Global Packaging Film Market - Segmented by Type of Material (Polyethylene, Polypropylene, PVC), Application (Food, Consumer Products, Industrial), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global packaging film market is expected to grow at a healthy CAGR of 6.14% over the forecast period (2018 – 2023).The increasing disposable income of consumers, rapid urbanization, and the demand for packaged food is rising in countries, like China, India, and others in the APAC regions. Growth in these nations is expected to positively impact the packaging films industry. China and India are expected to drive the global market over the forecast period. Packaging films are generally made of plastic as it is light, relatively cheaper. These enable the preservation of the products for long durations. These are preferred by consumers in the food and beverages industry owing to its aesthetic appeal that aids in its promotion. The market is expected to witness growth in consumption of biodegradable films over the forecast period. North America is the major contributor to this market, while Asia-Pacific is expected to record the highest growth rate.
Innovations in Food & Beverages Industry is Driving the Market
Rising competition in the food industry is leading to constant innovations by the companies to maintain the market share. Innovations, like edible packaging, to reduce the huge quantities of waste, films made of milk proteins, casein, micro packaging, microfilms made using nanotechnology, etc., are changing the dynamics in the packaging film industry. The need to create specialized packaging has further boosted packaging film manufacturing. Furthermore, stringent regulations by governments on packaging and escalating public interest toward innovative packaging are some of the factors that are driving the food and beverages packaging films segment.
Food Packaging Is Major Contributor
The packaging reflects a range of influences, from personal consumer preferences to larger economic forces. Food products continue to furnish a large share of packaging films business and it won’t shift dramatically in the coming years. Consumers are becoming increasingly demanding and short of time, seeking out convenience food solutions that represent a progress from the more traditional processed foods. The expectations of food quality are rising and this growing awareness presents new challenges to retailers, packers, and packaging suppliers. The rising sales of convenience foods and the developments in convenience food packaging have been a major feature of the packaging markets in the recent times. These factors are set to boost the growth of the packaging films market in the food industry.
Asia-Pacific to Grow at a Fast Pace
The Asia-Pacific region holds a significant potential for development. The market holds a major share in retail packaging, estimating to nearly 75%, as the major part of the manufacturing is accomplished in China. The demand for packaging films is expected to grow at a fast pace in the Asia-Pacific regions due to rapid growth and the ongoing population shift from rural to urban population in the major countries, such as China, Japan, and India. Change in lifestyle and a growing young population leads to a higher demand for branded and packaged substances. At the same time, the increased demand from the healthcare industry and improving infrastructure is leading to the growth of the market.
Key Developments In The Market