Shrink Packaging Market Revenue to Attain USD 20.28 Bn by 2033

17 Dec 2024

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Table of Content

1. Shrink Packaging Market Revenue and Trends 2023 to 2033 2. Market Overview 3. Report Highlights of the Shrink Packaging Market 4. Shrink Packaging Market Trends 5. Regional Analysis 6. Shrink Packaging Market Coverage 7. Market News 8. Shrink Packaging Market Key Players

Shrink Packaging Market Revenue and Trends 2023 to 2033

The global shrink packaging market revenue surpassed USD 11.73 billion in 2024 and is predicted to attain around USD 20.28 billion by 2033, growing at a CAGR of 6.27%. The demand for shrink packaging is increasing due to the growing need in the shrink packaging market.

Market Overview

The shrink packaging market encompasses the manufacturing and use of shrink-wrap materials to package a wide range of products. The industry utilizes heat to shrink a plastic film tightly around a good, giving protection, tamper resistance, and aesthetic appeal to the product. In addition, shrink packaging provides a sophisticated and cost-effective solution compared to other packaging options. The whole process of applying this wrap is faster and more straightforward.

Report Highlights of the Shrink Packaging Market

• By material, the Polyethylene (PE) segment dominated the market in 2023 and is expected to grow at the fastest rate over the forecast period. The dominance and growth of the segment can be credited to the increasing use of polyethylene for the packaging of food products.
• By product, the films & wraps segment led the global market in 2023. The dominance of the segment can be attributed to the ability of films& wraps to offer significant protection levels as compared to the regular films.
• By product, the sleeves & labels segment is anticipated to grow at the fastest rate in the market during the projected period. The dominance of the segment can be driven by the growing use of this product for the packaging of non-alcoholic beverages.
• By application, in 2023, the food segment led the market. The dominance of the segment is due to the increasing use of shrink wrap & films in the food industry.
• By application, the consumer goods segment is estimated to show the fastest growth in the market during the forecast period. The growth of the segment can be credited to the growing use of sleeves, hoods, and labels in the packaging of consumer goods.

Shrink Packaging Market Trends

Advancements in packaging technologies

Innovations in automated shrink packaging market products have enhanced overall efficiency and productivity, by decreasing labor costs. Advancements in shrink film materials offer greater product protection while reducing the usage of materials. Moreover, these developments give enhanced, product protection, efficiency, and cost-effectiveness, which makes shrink packaging the primary choice for numerous end-user industries searching for innovative packaging solutions.

Growing need for extended shelf-life packaging

Shrink wrap creates a proactive and tight seal around products, impactfully protecting them from moisture, air, and other environmental contaminants, that can cause degradation or spoilage. By reducing exposure to these elements, hence shrink packaging can effectively increase the shelf life of products. In addition, shrink packaging can be manufactured to be eco-friendly by utilizing recyclable materials. That decreases the environmental impact related to packaging waste.

Increasing demand for sustainable packaging solutions

The rising demand for environment-friendly solutions has created advancements in the shrink packaging market techniques. Innovations in packaging technology and packaging materials science have fuelled the development of sustainable shrink-packaging options. Furthermore, these solutions use recyclable or biodegradable films, that reduce the environmental impact associated with traditional shrink wrapping.

• In September 2024, Amcor will introduce its most lightweight and more sustainable shrink bag. The new packaging achieves an impressive 19% reduction in weight when compared to standard 50µ shrink bags, says the leader in responsible packaging.

Regional Analysis

Asia Pacific dominated the global shrink packaging market in 2023. The growth of the region can be attributed to the strong presence of well-established food & beverage sector and healthcare infrastructure in developing economies such as China and India. Furthermore, government regulations in the region are playing a significant role in enhancing the packaging industry in the region.

North America is anticipated to grow at the fastest rate in the shrink packaging market over the projected period. The dominance of the region can be driven by the increasing demand for shrink ramps among the consumer goods and pharmaceutical sectors. Moreover, the growth of the e-commerce industry and online platforms has propelled the market growth shortly. Shrink packaging provides advantages such as tamper resistance, product protection, and improved shelf appeal, which is required in regions like North America.

Shrink Packaging Market Coverage

Market News

• In May 2023, Innovia Films launched APO45, a sustainable and floatable shrink-sleeve material that promotes PET recycling and a circular economy in packaging. APO45 is a lightweight polyolefin-based film, that decreases carbon emissions during transportation.
• In September 2023, DS Smith and Krones collaborated to create ECO Carrier, a fiber-based alternative to shrink-wrap for PET multipack bottles. This solution, using corrugated board clips, can reduce the carbon footprint by 71% compared to plastic shrink-wrap.

Shrink Packaging Market Key Players

• Deufol SE (Germany)
• Dow Chemical Company (U.S.)
• Aakriti Packaging (India)
• Amcor Ltd (Australia)
• Bonset America Corporation (U.S.)
• American Eagle Packaging Corporation (U.S)
• Bemis Company, Inc. (U.S.)
• Berry Global, Inc. (U.S.)
• Printpack Incorporated (U.S.) 

Market Segmentation

By Materials

• Low-Density Polyethylene
• Linear Low-Density Polyethylene
• Ethylene-Vinyl Alcohol
• Polyvinyl Chloride

By Products

• Hoods
• Labels and Sleeves
• Films and Wraps

By Applications

• Beverages
• Consumer Goods
• Food Packaging
• Paper and Textile Products
• Other Applications

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