Shrink Wrap Packaging Industry Procurement Intelligence Is Expected to Grow Due to High Demand in Food & Beverage, Electronics, and Cosmetics Industries Report, 2020-2025 | Grand View Research, Inc

Grand View Research, Inc
The global stretch and shrink film market size was estimated at USD 14.27 billion in 2019 and is projected to register a 5.5% CAGR during the forecast period. The burgeoning food processing industry is expected to drive the market growth.

Procurement Outlook

Shrink wrap is an adaptable polymer material that is used for the packaging of finished goods. Shrink wrap film is available in a variety of types, thicknesses, clarities, strengths, and shrink ratios, which can be employed alone or in conjunction with one another to create the precise type of layering and protection for your product. With the recent changes in the manufacturing industries due to the COVID-19 pandemic, several steps have been considered to ensure that various products continue seamlessly.

The shrink wrap market has witnessed the continuous high demand from the food and beverage, electronics, pharmaceuticals, and cosmetics industries. The demand for products has witnessed to grow in online purchases, as more consumers have sought to seek things virtually, while curbing the rising lack of clients at their physical stores, and reduce the spread of infection.

Shrink wrap packaging is manufactured to bind the product components to prevent the product from spillage and ensure proper storage, particularly when shipping and transportation. Shrink wraps consist of a polymer plastic wrap that consists of polyolefin, polyethylene, and PVC, each offering unique characteristics for use in different areas.

Demand Outlook

The global stretch and shrink film market size was estimated at USD 14.27 billion in 2019 and is projected to register a 5.5% CAGR during the forecast period. The burgeoning food processing industry is expected to drive the market growth. In addition, high demand for fruits, vegetables, and other food products is expected to further drive the product demand.

Rising replacement of conventional packaging materials with stretch and shrink films can be attributed to the growth of the market in the U.S. The country is one of the largest manufacturers of processed food which is a major application area for stretch films in both primary and secondary packaging. Increased consumption of fresh products, such as cold salads is expected to drive the shrink wrap segment growth, with major application in consumer goods industry for form-fill-seal applications, adhesive labels, sleeves, collation wrap, and pre-made pouches.

Cost Drivers

Considering the advantage of shrink film’s strength and durability, most manufacturing companies have been able to remove corrugated packaging from their multi-pack products. Heavy products can be securely wrapped in shrink which eliminates the need for a corrugated tray. Lightweight items (like single-serve chips and snacks) can be packaged in a polybag. Along with reducing cost of packaging, shrink wraps also help to minimize shelf footprint and opens up space in the facility.

With continuous improvement in technologies, manufacturers can further optimize packaging for cost reduction by down-gauging or selecting a lower-width film. Working with a packaging specialist to conduct a film audit for the packaging line, will help the client in understanding the options available for packaging.

Grab your copy, or request for a free sample of the “Shrink Wrap Packaging Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.

Add-on Services provided by Grand View Research Pipeline:

Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.

Our services include (not limited to):

•             Market Intelligence involving – market size and forecast, growth factors, and driving trends

•             Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

•             Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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