries and the packaging film market.
- The major market players are Amcor, ProAmpac, Berry Plastics Corporation, Charter Next Generation, DuPont Teijin Films, Novolex, RKW Group, Jindal Poly Films Ltd, Graphic Packaging International, LLC and Cosmo Films.
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For the purpose of this report, Reports and Data has segmented the global packaging films based on packaging materials, application and region:
- Packaging Materials Outlook (Revenue, USD Billion; 2018-2028)
- Application Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Medical & pharmaceutical packaging
- Industrial packaging
- Food and Beverage Packaging
- Packaging of consumer products
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
h. Rest of Europe
D. South Korea
e. Rest of APAC
b. Rest of LATAM
a. Saudi Arabia
b. United Arab Emirates
vs. South Africa
e. Rest of MEA
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