The global barrier shrink bags market largely due to a boom in the meat and poultry market. Meat is expected to reach a market value of around US$ 1,593 Mn by the end of 2027.
Albany, NY -- (SBWIRE) -- 01/11/2018 -- This research report offers a comprehensive analysis of the "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" The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Increasing demand for barrier shrink bags to be observed in the coming years
Among the different kinds of packaging that is available today, barrier shrink bags offer a lot more than just packaging. These bags offer more hygiene and also an extended shelf life to the stored products. Barrier shrink bags are more popular in the food industry and there has been an increase in demand owing to the inherent product features. With the development of economies in various regions and increase in disposable income with the middle class, people are focussing more on hygiene, food safety and quality of products. Also, people are demanding more of ready-to-use products, which is driving the growth of packed, ready-to-cook as well as ready-to-eat products across the globe. These factors are likely to boost demand for barrier shrink bags across the food industry globally.
Food segment anticipated to grow at the highest CAGR in the global barrier shrink bags market
The food segment in the global barrier shrink bags market currently holds the maximum value share, i.e. 98.4%. The food segment is expected to continue leading the global market for barrier shrink bags and will drive the overall growth of the global barrier shrink bags market largely due to a boom in the meat and poultry market. Meat is expected to reach a market value of around US$ 1,593 Mn by the end of 2027. It is followed by the cheese and dairy products segment that is anticipated to reach a market value of just under US$ 640 Mn by the end of the forecast period in 2027.
The market value forecast for the other segments based on application reveal the following statistics
Electronics industry is estimated to account for about 0.2% market share of the global barrier shrink bags market and is expected to grow at 3.5% CAGR over the forecast period.
Cosmetic and personal care segment is expected to lose 10 BPS in market share in 2027 over 2017 and it is expected to grow at a CAGR of 2.9% during the forecast period.
Homecare industry is expected to account for 0.2% market share in 2017, and is expected to expand at a CAGR of 2.7% during the forecast period.
Industrial segment is estimated to account for 0.3% of the global market share in 2017 and is expected to expand at a CAGR of 3.1% during the forecast period.
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North America to be the most lucrative market for barrier shrink bags
North America is expected to lead the global barrier shrink bags market in 2017, as it has the biggest market for meat and poultry in the region. North America currently has the highest concentration of barrier shrink bag manufacturers and the region's market is expected to grow at a robust CAGR of 6.5%. Usage of barrier shrink bags in the food sector is estimated to account for a market share of 98.5% in the North America barrier shrink bags market in 2017. APEJ is expected to witness rapid growth in the global barrier shrink bags market over the forecast period owing to rapid innovation in the packaging industry across the region. The region is expected to grow at a CAGR of 6.9% over the forecast period and is projected to register the second highest growth of 90 BPS between 2017 and 2027. The region represents lucrative growth opportunities for barrier shrink bags due to the concentration of developing as well as mature markets.
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