The global PET shrink film market was valued at USD 1,034.6 Million in 2019 and is projected to reach USD 1,705.3 Million by 2027, expanding around a CAGR of 6.6% during the forecast period. In terms of volume the PET shrink film market is anticipated to grow approximately by CAGR of 5.3% over the coming years.
Market Introduction
PET Shrink Film is a concentrated or liquefied product that can be poured from a bottle/container. It can be either mixture or homogeneous. It can be used as a condiment or seasoning. The product must be made from a decent quality and hygienic ingredients that are processed and mixed properly to achieve the preferred quality. The product is subjected to a suitable procedure by heat beforehand or after filling in a hermetically closed bottle/container, to avert decomposition.
Chili peppers are assumed to be amongst the most primitive plants cultivated by humans. Their usage can be traced back to the foundation of civilization. Archeological lodgings have found confirmation of chili peppers' existence and consumed as far-off as 7,000 BC. In numerous eras at the earliest, chili peppers were stored domestically.
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Market Dynamics
The food & beverage segment is driving the PET shrink film market, due to increased demand for this packaging of meat, vegetables, and fruit packaging products. Growth of the market is attributed to an increase in food & beverage consumption due to rise in consumer disposable income, population growth, and easy availability of product on various channels of distribution. The PET shrink film market is growing significantly due to the high demand for these films for packaging, preserving, and bundling of products during distribution and warehousing.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. In terms of value the region constituted approximately 42.1% share of the market in 2019. The market in the region is projected to expand at a CAGR around 6.7% during the forecast period as there is increase in demand for PET sheets in Asia Pacific, increasing focus of players in development of PET shrink film, rise in government initiatives are some of the factors expected to boost the market growth on the region.
Competitive Landscape
- Key players in the market include Fuji Seal International Inc., Sealed Air Corporation, The Dow Chemical Company, Klöckner Pentaplast. These companies are considered manufacturers of PET shrink film based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the PET shrink film is added in the company’s capacity.
- In 2017, Berry Global Group completes acquisition of AEP Industries Inc. this action of the company helps them to increase market share. Also helps them to increase product portfolio of the company
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