Stretch and Shrink Film Market – Global Opportunities & Forecast, 2020-2027
Stretch and Shrink Film Market
The global stretch and shrink film market is projected to encounter a growth rate of 5.5% over the forecast period. Expansion in the food processing industry and the robust demand for vegetables and fruits will steer the market growth.
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Stretch and Shrink Film Market Dynamics
Growth in the stretch and shrink film market is attributed to the various benefits proffered by the stretch and shrink technologies over traditional procedures. The wrapping machines assure that no space is left unwrapped in the product to evade product damage. Also, the strong demand for packaged food and beverages with the changing lifestyle of consumers has elevated the stretch and shrink film market share. This is because of the extensive surge in the demand for ready to eat food items. The stretch and shrink films are increasingly used in the transportation industry to wrap products. They assist in conserving time of employees s compared to the monotonous hand wrapping. Also, the packages are wrapped precisely without any loopholes. Thus, all these factors have stimulated the growth of the market.
Product Segment Drivers
On the basis of product, the global stretch and shrink film market can be bifurcated into hoods, sleeves and labels, and wraps. Amongst these, the hoods segment is projected to seize the highest share in the market during the forecast period. As per the stretch and shrink film market research, the film is impenetrable and is available in all sizes of loads, it offer decisiveness, and safeguards them from any weather condition.
Application Segment Drivers
By application, the food & beverage industry is anticipated to lead the overall stretch and shrinks market during the forecast period. The augmenting demand for packed foods, such as processed food, frozen food, and bakery products is driving the stretch and shrink film market size.
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