Global Packaging Film Market: Overview
Packaging films are thin plastic layers that are used to protect, preserve, market, and distribute various food items. These films provide excellent protection against loss of nutrition, color, aroma, and taste of the food materials. As a result of these benefits, the global packaging film market is expected to witness a substantial growth in the forecast period of 2018 to 2026.
The fact that these films are resistant towards the actions of microorganisms is also one of the key factor that is influencing the growth of global packaging film market over the period of time. Also, the versatility of these films in packaging various food items such as dry foods, liquids and semi-solid foods materials, meat, cheese, and snack items is a prominent factor that is promoting the growth of global packaging film market from 2018 to 2026.
Transparency Market Research report provides an in-depth analysis of global packaging films market. It enlightens various facets such as key growth factors, notable developments, current trends, regional analysis that are influencing the dynamics of global packaging film market in the forecast period.
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Global Packaging Film Market: Notable Developments
The global packaging film market is highly fragmented and is influenced by the activities of various prominent market players. In recent years, the industry has witnessed many merger and acquisitions. These strategies were part of brand expansion and helped the businesses to gain an edge over their rivals.
- In May 2019 a merger between Bemis Company Inc. and Amcor Ltd. took place. The merger was completed on 12th June 2019 with a clearance from U.S. Department of Justice. It was a strategic step by both the businesses that allowed them to reduce the customer churn and improved customer retention rate.
- In February 2018, Clopay Plastic Product Company, Inc. was acquired by Berry Global from griffin Corporation for US$475 mn. The acquisition allowed Berry Global enhance the production capacity in order to cater the rising demand for food packaging materials.
Some of the major player of the global packaging film market are Novolex, AEP Industries Inc., Dupont Teijin Films, RKW SE, and Bemis Company, Inc. (Amcor Limited).
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Global Packaging Film Market: Key Drivers
As a result of rising awareness regarding the nutrition value of food and items and concerns to preserve the nutrition of the food is expected to boost the growth of global packaging film market in the forecast period of 2018 to 2026. The packaging film improves the shelf life of the food items that enhances the reusability if the food products. This is yet another factor that is promoting the growth of global packaging film market. With the arrival of biodegradable packaging films, the environmental concerns are also taken under consideration. These products preserve the food item for a long time without affecting the environment. This all in whole drives the growth of global packaging film market in the forecast period of 2018 to 2026.
Also, changing lifestyle and growth in the working population across various region of the world, the demand for ready-to-eat food items has raises to next level. As a result of this genre of food materials, the global packaging film market is expected to witness a robust growth in the forecast period.
Global Packaging Film Market: Regional Analysis
Asia Pacific is likely to dominate other regions of packaging film market. The dominance of the region is attributed to growing disposable income of the people in the region. The changing lifestyle of the people in the region is also a key parameter that is supporting the growth of packaging film market in the region. Also, the rising demand of the packaged food and pharmaceutical products in the region is one of the major factor that is promoting the growth of packaging film market in the projected tenure of 2018 to 2026.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.