December 19, 2023 09:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Dec. 19, 2023 (GLOBE NEWSWIRE) -- As per the latest analysis, the global cling film market size is estimated to reach US$ 1,291.5 million in 2023. Over the forecast period, sales of cling films are projected to surge at a 5.5% CAGR, taking the overall market valuation to US$ 2,197.6 million by 2033. Plastic Food Storage Bags
Several factors are expected to drive the growth of the cling film market during the assessment period. These include the expansion of the global food & beverage industry, rising demand for packaged food items, the prioritization of consumer convenience, and booming e-commerce.
Cling films have become ideal packaging solutions for food & beverage, pharmaceutical, and consumer goods industries. These films are widely used for packaging a variety of products due to their barrier properties, cost-effectiveness, and lightweight.
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The growing adoption of cling films for protecting food products and extending their shelf life is expected to boost the target market. Subsequently, the rising popularity of ready-to-eat meals globally will bolster sales of cling films through 2033.
Flexible packaging manufacturers catering to food companies increasingly offer high-performance cling films. These new films provide custom barrier properties for different food products to enhance their shelf life.
Modified atmosphere packaging (MAP) technology in cling film can be used in the storage of fruits & vegetables. Cling films with MAP properties allow different levels of permeability to modify the package's internal environment to maximize the product's shelf life.
MAP modifies the internal atmosphere of the package with an optimal blend of oxygen, carbon dioxide, and nitrogen. The respiration needs of packaged food products are met through controlled and finely adjusted component structures of oxygen, nitrogen, and carbon dioxide. This innovation will further boost the target market.
Key Takeaways from the Cling Film Market-
“Emerging economies such as India and China are witnessing meteoric growth in the food retail industry, as well as in the adoption of the on-the-go food consumption trend. This is expected to uplift demand for cling films during the assessment period. Subsequently, growing demand for packaged food products in developed nations like the United States will benefit the target market,” says Ismail Sutaria, Principal consultant at Future Market Insights
Increasing Usage of Cling Films in Healthcare to Drive Market Growth
Cling film, also known as plastic wrap, has become an ideal material for improvised first aid treatment, particularly in the outdoors. This is due to its waterproof nature, unlike conventional bandages, which quickly get soaked, or tapes, which lose their adherence.
Cling films are also used for wrapping premature babies after birth as it help prevent low temperatures before their arrival at the intensive care unit. They can also be used to contain the external organs of babies with rare medical conditions before surgery.
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Consumer Convenience and Rising Preference for Flexible Packaging Creating Growth Prospects
Due to intensifying competition in the consumer products market, flexible packaging manufacturers are identifying and leveraging the latent potential in the market. As a result, several packaging products with innovative features have been launched by key manufacturers. Such products include specific pouches for ready-to-eat food, pre-cooked food, meat products, and others.
It has been found in individual surveys that consumers are willing to pay more for additional features such as “ability to reseal,” “ability to extend product life,” “easy to store,” and “easy to open.” Moreover, the millennial population, owing to busy lifestyles, seeks on-the-go quick snacks and is less willing to take sit-down meals. This has hiked the demand for bags, wraps, and pouches, which is expected to translate into demand for cling films.
Manufacturers can innovate and experiment with new technologies in order to capitalize on the opportunities in the packaging industry. Compared to conventional packaging containers such as jars and cans, cling films can be converted into versatile end-products with customizable add-on features.
are some of the prominent cling film manufacturers. The Tier 1 players in the market hold around 10% to 20% share.
These key players are mainly focusing on developing biodegradable and sustainable cling films from eco-friendly materials. They also employ strategies like partnerships, collaborations, and acquisitions to expand their footprint.
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About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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