Shrink bags are also often known to be shrink wraps. They are thin plastic material, high-clarity 100-gauge PVC that gets shrunken and tighten on applying heat. These bags are useful to seal important papers, bags, gifts, food items, electronic goods, and other items that might require protection for packing, storing, or shipping. Shrink bags or shrink wraps offer protection against bugs, dirt, debris, mold, and other damages. They are similar to vacuum pouches that are useful in storing poultry products. Due to their excellent shrink properties like high mechanical resistance, safety seals, and good clarity, shrink bags, have huge market demand. Shrink bags also provide excellent oxygen and moisture barrier protection to food products.
Shrink bags are considered to be one of the most powerful forms of packaging, owing to their time efficiency in manufacturing, affordability, multiple layer protection, and ample end-use applications. These bags have been accepted across several different industries, which include pharmaceuticals, food & beverages, electronics, and cosmetics.
Region wise, North America accounts for the major market share of shrink bags, which is attributed to rise in consumption of poultry and dairy and dairy products such as meat, fish, and cheese. Furthermore, as the retail sector is growing at a fast pace in developing countries such India and China, the Asia-Pacific region is expected to register the most accelerated growth rate in the coming years.
Shrink packaging technology is expected to drive the growth of the global shrink bags extensively over the forecast period.
COVID-19 Scenario Analysis:
- The COVID-19 outbreak has certainly affected the global shrink bags market, just like many other industries.
- The food & beverage industry registered for the highest demand for this product from hotels, restaurants, and other food retails, but due to the lockdown situation, there is hardly any demand from these sectors.
- However, the rise in online retail in the currently ongoing Coronavirus pandemic has increased the demand for the shrinkwraps in the logistics and shipping industry.
- Although it is expected that the market for the shrink bags will rise considerably, due to the health protection it provides to the food items.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The main factor that drives the global shrink bags market increase in extensive growth of the retail sector, majorly hypermarket, supermarket, and online retail sales. In addition to this, the increasing number of health concerns, fast-changing lifestyles, and rising disposable income among the middle-income group, are a few other major factors that drive the global shrink bag market. Furthermore, increase in consumption of poultry products, high flexibility of shrink bags, and demand for contamination-free food propel the demand for shrink bags.
However, biggest restrain in the shrink bags market is the non-reusable nature of these bags, which also causes environmental threat, and thus, hampers the growth of this market. Also, the presence of alternative packaging solutions is hindering the growth of the shrink bags market globally.
Although, rapidly increasing production and consumption of bone meat in the Middle East and European countries, results in high usage of shrink bags and is thereby, creates many lucrative opportunities for the players operating in the global shrink bags market. Along with this heavy-duty adhesive packaging material requirement by the shipping and logistics industry will also bolster the global shrink bags market.
Key Benefits of the Report:
- This study presents the analytical depiction of the global shrink bags industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global shrink bags market share.
- The current market is quantitatively analyzed to highlight the global shrink bags market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global shrink bags market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Shrink Bags Market Research Report:
- What are the leading market players active in the shrink bags market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What would be the detailed impact of COVID-19 on the market?
Shrink Bags Product Type by Product Type Report Highlights
By Product Type
By Barrier Type
Key Market Players
Winpak Ltd., Vector Packaging Inc., Coveris Holdings S.A, and Millepack srl, Sealed Air Corp., Kureha Corporation, Flavorseal Llc., Supralon International AG, Duropac, Vac Pac Inc., Schur Flexibles Group, Bemis Company Inc., Allfo Vakuumverpackungen Hans Bresele KG, Flexopack SA, Atlantis-Pak Co. Ltd.