(MENAFN- GlobeNewsWire - Nasdaq) The food industry has been evolving substantially. Due to this, the demand for packaging foils and films is also increasing. The awareness about food leftovers is rising, which makes consumers pack the leftover food from restaurants. Hence, this acts as another driving force for the market under consideration.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 29, 2024 (GLOBE NEWSWIRE) -- The expected market valuation of the global food wrap films market (marché des films d'emballage alimentaire) is US$ 12.0 billion , which shall be achieved by the market by 2026. In the case of the current market valuation, the last measured value was in 2021, accounting for about US$ 10.8 billion . The advancement forecasted by the market is a sluggish progress at a CAGR of 2.0%.
As far as the fundamental market driver is concerned, it is evident from the rising demand for flexible wrapping and packaging solutions for the food industry that foils, wrappers, and films are frequently required. Therefore, it creates demand for the subject market. Additionally, this factor enables the transportation of the food with better handling and shelf-life. Due to this, demand from consumers is also increasing for the same.
Consumers demand more Cost-efficient and eco-friendly products so that food carrying becomes more convenient. These purposes are mainly served by aluminum foil. Apart from this, the weight of the foil is negligible, and hence, it proves to be another market driver for the subject market.
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The food service industry has been emerging in the modern business world. As a result, there is a rising demand for better food packaging and delivery. This is better served with the help of different foil and wrapping film materials. Hence, this is another market driver.
Key Players
Amcor Plc Berry Global Inc. Georgia-Pacific LLC Hindalco Industries Limited Huhtamaki Oyj Mitsubishi Chemical Holdings Limited Mondi Group Pactiv LLC Thong Guan Industries Berhad Tonesed Company RUSAL Plc Speciality Polyfilms Guangdong Xintianli Holdings Co. Ltd Nan Ya Wrap Film Dupont Teijin Films KM Packaging Cosmo Films Limited Borealis Indevco Plastics Korpak Sirane Group
Key Findings from the Market Report
The global food wrap films market operates in limited market segments. From the perspective of the market segment of the material used, it is evident that aluminum is a widely used material. Aluminum foils find versatile applications; therefore, this market segment is vast. Apart from this, plastic material is a crucial vertical in the market segment that is vastly used. Polyethylene film carry bags are widely used in the food industry. From the industry's perspective using food wrapping films, the retail sector uses several food-covering films to cover items from the store. Furthermore, meat shoppers, a food industry segment, use polyethylene films on a larger level.
Regional Profile
Regarding the market share secured by different continents in the global food wrap films market, Europe is anticipated to have the largest share. This is due to the continent's availability of labor and cheaper production costs. Also, the sales points within different European countries are higher, easing the wrapping films' sales. Asia-Pacific is the following region, which shows significant growth in the subject market. It has been anticipated to progress with a CAGR of 2.3% from 2022 to 2026. The Middle East and North America also contribute to the subject market.
Key Trends for the Food Wrap Films Market
In 2022, Georgia-Pacific LLC finalized an acquisition deal with Bakelite Synthetics. This shall diversify the market vertical for the business and help the organization collaborate with allied companies. In 2023, Amcor Plc acquired Phoenix Flexibles, Moda, and MDK from India, New Zealand, and China, respectively. Due to this strategic move made by the key player in the global food wrap films market, international expansion has become possible. Due to this, the consumer base of the said business has increased. In February 2024, Berry Global , Inc. introduced new circular stretch films due to innovation. Better load integrity can be achieved due to the said development.
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Competitive Landscape
Georgia-Pacific LLC is one of the key competitors working in different verticals. It does not only produce cellulose products but also offers packaging services and products related to the same. Berry Global, Inc. produces many plastic products, including plastic tubs, pots, bottles, bags, and more. Lastly, Amcor Plc operates in different markets, including food and beverage, pet care, healthcare, etc.
Market Segmentation
Material Type
Polyethylene Polyamide Polypropylene PVC PVDC Others (EVOH, Bioplastic, etc.)
End User
Bakery & Confectionery Meat & Seafood Dairy Product Others
Region
North America Latin America Europe Asia Pacific Middle East & Africa
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