The thriving packaged food and beverage industry is expected to have a positive impact on the global stretch and shrink films market. The substantial growth of the flexible packaging industry is another factor driving the market. Stretch and shrink films are becoming popular owing to their re-sealable closures, light weight, enhanced barrier resistance, and energy efficiency. Moreover they are damage proof. The demand for stretch and shrink films is also high from the pharmaceutical and medical industries which are both flourishing. The evolution of retail business is another factor benefitting the global stretch and shrink films market. Supermarkets, hyper markets and other such modern form of retail business structures are creating a heightened demand for stretch and shrink films. As flexible packaging such as stretch and shrink films offer convenience over other forms of packaging such as rigid packaging, the market is estimated to grow at a healthy pace.
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According to a report published by Transparency Market Research (TMR), the global market for stretch and shrink films rise from US$14.1 bn in 2015 to US$21.1 bn by 2024, expanding at a 5.2% CAGR from 2015 to 2024.
Tie-ups with Local Distributors to be Key Strategy of Manufacturers
The global stretch and shrink films market is expected to led by companies such as Berry Plastics, Fuji Seal International, Inc., and Dow Chemicals. These as well as other players in the market are tying up with local distributors to reinforce their position. An emphasis on expanding their business operations is another strategy adopted by players. In addition to this companies, such as Bemis Company Inc. have been focusing on geographical expansion, especially by penetrating the Indian, Chinese, and South American market. Companies are focusing on these countries so as to take advantage of cheap labor and low cost raw materials in these areas.
Government Legislations to Hamper Stretch and Shrink Films Market
Growing concerns regarding the environmental damage caused due to the packaging industry over the years have led to stringent rules and legislations by various governments worldwide. The enactment of these legislations and rules have resulted in a severe loss for some players and also reduced the competition in a few countries. This is expected to hamper the growth of the global stretch and shrink films market. In addition to this, government regulations are compelling players for a more sustainable and eco-friendly alternatives, which are bio-degradable. It becomes difficult for small players to switch to bio-degradable packaging materials and this will have an adverse impact on the market.
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Asia Pacific Continues to Lead in Stretch and Shrink Films Market
The developing nations in Asia Pacific are experiencing a surge in the food and beverage as well as retailing sectors. Moreover, the growing population of countries such as India and China will ensure an increased demand for food and this will fuel the growth of the stretch and shrink films market in Asia Pacific, making it the leading revenue contributor in the industry. Additionally, Asia Pacific market for stretch and shrink films is also expected to grow at the fastest pace in the coming years.