Stretch Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Stretch Packaging Market Research Report, Material, Application and Region - Forecast till 2030” the market grow at a rate of 5.71% during the forecast period 2022-2030.
List of the Companies Profiled in the Stretch Packaging Market Research Report are–
- Berry Global Inc. (US)
- Bemis Company Inc. (US)
- Amcor Ltd (Australia)
- AEP Industries Inc. (US)
- Sigma Plastics Group Inc. (US)
- DUO PLAST AG (Germany)
- US Packaging & Wrapping LLC (US)
- Unnati Industrial Corporation (India)
- Grafix Arts (US).
- Among others.
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Market Research Future’s Review on Stretch Packaging Market
The stretch packaging market outlook appears extremely promising. Rapidly growing food & beverages, industrial goods, and consumer product sectors drive the market demand. Besides, the growth in population with increasing disposable income creates substantial market demand.
Moreover, vast industrialization and economic growth worldwide, alongside advances in packaging technologies, foster the stretch packaging market growth. With increasing innovative applications of these packaging solutions, the market is projected to garner vast traction in the years to come.
In this regard, Market Research Future (MRFR) asserts that the global stretch packaging market value is estimated to grow at a colossal CAGR during the assessment period (2021 - 2028). Spurring rise in the overall food industries and extensive uses of higher value packaging solutions drives the market growth.
Regulatory changes require constant legacy product testing or virtual update of all packaging solutions. Various government initiatives to enhance food safety and promote small portion food items, and increasing demand for single-use packaging. This could be challenging, especially for small packaging sections.
However, such situations give unique opportunities for cost reduction and enhanced production performance, user experience, and safety. Furthermore, this allows various research grants from the public and private sectors to advance packaging innovation by optimizing stability testing of stretch packaging for healthcare products.
Moreover, vast investments in product developments and upgrades of packaging technology, alongside the increasing e-commerce businesses, propel the market rise. The market is predominantly driven by the awareness of the advantages of LDPE materials as a packaging solution for consumable goods. Also, the changing lifestyle and economic growth push the growth of the market pervasively.
Browse In-depth Market Research Report (188 pages) on Stretch Packaging
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The stretch packaging market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/ technology launches. Major industry players make strategic investments to drive their research & development activities and expansion plans.
With consumer demand for fresh food packaging on the rise, manufacturers strive to design solutions that can offer innovative solutions to their customers, enhancing products’ direct visibility and longevity. To maintain their market positions and create new markets, industry players rely on strategic approaches and innovation. They make substantial R&D investments and keep themselves updated with new technological developments.
For instance, on Sep 17th, 2021, Signode, a manufacturer of a broad spectrum of packaging, tools, and software, announced that it would be demonstrating its latest automation advancements at PACK EXPO 2021, to be held on Sep.27-29 in Las Vegas.
COVID-19 Impact
Onset of the COVID-19 pandemic hit the stretch packaging industry severely. Although the demand for fresh foods & beverages was significant amid the pandemic-driven crises, growers/shippers, re-packers, and retail stores faced huge revenue losses. Besides, the lockdown mandates halted the production of several key raw materials required to manufacture packaging solutions, resulting in spiked prices and lowered demand for food packaging solutions.
However, the market is rapidly returning to normalcy and witnessing a steadily increasing demand. Moreover, the rising consumption of intelligent packaging solutions, alongside the increased production activities and demand for storage and distribution applications, is estimated to offer robust market opportunities.
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Segments
The stretch packaging market is segmented into materials, applications, and regions. The material segment is sub-segmented into low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and others. Among these, the LDPE segment accounts for the largest market share, witnessing wide adoption across end-user sectors.
The application segment is sub-segmented into industrial products, food & beverages, consumer product, and others. Among these, the food & beverages segment accounts for the largest market share due to increased consumption of food & beverages across the globe. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Asia Pacific accounts for the largest stretch packaging market share globally. Spurring rise in the food & beverage industry, alongside the growing industrialization and urbanization, drives the stretch packaging market growth. Additionally, the availability of raw materials and cost-competitive labor forces influences the stretch packaging market size.
Rising demand from the manufacturing sector fosters the stretch packaging market value. Rapid expansion of end-use sectors like industrial goods and consumer products is a major trend in the market. Also, rapidly growing pharmaceutical and medical device companies create substantial market demand in the region. Malaysia, China, Indonesia, and India are major markets for stretch packaging solutions.
Segmentation of Market covered in the research:
Stretch Packaging Market Information Report by Material (Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Poly vinyl chloride (PVC) and others), by Application (Food & Beverages, Industrial goods, Consumer product, and Others) and By Region - Global Forecast To 2028
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