Albany, NY -- (SBWIRE) -- 05/15/2019 -- 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.
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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.
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 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.