Food segment anticipated to grow at the highest CAGR in the global barrier shrink bags market
Albany, NY -- (SBWIRE) -- 02/23/2018 -- The global barrier shrink bags market is projected to grow at steady CAGR of 6.4% and surpass US$ 4 Bn in revenues by the end of 2027, according to a new research study added to the repository of Market Research Reports Search Engine (MRRSE). The report titled "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" is an accurate and unbiased source of information on the prospects of this market.
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According to the report, the demand for barrier shrink bags has grown steadily in the recent past, owing to their applications in perishable food category. Barrier shrink bags are widely used in the packaging of meat, cheese, and other perishable items. Food and beverage manufacturers today have a wide range of packaging options to choose from, and barrier shrink bags have remained preferred owing to their numerous advantages. In addition to the specific factors, the demand for barrier shrink bags is also growing on account of global health and wellness trends. According to the report, consumer emphasis on nutritious food products has influenced manufacturers to opt for packaging options that increase the shelf life without compromising the nutrient value. The market is likely to receive further impetus as more consumers gain awareness and are willing to pay for products that cater to their health and wellness needs.
The report projects the dominance of food segment to account for maximum revenue share of the market. This segment currently accounts for over 98% revenue share of the market, and its dominance is likely to continue throughout the assessment period. In the food segment, barrier shrink bags are likely to witness highest demand in meat segment, followed by cheese and dairy products. The meat segment is likely to reach nearly US$ 1.6 Bn by 2027-end, whereas cheese and dairy products segment is projected to account for nearly US$ 640 Mn.
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North America, led by the US, continues to be the leading market for barrier shrink bags globally. The growth in the US market will be driven by steady demand from the food industry in the country. Higher consumer preference for healthy food products is likely to drive market growth in North America. Asia Pacific excluding Japan (APEJ) is also emerging as a leading market for barrier shrink bags globally, and manufacturers can expect a steady stream of opportunities in the region.
The report also offers a detailed analysis on the competitive landscape in the barrier shrink bags market. Key product and business strategies of the leading players has been analyzed in the report. Some of the leading players in the market include Bemis Company, Sealed Air Corporation, Winpak Ltd, and Kureha Corporation, Coveris Holdings S.A. etc.
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