What Is The Current and Historic Market Size Analysis Of The Beverage Multipack Shrink Film Market?
The beverage multipack shrink film market has seen considerable growth due to a variety of factors.
•In recent times, the market size for beverage multipack shrink film has experienced robust growth. This market is predicted to escalate from a value of $2.38 billion in 2024 to $2.53 billion by 2025, proceeding at a compound annual growth rate (CAGR) of 6.4%.
Factors such as rising beverage consumption, the embracing of multipack packaging, heightened focus on branding and marketing, the trend towards convenience and portability, and growth of retail and hypermarket chains have all contributed to the growth in the historic period.
What Are The Predictions for The Beverage Multipack Shrink Film Market Size In The Coming Years?
The beverage multipack shrink film market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, there will be a substantial increase in the beverage multipack shrink film market size, boosting it up to $3.4 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%.
The rise during the projection period can be in part attributed to advancements in printing and labeling technologies, a surge in e-commerce and online retailing, utilization of lightweight and recyclable materials, increased disposable income and consumer expenditure, the implementation of tamper-evident packaging solutions, and the personalization of multipack shrink films for brand marketing. Upcoming trends for the forecast period encompass novel production processes of shrink films, technological progress in shrink film, usage of sustainable and eco-friendly packaging materials, cooperative research and development studies in packaging, incorporation of smart packaging features, and the creation of anti-counterfeiting attributes.
What Are The Essential Drivers Behind The Growth Of The Beverage Multipack Shrink Film Market?
The projected increase in the consumption of bottled water is likely to fuel the expansion of the beverage multipack shrink film industry in the near future. Bottled water is defined as water that has been bottled or prepackaged for human consumption and lacks any additional ingredients. Shrink film, used in the packaging of multipack drinks, provides a safe and tamper-proof sealing for bottles of mineral water and fizzy drinks to keep the product in excellent condition during storage and transport. To illustrate, the World Economic Forum, a non-governmental and lobbying organization based in Switzerland, projected in March 2023 that global bottled water consumption would rise from approximately 350 billion liters in 2021, to 460 billion liters by 2030. As such, the increasing demand for bottled water is the key factor fuelling the growth of the beverage multipack shrink film market.
How Is The Global Beverage Multipack Shrink Film Market Divided Into Key Segments?
The beverage multipack shrink film market covered in this report 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
Subsegments:
1) By Printed Shrink Film: Custom Printed Films, Pre-Printed Films
2) By Unprinted Shrink Film: Clear Shrink Film, Colored Shrink Film
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What Trends Are Reshaping The Future Of The Beverage Multipack Shrink Film Market?
Key players in the beverage multipack shrink film market are concentrating on developing innovative offerings like plastic-free secondary packaging solutions to maintain their dominance. The term 'plastic-free secondary packaging solution' refers to packing materials free from plastic constituents used for shielding and bundling products during transportation and warehousing. For example, the Switzerland-based drink company, Coca-Cola Hellenic Bottling Company introduced a revolutionary plastic-free secondary packaging solution for its fizzy drinks like Coca-Cola, Fanta, and Sprite called the LitePac Top Strap in September 2023. The inventive packaging meant for multipacks of 1.5 liters incorporates 100% eco-friendly and recyclable materials such as cardboard clips and kraft paper, thereby eliminating usual plastic components. The company hopes with this novel system, roughly 200 tons of plastic will be saved per year, aiding in the company's endeavor to reach net-zero emissions by 2040.
Who Are the Key Players in the Beverage Multipack Shrink Film Market?
Major companies operating in the beverage multipack shrink film market include:
• 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.
• Intertape Polymer Group Inc.
What are the Regional Insights into the Beverage Multipack Shrink Film Market?
North America was the largest region in the beverage multipack shrink film market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the beverage multipack shrink film market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
