Market Trends of North America Shrink and Stretch Film Industry
This section covers the major market trends shaping the North America Shrink & Stretch Film Market according to our research experts:
The Food and Beverage Industry is one of the Significant Factors for Market Growth
- Further, more than 5.3 million Americans used more than 10 million boxes. Moreover, commercial use of wraps in supermarkets and shipping accounts for more than 3 million metric ton of plastic wrap that companies were expected to make in 2020. The same survey also reported that in 2020, around 293.29 million customers used kitchen and food wraps/films in the United States. The survey also estimates that there will be 303.28 million customers in the United States by the end of 2024.
- Shrink films are also predominantly used in the e-commerce sector for wrapping various products. The films offer various benefits, such as a wide range of oxygen transmission rates, optimal shelf-life for a variety of food packaging (meat, cheese, poultry, and case-ready packaging), premium product presentation, high impact and puncture resistance, fewer leakers when packing rigid or sharp-edged products, retained strength at freezing temperatures, and preserved package integrity.
- The studied market is gaining considerable traction from the increasing demand for frozen foods in the regions. According to the US Department of Agriculture, the volume of cold storage of frozen pork and frozen beef amounted to 415.94 million pounds and 535.9 million pounds in 2020, while other meat storage volumes accounted for 34.29 million pounds.
- Owing to the surging demand from the studied end-user application, several market players offer solutions that cater specifically to the fruit and vegetable packaging requirements. For instance, Canada-based FLAIR Flexible Packaging Corporation offers roll stock films, lidding films, and special micro-perforation for breathable films catering to the packaging needs of fruit and vegetable products.
- The demand for flexible plastic packaging in the frozen food industry is witnessing a surge. It is increasingly replacing traditional materials, such as paperboard, metals, and glass due to its beneficial properties such as being lightweight and reduced cost.
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The United States is Expected to Hold the Majority Share in the Market
- The demand for shrink and stretch films in the country is driven by the increasing demand for product packaging and for the bundling and protection of goods during warehousing and distribution. Also, there are various annual programs hosted in the region that look in detail at the strong demand for shrink and stretch films from consumer industries.
- For instance, AMI's International Stretch & Shrink Film US conference 2021 took place from November 29 to December 1, 2021, in Louisiana, United States. The annual conference hosted brand owners, retailers, stretch and shrink film producers and distributors, and raw material suppliers, alongside research institutions and universities. Stretch & Shrink Film 2021 offered a lively interaction between an international panel of speakers and provided a comprehensive overview of the latest materials, technologies, and market trends.
- There have been various developments such as product innovations and new product launches by vendors in the region to enhance their position in the market and gain a better customer base. For instance, in January 2021, Cortec announced the launch of Eco Wrap, one of the world's first compostable industrial-strength machine-grade stretch films. The new product is a revolution for the industrial packaging and warehousing industries that rely heavily on automated stretch wrapping to prepare pallets of goods for storage, inventory, or shipment.
- In October 2021, Taghleef Industries launched Shape360, a range of sustainable and versatile shrink films featuring new and updated Shape360 TDS designed for commercial sorting and recycling systems. It is a high TD shrink clear label film that improves PET bottle recycling quality and efficiency by ensuring the separation of floatable printed sleeves from rigid PET flakes.
- Also, various companies have been investing in expansion activities as well as in collaborations, partnerships, and acquisitions to gain a better presence in the country. For instance, in August 2021, the US-based sustainable packaging firm Revolution purchased Five Points Films, a manufacturer of cast hand and machine stretch film, to expand Revolution's domestic presence while widening its production capabilities and sustainable product portfolio in the region.
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