The global cling film market is poised for significant growth, with an anticipated surge from US$ 1,291.5 million in 2023 to US$ 2,197.6 million by 2033. A steady rise in demand for cling films is projected, showcasing a Compound Annual Growth Rate (CAGR) of 5.5% over the forecast period.
This versatile product has found widespread use in both domestic and commercial settings due to its ease of use, cost-effectiveness, and efficiency in preserving food quality. The cling film market has experienced significant growth over the years, driven by increasing demand for convenient food packaging solutions, rising awareness about food safety, and innovations in packaging technology.
Request for a Sample of this Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-2654
Market Overview:
Growth Drivers
The primary drivers of the cling film market include the growing food and beverage industry, the rise in disposable income, and the changing lifestyle patterns of consumers. With the increasing trend of on-the-go food consumption, the need for efficient packaging solutions has surged. Additionally, the hospitality and food service sectors have also contributed to the market expansion by adopting cling film for storing and preserving food.
Innovations and Technological Advancements
Technological advancements have played a crucial role in the development of the cling film market. Manufacturers are continuously innovating to create films with improved features such as enhanced strength, better adhesion, and increased transparency. Eco-friendly alternatives made from biodegradable materials are also being developed to address environmental concerns associated with traditional plastic films. These innovations not only improve the performance of cling films but also align with global sustainability goals, thereby broadening their appeal.
Who is Winning?
Tier 3 players in the cling film market hold 80-90% of the overall value share. Key players contribute up to 20% of the global demand. Capacity expansion and material innovation strategies will remain important in the coming decade.
Berry Global, Intertape Polymer Group, Gruppo Fabbri Vignola S.p.A, Klockner Pentaplast Europe GmbH & Co. KG, Anchor Packaging, Wrapex Limited, and among others are the prominent players in the global cling film market.
Competitive Landscape
Companies operating in the cling film market are aiming for strategic collaborations and partnerships with other manufacturers to expand their portfolio and production capacity.
In 2021, Berry global group Inc. announced an investment of more than $70 million in food & beverage, e-commerce and consumer goods sector to support continued growth in consumer packaging films.
In 2020, Gruppo Fabbri Vignola S.p.A developed a certified compostable cling film that is appropriate for food packaging. The cling film will have an ideal combination of breathability, aesthetics, and mechanical performance and is also suitable for industrial uses.
Compostic announced the launch of certified home-compostable plastic alternative cling film for consumers in the U.S. through online sales channels in 2021.
Comments
0 comment