The plastic wrap market was estimated to be worth USD 10850.5 million in 2021 and is anticipated to be worth USD 14622.73 million by 2029, growing at a CAGR of 3.80% from 2022 to 2029. The Data Bridge Market Research team's thorough expert research, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and technical advances are all included in the market study.
was estimated to be worth USD 10850.5 million in 2021 and is anticipated to be worth USD 14622.73 million by 2029, growing at a CAGR of 3.80% from 2022 to 2029. The Data Bridge Market Research team's thorough expert research, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and technical advances are all included in the market study.
The major players covered in the report are:
Berry Global Inc, Reynolds Consumer Products, The Glad Products Company (A brand of The Clorox Company), Polywrap, AVPack Plastic Manufacturers, Coveris, Shenzhen Chengxing Packing & Material Co.Ltd, Four Star Plastics, AMERICAN MANUFACTURE COMPANY, S. C. Johnson & Son, Inc. and other players domestic and global.
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Plastic Wrap Market Dynamics
Drivers
Growth in packaging advancement to the end consumers
The development in packaging advancement to improve the food offering to the end customers is expected to drive growth. Plastic wrap preserves the food for contamination and from the bacteria.
Growing packaged product adoption
The fast increase of packaged food demand and consumption globally on account of the growing paid population in the international market is additional increasing the need for packaged products sales revenue. The various plastic films use in items such as, personal care products, sunscreen, cosmetics wrapping, dish and laundry detergents and household cleaners will drive the industry.
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Opportunities
Rise in product innovations
The increasing number of product innovations will boost new market opportunities for the market's growth rate. Various product advancements targeted at improving design and manufacturing processes also aid market expansion. Manufacturers are working on more efficient, reliable, and convenient goods.
Growing biodegradable plastics acceptance
Demand of biodegradable plastic has increase due to environmental concern. Biodegradable plastic packaging materials are the most favorable factors expected to create new growth opportunities because increase in the consumption of biodegradable plastic wrap in the global market
COVID-19 Impact on Plastic Wrap Market
The requirement for plastic wrap is predicted to boost in the coming years as a temporary growth due to the occurrence of the COVID-19 virus. There has been an increase the demand of plastic wrap products to preserve various food and other products. Despite these unexpected changes in consumption trends, the analysis tends to be incremental during the forecast period.
In the midst of the pandemic, worldwide food and beverage items are predicted to rise, driving the global plastic wrap market throughout the forecast period.
Global Plastic Wrap Market Scope
Type
- Stretch Films
- Shrink Films
- Metallized Films
- Twist Film
- Others
Material
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Others
Processing Type
- Casting
- Multiple Extrusion
- Blow Molding
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