Packaging Films Market Expected to Reach $209.7 Billion by 2032 – IMF

Edible packaging films are set to be the new normal in the food industry, projects Future Market Insights (IMF) in a new study. Sales in the global packaging films market will increase by 3.9% CAGR to 2032.

Consumers are increasingly focusing on sustainability and nature-based packaging products. Food packaging is one of the booming trends in the food industry that ensures optimal use of natural resources for packaging. Edible packaging is not only available in rigid formats but also in flexible formats such as edible packaging films. Many companies are following research on making edible food wrap films that are safe for humans and other animals, and easy to digest.

For example, the Agricultural Research Services (ARS), the United States Department of Agriculture, has formulated food wraps from casein. These packaging films/wrappings have many nutritional values ​​because they are made up of milk proteins. Therefore, these packaging films are edible and help reduce waste.

Also, an international group of Indian and Russian scientists have developed edible packaging films for food packaging such as vegetables, fruits, seafood, meat, poultry, etc. As these packaging films are made of natural ingredients, they are completely water soluble and harmless to health and the environment.

Based on the above factors, FMI predicts that edible films and wraps will bring a new dimension to the packaging industry and set the new standard for the food industry.

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Key Takeaways from Packaging Films Market

· Polyethylene (PE) films accounted for 35% of the packaging film market in 2021.

The demand for packaging films in the food industry will grow at a CAGR of 4.2% between 2021 and 2031.

The Indian packaging film market is expected to register a CAGR of 5.6% during the forecast period, followed by China with a CAGR of 4.2%.

· China will remain the largest market with a market. It held a 22% share in 2021.

“Innovations are expected to accelerate in the packaging film market. With the strict ban on the use of single-use plastic, the focus on recyclable materials will increase. Likewise, packaging film producers should focus on more sustainable materials to stay ahead of the game,” said a senior IMF analyst.

Steady rising adoption of flexible packaging formats motivating key players for manufacturing high barrier strength packaging films

Pre-made pouches have grown in popularity for packaging applications in pet food and baby food products. There are huge opportunities in the pet food and baby food packaging market for existing manufacturers and new entrants to establish their presence in the market. Pre-made pouches are expected to outperform other packaging products (such as folding cartons, jars, trays, and thin-walled plastic containers) in these categories.

Consumers prefer convenient packaging solutions that provide high barrier properties and long shelf life. The demand for pre-made baby food pouches is increasing at a much faster rate than before due to the introduction of different closure systems and the ease of resealability of these pouches. Moreover, the pre-made pouches are made of FDA-approved materials that ensure the safety of the food products packed inside.

Pre-made pouches for pet food packaging are attracting more and more attention due to their autoclave application, ease of resealability, transparency and high barrier properties. Brand owners also prefer pre-made pouches over other rigid packaging products to gain cost competitiveness and increase profit margins through reduced transportation and raw material costs.

Moreover, the safety of products during transport is the main concern of many end users. Packaging films minimize the risk of product damage and contamination. These films are not only used as a primary or secondary packaging format, but also as a tertiary packaging format. Packaging films such as stretch films and shrink films are used to wrap pallet-based bulk packaging and ensure slip-free transportation of products.

To meet the growing consumption of flexible packaging formats, major players are considering double investment to increase the production capacity of packaging films. Some manufacturers also invest in research and development activities to strengthen the barrier resistance of these films.

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Packaging Films Market Landscape

Berry Global, Mondi Group, Ampac Holdings, LLC., Huhtamaki Oyj., Smurfit Kappa, WestRock Company are some of the leading players in the global packaging film market.

The major manufacturers operating in the packaging films market are focusing on producing lighter weight, durable and long lasting products. Several mergers and acquisitions and innovations are taking place in the industry as there is synergy in backward and forward integration. Recently, in March 2022, Clearlake Capital agreed to acquire Intertape Polymer Group. Intertape is a leading manufacturer of packaging films and many other products. Through this acquisition, the company plans to expand tape and shrink film production capabilities and increase the number of industrial and retail customers.

· In March 2022, BASF and a German-based packaging film manufacturer, DuoPlast, launched the world’s first stretch PE blown film for potential use in hazardous areas.

Packaging Films Market Report

Global Packaging Films Market By Material Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polyamide, Ethyl Vinyl Alcohol, Polyvinyldiene Chloride, Bioplastics, and Others), By Product Type (Pouchs, Bags & Sacks, Tubes, liners, pouches and stick packs, tapes and labels, and packaging/rolls), by end use (food, beverages, household cleaning products, personal care products, healthcare products, electronic and electrical products and other industrial goods) in seven regions.

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About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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