The plastic food wrap market is anticipated to be valued at USD 3.50 billion in 2024 and is foreseen to reach USD 5.28 billion by 2034, progressing at a modest CAGR of 4.20%. Plastic food wrapping has gained popularity in the past decade due to its cost-effective, lightweight, functional, and versatile properties, attracting a fresh consumer base.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 3.50 billion |
| Market Value for 2034 | USD 5.28 billion |
| Market Forecast CAGR for 2024 to 2034 | 4.20% |
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The demand historically developed at a CAGR of 3.60%. However, sales are predicted at a prompter pace, displaying a CAGR of 4.20% from 2024 to 2034.
| Attributes | Details |
|---|---|
| Market Historical CAGR for 2019 to 2023 | 3.60% |
Plastic wraps, once a popular material for food packaging, are experiencing subpar growth due to strict regulations in North America and Europe and the ban on single-use plastic. However, bioplastic and PCR plastic innovation addresses these challenges, and the trend is shifting to South and East Asian markets.
Acute aspects that are anticipated to influence the demand for plastic food wraps through 2034.
Demand for Reusable Packaging to Widen the Demand for Plastic Food Wraps
Confectionery Industry Caters to the Demand for Plastic Wrapping
Sustainable Plastic Food Packaging Practices Boost the Demand
An in-depth segmental analysis of the plastic food wrap market indicates that for the time being polyethylene material is in significant demand. Similarly, the hypermarket and supermarket category develops an emergent demand for plastic food packaging distribution.
| Attributes | Details |
|---|---|
| Top Material | Polyethylene (PE) |
| Market share in 2024 | 60% |
The demand for convenience and flexible packaging in packaged food is rising, with polyethylene wraps projected to hold a 60% market share in 2024.
Polyethylene food wraps, popular in hotel, restaurant, and cafe industries due to their moisture-resistance properties, are experiencing significant demand in the food packaging sector. The increasing population and food consumption necessitate increased crop production and improved raw food quality, leading to a rapid increase in the packaging of food wraps such as polyethylene wraps.
The demand for polyethylene (PE) food wraps is anticipated to experience growth in the food and beverage industry due to their excellent moisture and vapor barrier properties.
The fast-moving packaged foods industry's growth and the demand for flexible, convenient food packaging and sustainable packaging solutions are envisioned to manipulate the PE food wraps industry growth.
| Attributes | Details |
|---|---|
| Top Distribution Channel | Hypermarket or Supermarket |
| Market share in 2024 | 40% |
The prosperity of the retail sector and high packaged food consumption are anticipated to boost the sale of plastic food wraps in hypermarkets or supermarkets, with an expected market share of 40% in 2024.
The increasing demand for lightweight, convenient packaging that extends product shelf life is driving the widespread use of plastic packaging in hypermarkets and supermarkets.
Consumers prefer hypermarkets and supermarkets for easy convenience, which is anticipated to augment the sales of plastic wraps for food packaging.
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The following section explains the demand for plastic food wraps in various countries. Chinese and Indian industries are experiencing intermediate growth in the upcoming decade, while Thailand and Japan are also progressing at a moderate rate in the market.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| Canada | 3.3% |
| Thailand | 4.8% |
| China | 5.2% |
| India | 5.5% |
| Japan | 3.4% |
The market in India is predicted to report a CAGR of 5.5% through 2034, attracting prospects for dairy producers to utilize plastic wrapping to boost revenue in India.
The rise in dairy consumption and preference for single-serve options and yogurt drinks is prompting a surge in the sales of specific packaging solutions in India. Market players in India are adapting to evolving consumer preferences, focusing on appealing aesthetics, sustainable materials, and more convenient formats.
The surging demand for lightweight, protective, self-appealing, and high-barrier packaging among confectionery manufacturers is anticipated to supplement the sales of confectionery packaging in China.
China is projected to experience a 5.2% CAGR in the demand for the wraps from 2024 to 2034. China’s confectionery manufacturers are enhancing the shelf-life and quality of their products through innovative packaging solutions, augmenting sales across various packaging formats in China.
The plastic confectionery packaging industry in China is fueled by advancing consumer demand for confectionery products, particularly sugar-free options for people with diabetes.
Thailand's advancing demand for packaged food items has prompted the use of plastic food wrap packaging which is recyclable and allows easy information printing.
Thailand's food and beverage packaging industry is set to utilize PVC shrink wraps due to their robust strength and high tear resistance. Thailand's plastic food wrap industry is projected to register a CAGR of 4.8% from 2024 to 2034 due to demand for packaged food and pharmaceutical products.
Thailand’s demand for the wraps is boosted by the availability of biodegradable plastics and food wraps, which are cost-effective, energy-efficient, and reduce product waste.
Canada's plastic food wrap industry, projected to extend at 3.3% CAGR from 2024 to 2034, offers unique investment possibilities, making it a prime destination for fast food packaging.
The popularity of fast-food items such as burgers, burritos, and hot dogs due to busy lifestyles is anticipated to boost the demand for food packaging wraps in Canada.
Canada-based fast-food giants such as Arby's, Tim Hortons, and Applebee's dominate the demand, contributing to developing the plastic fast-food wraps sector. Canada’s fast-food vendors are utilizing innovative packaging designs to attract consumers.
The market in Japan is envisioned to register a CAGR of 3.4% through 2034, propelled by demand for cost-effective packaging for fresh food products.
Japan's food service industry is anticipated to develop due to the hike in the number of operators and the demand for plastic food wraps with extended product shelf-life.
The demand for fresh-food packaging solutions such as pliable food wraps in Japan is predicted to surge due to the demand from health-conscious consumers for fruits, dairy, and vegetables.
The market comprises numerous companies, primarily from North America and Europe, with global distribution networks and manufacturing locations.
Companies are enhancing their market share and revenue by offering extensive product customizations, replacing existing materials with biodegradable alternatives, and integrating across the value chain to reduce production costs through captive consumption of raw materials.
Leading packaging companies have been investing in research and development programs to introduce various packaging technologies in the market, including child-proof, elderly-friendly, retort, modified atmosphere, and temperature-controlled food packaging alternatives.
Key food and beverage packaging companies maintain a competitive edge through constant innovation, strategic alliances, research and development, and mergers and acquisitions.
Recent Developments in the Market
The market is expected to be valued at USD 3.50 billion in 2024.
The market is in line to be valued at USD 5.28 billion by 2034.
The plastic food wrapper industry in India is estimated to register a CAGR of 5.5% from 2024 to 2034.
The market is set to register a CAGR of 4.20% from 2024 to 2034.
Polyethylene is anticipated to acquire a 60% market share in 2024.
| Market Value (2024) | USD 60.6 billion |
|---|---|
| Anticipated Market Value (2034) | USD 115.0 billion |
| CAGR (2024 to 2034) | 6.6% |
| Market Size (2023) | USD 3.13 billion |
|---|---|
| Market Size (2033) | USD 4.67 billion |
| Market CAGR (2023 to 2033) | 4.1% |
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Plastic Food Wrap Market
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