Based on type, the shrink plastic film market for beverage multipacks is dominated by the unprinted shrink plastic film segment.
The global shrink plastic film market size for beverage multipacks is estimated to be valued at USD 2.5 billion in 2020 and projected to reach USD 3.0 billion by 2025, recording a CAGR of 3.5%. The growing demand for processed and packaged beverage products among consumers is expected to drive the market. The European segment is poised to dominate the market due to its high population demanding packaged water, whereas the Asia Pacific region is projected to be the fastest-growing, owing to the larger demand of both packaged drinking water and carbonated beverages, among its millennial population.
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Due to the high population in the region and the increase in the purchasing capacity, consumers are looking for various comfort food and on the go options for beverages. The shift in the consumption habits of the population due to an increase in the stress and low availability of time to cook the customer is looking for more packaged options. This has created the demand for packaged juices, drinks, and water as well. The millennial population is increasing the demand for carbonated beverages and alcoholic beverages, which is again a driving factor for the shrink plastic film market for beverage multipacks.
Key Market Players:
The increase in the demand for packaged water has driven the market for shrink wraps for water bottles. It is being demanded at various places such as shopping malls, offices, restaurants, and houses. Therefore, the consumption is a major factor for the high demand of shrink wraps for water bottle packaging. The water bottles are in high demand at both the developed as well as developing economies. The shrink wraps are one of the easier and cost-effective methods of packaging for the water bottles. The bottles are stacked up by the industrial shrink wrap machines which apply heat directly from the assembly line conveyors.
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PET bottles or glass bottles are packed in shrink wraps due to its ability to provide safety to fragile products. Pallets of glass and polyethylene terephthalate (PET) bottles tend to be heavy and unstable. The shrink wraps are therefore preferred by the manufacturers of beverages to protect the products during transportation and while at the shelf.
Shrink wraps hold the shape very well for the bottles, so the products seem appealing, which is a very important criteria for consumer products. It also helps to detect tempering issues as well. Since the processing and manufacturing of packaged water are on the rise, the demand for secondary packaging for the bottles is also high. Both developing and developed economy markets are having a high demand for packaged water, as it is one of the necessities. Thereby, it is increasing the demand for shrink wraps to secure the bottles.
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