Shrink Wrapper Market Size, Share, CAGR & Forecast Report for 2032
The global shrink wrapper market is on a trajectory of substantial growth, with a promising outlook for the coming decade. In 2022, the market is expected to reach US$ 842.3 million, and it is projected to achieve a remarkable CAGR of 7.2%, ultimately surpassing US$ 1.7 billion by 2032. This impressive growth is driven by various factors, including the increasing demand for shrink wrappers in the food and beverage sector, where it is expected to grow at a CAGR of 6.1%.
Shrink wrappers are gaining popularity not only in the food and beverage industry but also in consumer electronics, cosmetics, and personal care sectors, offering 360-degree protection from environmental factors such as dust, moisture, and UV rays. Their versatility allows them to be used in different stages of packaging, from primary to secondary or tertiary, with a significant focus on primary and secondary packaging and bundling of smaller products, accounting for approximately 80% of industry usage.
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Furthermore, it’s noteworthy that the shrink wrapper market constitutes a substantial share, estimated at 2-6%, of the global packaging machines market, which was valued at US$ 49 billion in 2021. This indicates the significance of shrink wrappers in the broader packaging machinery landscape and underscores their vital role in modern packaging solutions.
Additionally, the shrink wrappers are expected to outpace stretch wrappers in next five years. Unlike stretch films, shrink films used in the wrapping machine shrinks according to the shape of the product being packaged when heat is applied, and it gives a glossy and enhanced look.
Therefore, shrink wrappers are primarily preferred in the industries where end users want to display the product on shelf stores. Furthermore, to increase impulse purchase of the products, printed shrink wrap is gaining significant traction. On the back of above-mentioned benefits, the global shrink wrapper market is estimated to witness lucrative growth opportunities during the assessment period.
The demand for automatic shrink wrapper machines is expected to gain momentum as these machines offer an efficient and a fast way to bundle the product packaging, and are equipped with a PLC control system and safety protection.
Automatic shrink wrapping machines are easy to operate and maintain, and they automatically perform the scraps discharge process. These machines are widely used for packaging various products with different shapes and sizes. Shrink packaging helps to reduce production output time and the cost of safe packaging material. These factors are driving the demand for the shrink wrappers across the globe.
“Increase in the consumption and production of packaged food, along with rising demand for frozen foods are expected to propel the shrink wrapper market,” says an FMI analyst.
Key Takeaways:
By product type, L-bar sealers are expected to hold more than 2/5th of the total market share by 2032.
Based on end-use industry, the food and beverage segment is forecast to hold 34% of the total market share by 2032.
Consumption of shrink wrappers in food and beverage industry is expected increase 1.9 times of the current consumption value by 2032.
Sales in the U.S. shrink wrapper market are expected to increase at a 5.8% CAGR over the assessment period.
India will emerge as a lucrative pocket, with demand projected to grow at an 8.3% CAGR through 2032.
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Market by Category
By Product Type:
- L-bar Sealers
- I-bar Sealers
- Side Sealers
By Process:
- Manual
- Semi-Automatic
- Automatic
By End Use Industry:
- Food & Beverage
- Pharmaceutical
- Cosmetics & Personal Care
- Home Care
- Automotive
- Electrical & Electronics
- Logistics & Transport
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
