How Will The Beverage Multipack Shrink Film Market Expand Through 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Beverage Multipack Shrink Film Global Market Report 2023, the beverage multipack shrink film market is expected to show significant growth in the forecast period.
Key insights from the beverage multipack shrink film market forecast include:
- Market Size
The global beverage multipack shrink film market is expected to grow from $2.10 billion in 2022 to $2.24 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The beverage multipack shrink film market is expected to reach $2.87 billion in 2027 at a CAGR of 6.3%.
- Major Driver
Rising demand for bottled water is expected to propel the growth of the beverage multipack shrink film market going forward. Bottled water refers to water sealed in bottles or other containers for human consumption with no additional components. Shrink film is used in the packaging of multipack beverages to create a secure and tamper-evident wrapping for bottles of mineral water and carbonated beverages to maintain product integrity throughout storage and transit. For instance, in March 2023, according to the World Economic Forum, a Switzerland-based non-governmental and lobbying organization, the global consumption of bottled water is anticipated to increase from around 350 billion liters by 2021 to 460 billion liters 2030. Therefore, the rising demand for bottled water is driving the growth of the beverage multipack shrink film market.
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- Key Trend
Product innovations are the key trend gaining popularity in the beverage multipack shrink film market. Major companies operating in the beverage multipack shrink film market are focused on innovating new products and solutions to sustain their position in the market. For instance, in November 2021, Dow, a US-based sustainable materials science company, partnered with Lotte Chilsung Beverage Co Ltd., a South Korea-based drink manufacturer, to launch a new collation shrink film (CSF) for bottled water made from a material containing 20% post-consumer recycled (PCR) content. This partnership will utilize the CFS as additional packaging for Lotte’s Icis 8.0 Eco bottled water, which has no additional plastic labels. According to Dow, the PCR CFS film performs on par with conventional films created using solely virgin resins. Dow’s PCR collation enhances the sustainability of Lotte’s beverage products shrink film, which also aids Lotte in further reducing its use of plastic.
- Major Players
Major players in the beverage multipack shrink film market are Amcor PLC, Berry Global Inc., Sonoco Products Company, Sealed Air Corporation, Huhtamaki Group, CCL Industries Inc., Sigma Plastics Group, Novolex Holdings LLC, Winpak Ltd., RKW Group, Uflex Limited, ProAmpac LLC, C-P Flexible Packaging, Vibac Group S.p.A., Treofan Germany GmbH & Co. KG, Mitsubishi Polyester Film Inc., Flexopack S.A., Crayex Corporation, Dow Inc., Transcontinental Inc., Layfield Group Ltd., Taghleef Industries Group, Eurofilms Extrusion Ltd., Baroda Packaging Private Limited, Barbier Group, Aintree Plastics Ltd., Atlantis-Pak Co. Ltd., Elite Plastics Ltd, Polypack S.r.l., and Intertape Polymer Group Inc.
- Top Market Segments
The global beverage multipack shrink film market is segmented –
1) By Type: Printed Shrink Film, Unprinted Shrink Film
2) By Material: Low-density polyethylene (LDPE), Linear low-density polyethylene (LLDPE), Polyvinyl Chloride (PVC), Other Materials
3) By Beverage Container Type: Aluminum Cans, Glass Bottles, Plastic Bottles, Bricks, Trayed Beverages, Other Beverage Container Types
4) By Distribution Channel: Direct Sales, Distributor
5) By Application: Beer, Water, Carbonated Soft Drinks (CSD), Other Applications
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The Beverage Multipack Shrink Film Global Market Report 2023 provides an in-depth analysis on the beverage multipack shrink film market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the beverage multipack shrink film market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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