The global packaging films market is expected to reach a market size of $164.11 billion by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Rapid growth of packaging films can be attributed to the rising demand for flexible packaging.
Food and beverage product manufacturers are increasingly adopting flexible films based on polyethylene, as they have distinct barrier properties that help with better protection or longer shelf life. Manufacturers are increasingly investing for the production of enhanced flexible packaging films that prioritize durability and resistance to tearing, food safety and freshness, safe distribution and storage, and protection from environmental elements like light, moisture, temperature and gas.
Flexible packaging films help in maximizing the shelf life of perishable items and conceal the smells of the contents in packaging. The elimination of the cost of labeling or capping with the utilization of flexible packaging films is expected to drive the market growth during the forecast period.
Companies like UFlex are investing in the domestic and international expansion for packaging films business. The companies are also investing in the collaboration and mergers and acquisition, such as Berry plastics acquired AEP Industries Inc., which is contributing to the growth of the global packaging films markets.
Rising demand for antimicrobial and antioxidant active food packaging is expected to support the advancement of packaging films market during the forecast period. The packaging films manufacturers are investing in the development of new antimicrobial and antioxidant active food packaging in order to reduce the oxygen content inside packaging and prevent microbial growth.
- Based on packaging materials, polypropylene segment is expected to register faster revenue growth rate over the forecast period. The excellent strength, heat-sealing properties, softness and clarity offered by the polypropylene are contributing to its growing demand among the food & beverage and pharmaceutical industries. Increasing consumption of fresh products is a key factor driving the utilization of BOPP and CPP packaging films.
- Based on application, the food and beverage packaging segment is expected to account for the largest market share during the forecast period. Sustainability concerns, technological innovations and attractive economics are key factors that are driving the demand for packaging films among the food and beverage manufacturers. The FMCG companies are increasingly adopting sustainable packaging films to ensure recycling of packaging materials and minimize packaging cost.
- The packaging films market in Asia Pacific accounted for the highest revenue share in 2020, owing to the presence of large processed food and beverage industries in countries like India and China. Moreover, the growing organized retail sector in the region is helping in the growth of the food and beverage industries and packaging film market.
- Key participants in the market include Amcor, ProAmpac, Berry Plastics Corporation, Charter Next Generation, DuPont Teijin Films, Novolex, RKW Group, Jindal Poly Films Ltd, Graphic Packaging International, LLC and Cosmo Films.
- Medical & pharmaceutical packaging
- Industrial packaging
- Food and Beverage packaging
- Consumer products packaging