NEWARK, Del: , Oct. 27, 2022 (GLOBE NEWSWIRE) -- The global barrier shrink bags market is predicted to reach a valuation of US$ 2.8 Bn in 2027, with the market expanding at an average CAGR of 5.7% from 2022 to 2027. Predicted to reach an estimated US$ 2.1 Bn by the end of 2022, the target market is likely spurred by the escalating demand for extended shelf life of products, particularly in the food sector. The barrier shrink bags market will grow 1.4 times its current value during the forecast period.
A product’s shelf life is one of the most essential considerations for the end-users while using packaged food. Barrier shrink bags enable the manufacturers and retailers with the benefit of the ensuring an extended shelf life of the product with its quality intact. In addition, barrier shrink bags also add a more appealing visual to the product which would invite the customers’ attention.
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These types of bags are highly popular in the meat, poultry, cheese, seafood etc., section of the food industry as the barrier shrink bags are capable of impacting the shelf life of these products. Thus, the target market finds plenty of lucrative opportunities in these industries during the projected period. The barrier shrink bags ensure safety, hygiene, and provide a certain convenience that adds on to their popularity in the global market.
“Heightened demand for shelf-life extension will facilitate the global growth of the barrier shrink bags market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The high barrier shrink bags segment will expand at a CAGR of 6.1%, reaching US$ 1.6 Bn by the end of 2027.
- By application, the meat segment will generate US$ 381 Mn opportunity.
- On the basis of type, side sealed product type will grow at 6.0% CAGR, arriving at a value of US$ 1.4 Bn in 2027.
- North America will account for 26% of the global market share.
- The United States will hold 92% of the target market share in North America through 2027.
- The barrier shrink bags market in Italy will expand by 1.7x, creating a revenue opportunity of US$ 24 Mn during 2022-2027.
Competitive Landscape
Amcor plc., Sealed Air Corporation, Winpak Ltd., Kureha Corporation, Schur Flexibles Group, Flavorseal Llc., BUERGOFOL GmbH, Flexopack S.A., Globus Group, Allfo Vakuumverpackungen Hans Bresele Kg, PREMIUMPACK GmbH, Kuplast, Vac Pac Inc., Vector Packaging Inc., Astar Packaging Pte Ltd., Millepack srl., and Spektar d.o.o, among others are some of the major players in the barrier shrink bags market profiled in the full version of the report.
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Leading market players are concentrating on product development and releasing new products to increase their product portfolios. These organizations are keen on expanding their operations and launching innovative product lines to strengthen their market presence.
More Insights into Barrier Shrink Bags Market Report
In its latest report, FMI offers an unbiased analysis of the global barrier shrink bags market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2027. To understand the global market potential, growth, and scope, the market is segmented on the basis of barrier type (high barrier shrink bags, ultra high barrier shrink bags), application (meat, seafood, poultry, cheese & dairy products, other foods), product type (round bottom sealed, straight bottom sealed, side sealed), material type (polyethylene (low density polyethylene (LDPE), linear low density polyethylene (LLDPE)), polypropylene, polyamide, ethylene vinyl alcohol (EVOH), polyvinylidene chloride (PVDC), others), thickness (up to 50 microns, 51 to 70 microns, 71 to 90 microns, 91 to 110 microns, above 110 microns), abuse strength (high abuse, low abuse), and region.
According to the latest FMI reports, based on segmentation, the high barrier shrink bags segment will dominate the target market. This segment will likely account for 56% of the overall market share by the end of 2027. In terms of application, the meat segment is expected to contribute the most to the target market, reaching a value of US$ 381 Mn during 2022-2027. On the basis of product type, the side sealed segment is expected to gain popularity among the consumers during the forecast period.
Based on region, the barrier shrink bags market in North America will present significant growth, primarily due to the performance of the same market in the United States. Multiple growth opportunities for the target market in the meat packaging sector caused by rising disposable income and an emphasis on eating healthy fuels barrier shrink bags market growth in the U.S. The country is expected to account for 92% of the market share in North America. Apart from the U.S., Italy’s barrier shrink bags market will exhibit notable growth due to lucrative opportunities in the cheese packaging industry. The target market in this country is expected to grow 1.7 times its current value.
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Barrier Shrink Bags Market by Category
By Barrier Type:
- High Barrier Shrink Bags
- Ultra High Barrier Shrink Bags
By Application:
- Meat
- Seafood
- Poultry
- Cheese & Dairy Products
- Other Foods
By Product Type:
- Round Bottom Sealed
- Straight Bottom Sealed
- Side Sealed
By Material Type:
- Polyethylene
- Low Density Polyethylene (LDPE)
- Linear Low Density Polyethylene (LLDPE)
- Polypropylene
- Polyamide
- Ethylene Vinyl Alcohol (EVOH)
- Polyvinylidene Chloride (PVDC)
- Others
By Thickness:
- Up to 50 microns
- 51 to 70 microns
- 71 to 90 microns
- 91 to 110 microns
- Above 110 microns
By Abuse Strength:
- High Abuse
- Low Abuse
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Table of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Definition
2.2. Market Coverage
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
TOC to be continued..
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