Barrier Shrink Bags Market: Food Application Segment to Hold over 95% Value Share Through 2027: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027
Valley Cottage, NY -- (SBWIRE) -- 02/07/2019 -- Barrier shrink bags are a type of packaging solution that is made of plastic shrink films that are flexible and shrink around a product like its second skin upon application of heat. Barrier shrink bags also have barrier properties that protect the product from environmental gases, aroma, moisture etc. Barrier shrink bags are available in a variety of designs including round bottom, straight bottom and side sealed. Barrier shrink bags are widely used in the packaging of food items, as these bags increase the shelf life of perishable food products such as packed meat and cheese. Barrier shrink bags are manufactured using various materials such as polyethylene, polypropylene, EVOH, polyamide etc.
A new report by Future Market Insights titled 'Barrier Shrink Bags Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027' provides a brief overview of the global barrier shrink bags market along with its current and projected market size for the forecast period 2017-2027. According to the research study, the global barrier shrink bags market is expected to be valued at more than US$ 2,100 Mn in 2017, and is projected to reach a valuation of about US$ 4,070 Mn by the end of 2027, growing at a robust CAGR of 6.4% during the forecast period.
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Global Barrier Shrink Bags Market: Dynamics
The inherent features of barrier shrink bags make it an attractive option for use in the packaging of different products. Barrier shrink bags have the ability to extend the shelf life of packaged food products, which makes it an obvious choice of packaged food companies. Some of the other major drivers of the global barrier shrink bags market are increasing concerns of people regarding food safety and hygiene, increasing disposable income of the middle class, and an increasing preference for packaged food product such as packaged meat.
However there are also a few factors that are expected to restrain revenue growth of the global barrier shrink bags market such as the environmental impact of plastic production. Furthermore, an inadequate storage space available for storing products that are packed with barrier shrink bags is another challenge to the revenue growth of the global barrier shrink bags market.
Global Barrier Shrink Bags Market: Segmental Highlights
The global market is segmented on the basis of product type, material type, barrier type, thickness, application and abuse strength. By product type, the side sealed segment is expected to lead the market with a value share of more than 45% throughout the forecast period. By material type, Polyethylene and EVOH are the most attractive segments in the barrier shrink bags market. The EVOH Segment is expected to gain 70 basis points in market share between 2017 and 2027.
Among the barrier type segments, the high barrier segment is the fastest growing segment with a market valuation of about US$ 1,381 Mn in 2017, reaching a revenue of over US$ 2,600 Mn by the end of 2027, growing at a CAGR of 6.8% during the forecast period. High barrier shrink bags are commonly used for the packaging of meat, poultry and seafood products. Among the segments based on thickness, the 50 to 70 Microns segment stands out with the highest expected market value of just under US$ 996 Mn in 2017, growing at a CAGR of 6.8% during the forecast period. In the segmentation based on application of barrier shrink bags, the food segment is the dominating segment with meat contributing the most to the segment's growth. The food segment is anticipated to hold a market value of just under US$ 2,160 Mn in 2017. In the segmentation based on abuse strength, high abuse is the dominant segment in the global market, anticipated to reach a valuation of over US$ 2,600 Mn by the end of 2027, growing at a CAGR of 6.9% during the forecast period.
Global Barrier Shrink Bags Market: Regional Analysis
Future Market Insights tracks the performance of the global barrier shrink bags market across the key regions of North America, APEJ, Western Europe, Eastern Europe, Latin America, MEA, and Japan. North America is the largest regional market for barrier shrink bags in terms of revenue share followed by Western Europe. APEJ is emerging as a fast growing regional market for barrier shrink bags and is expected to witness an increase of 90 basis points in market share in 2027 over 2017.
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Global Barrier Shrink Bags Market: Competitive Landscape
This exhaustive research includes analysis of the competitive landscape of the global barrier shrink bags market. Some of the key market players profiled in the report are Bemis Company, Winpak Ltd, Sealed Air Corporation, Kureha Corporation, Coveris Holdings S.A. etc.