Food Wrap Films Market Analysis: Aluminum food wrap films to generate relatively higher revenue than plastic and paper food wraps
The global market for food wrap films was valued at US$ 10,038.6 million in 2017. The market is forecast to expand at a CAGR of 2.1% during the forecast period, 2018-2026.
Food wrap films are used to wrap food products to protect them from contamination, keep food fresh and enhance the shelf life of the food. Food wrap films are generally used for short-term preservation of prepared food. Besides, they are also used to package confectioneries like chocolate and to wrap processed food such as meat & sea-food to keep them fresh for an extended period. Furthermore, food wrap films are used to pack ready-to-eat food items.
The global market for food wrap films is segmented as per material type and end use. The growing demand for on-the-go food and requirement of the increased shelf life of food items from the consumers is acknowledged as a critical factor driving the food wrap films market. The increase in demand for food service across the globe is expected to fuel the growth of global food wrap films market.
Aluminum-based food wrap films segment is estimated to dominate the global market with largest market share in the global food wrap films during the forecast period 2018-2026. Aluminum-based food wrap films are anticipated to have the high penetration in food wrap films market of APAC and Latin America. However, aluminum-based food wrap films are estimated to lose the market share in the food wrap films market of North America and Europe because of the maturity achieved by the demand of aluminum-based food wrap films in the geographies. Plastic-based food wrap films are projected to register the highest CAGR by the end of forecast period. Plastic segment is expected to produce better incremental revenue opportunity in the global food wrap films market share in the forecast period. MEA and North America are estimated to have the most significant plastic based food wrap films consumption. Plastic food wrap films have lower cost as compared with aluminum and paper food wrap films. Paper-based food wrap films have a smaller value share in the global food wrap films market and will continue to have the lowest share in the forecast period. Paper-based food wrap films are expected to have the highest demand in the food wrap films market of MEA. Latin America and APAC are estimated to have the least share of paper-based food wrap films during the forecast period.
Drivers and Restraints
Food wrap films are used to increase the shelf life of the food. The increased demand for on-the-go food across the globe is the key driver for the global food wrap films market. On-the-go food packaging requires wrapping to maintain the temperature. The barrier properties of the aluminum and high barrier plastics such as EVOH and polyamide isolates the food products from the environmental factors such as moisture, odor and atmospheric gases. The fast-paced life of people in developing and developed countries require better packaging of food items so that food can be consumed anytime irrespective of the time the food was prepared. The barrier properties of food wrap films against oxygen, moisture, and odor help it to provide higher shelf life to the food products. The restraint associated with the food wrap films is the environmental concerns associated with the harmful effects of conventional plastic materials which are not biodegradable and is a potential threat to the environment. The toxic effect associated with plasticizers in PVC based food wrap films is hazardous for an individual. LDPE based food wrap films may contain harmful chemicals such as diethylhexyl adipate (DEHA). The direct contact of food with aluminum-based food wrap films might cause memory loss, dementia and other adverse effects on the health of the consumer.
Key players operating in the global market for food wrap films include Reynolds Group Holding Limited, Mondi Group, Mitsubishi Chemical Holdings Limited, Amcor Limited, United Company RUSAL Plc, Hindalco Industries Limited, Berry Global, Inc., Georgia-Pacific LLC, Huhtamaki Oyj, and Thong Guan Industries Berhad.
In this report, Transparency Market Research offers an 8-year forecast of the global food wrap films market between 2018 and 2026. In terms of value, the global food wrap films Market is expected to expand at a CAGR of 2.1% during the forecast period. The study reveals food wrap films market dynamics in five geographic segments along with market analysis for current market environment and future scenario over the forecast period of the global food wrap films market.
This Transparency Market Research report studies the global food wrap films market for the period 2018–2026. The prime objective of this report (Food wrap films Market) is to offer insights and key market trends pertaining to food wrap films market that are gradually helping transform global businesses.
The global food wrap films market report begins with the executive summary. It is followed by market dynamics and overview of the global food wrap films market, which includes TMR analysis of market drivers, restraints, and trends that are affecting growth of the food wrap films market. Furthermore, to understand the popularity of the food wrap films segment, the attractiveness index and BPS analysis with elaborated insights on the same is provided, which will show the market’s attractiveness based on factors such as growth rate, market share and incremental opportunity. To show the performance of food wrap films market in each country and region, BPS, Y-o-Y growth and market attractiveness analysis is provided.
The global market for food wrap films is further segmented as material type and end use. On the basis of material type, global market of food wrap films is segmented into aluminium, plastic and paper. On the basis of end use, the global market for food wrap films is segmented into retail, food service and food processing.
The next section of the report highlights the food wrap films market, by region, and provides the market outlook for 2018–2026. The study investigates the Y-o-Y growth regionally, as well as analyses the drivers that influence the regional food wrap films market. Main regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). The report (global food wrap films market) evaluates the present scenario and growth prospects of the regional food wrap films market for 2018–2026.
To ascertain the market size in terms of value and volume, revenue generated by the key manufacturers and their respective production capacity is taken into consideration. The forecast presented here assesses the total revenue generated by value, across the food wrap films market. In order to provide an accurate forecast, we initiated by sizing up the current market, which forms the basis on how the food wrap films market is expected to develop in the future. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market based on key parameters, such as year-on-year (Y-o-Y) growth rates, to understand the predictability of the food wrap films market and identify the right opportunities across the market.
The market segment for global food wrap films market have been analysed in terms of basis point share (BPS) to understand the individual segment’s relative contributions to market growth. This detailed level of information is important for identifying various key trends in the food wrap films market. Another key feature of global food wrap films market is the analysis of key segments in terms of absolute dollar opportunity. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources from a delivery perspective of the food wrap films Market. The overall absolute dollar opportunity along with the segmental split is mentioned in global food wrap films Market. To understand key growth segments in terms of growth and adoption for food wrap films Market. Globally, Transparency Market Research developed the food wrap films market ‘Attractiveness Index.’ The resulting index should help providers identify real market opportunities.
In the final section of the report on Food wrap films Market, the ‘dashboard view’ of the companies is provided, to compare the current industrial scenario and their contribution in total food wrap films market. Moreover, it is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors based on the in-depth assessment of their capabilities and success in the food wrap films market.