Food Wrap Films Market Analysis: Aluminum food wrap films to generate relatively higher revenue than plastic and paper food wraps
The global market for food wrap films was valued at US$ 10,038.6 million in 2017. The market is forecast to expand at a CAGR of 2.1% during the forecast period, 2018-2026.
Food wrap films are used to wrap food products to protect them from contamination, keep food fresh and enhance the shelf life of the food. Food wrap films are generally used for short-term preservation of prepared food. Besides, they are also used to package confectioneries like chocolate and to wrap processed food such as meat & sea-food to keep them fresh for an extended period. Furthermore, food wrap films are used to pack ready-to-eat food items.
The global market for food wrap films is segmented as per material type and end use. The growing demand for on-the-go food and requirement of the increased shelf life of food items from the consumers is acknowledged as a critical factor driving the food wrap films market. The increase in demand for food service across the globe is expected to fuel the growth of global food wrap films market.
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Aluminum-based food wrap films segment is estimated to dominate the global market with largest market share in the global food wrap films during the forecast period 2018-2026. Aluminum-based food wrap films are anticipated to have the high penetration in food wrap films market of APAC and Latin America. However, aluminum-based food wrap films are estimated to lose the market share in the food wrap films market of North America and Europe because of the maturity achieved by the demand of aluminum-based food wrap films in the geographies. Plastic-based food wrap films are projected to register the highest CAGR by the end of forecast period. Plastic segment is expected to produce better incremental revenue opportunity in the global food wrap films market share in the forecast period. MEA and North America are estimated to have the most significant plastic based food wrap films consumption. Plastic food wrap films have lower cost as compared with aluminum and paper food wrap films. Paper-based food wrap films have a smaller value share in the global food wrap films market and will continue to have the lowest share in the forecast period. Paper-based food wrap films are expected to have the highest demand in the food wrap films market of MEA. Latin America and APAC are estimated to have the least share of paper-based food wrap films during the forecast period.
Drivers and Restraints
Food wrap films are used to increase the shelf life of the food. The increased demand for on-the-go food across the globe is the key driver for the global food wrap films market. On-the-go food packaging requires wrapping to maintain the temperature. The barrier properties of the aluminum and high barrier plastics such as EVOH and polyamide isolates the food products from the environmental factors such as moisture, odor and atmospheric gases. The fast-paced life of people in developing and developed countries require better packaging of food items so that food can be consumed anytime irrespective of the time the food was prepared. The barrier properties of food wrap films against oxygen, moisture, and odor help it to provide higher shelf life to the food products. The restraint associated with the food wrap films is the environmental concerns associated with the harmful effects of conventional plastic materials which are not biodegradable and is a potential threat to the environment. The toxic effect associated with plasticizers in PVC based food wrap films is hazardous for an individual. LDPE based food wrap films may contain harmful chemicals such as diethylhexyl adipate (DEHA). The direct contact of food with aluminum-based food wrap films might cause memory loss, dementia and other adverse effects on the health of the consumer.
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Competitive Landscape
Key players operating in the global market for food wrap films include Reynolds Group Holding Limited, Mondi Group, Mitsubishi Chemical Holdings Limited, Amcor Limited, United Company RUSAL Plc, Hindalco Industries Limited, Berry Global, Inc., Georgia-Pacific LLC, Huhtamaki Oyj, and Thong Guan Industries Berhad.
Food Wrap Films Market Observes Growth in the Rising Demand for Prolonged Shelf Life of Products
Food wraps refer to a small film that is usually used for the storage of food items in compartments to maintain crispiness of the product over a longer period of time. These wraps are sold in the form of rolls and in boxes with a forefront and they stick to several smooth surfaces. As such, they can stay tight over the opening of the wrap holder. Based on the type of materials used, these wraps usually come in three different types. Paper, aluminum, and plastic are the materials that are utilized in the making of a food wrap film. Growing popularity of these wraps is likely to foster growth of the global food wrap films market in the near future.
Plastic food wrap films are utilized in cases where food requires to be stored in airtight condition. The wraps films made from aluminum are used for food items that need to be kept in hot condition and paper wraps are utilized for on-the-go food items. Food wrap films help in prolonging the shelf life of food items and prevent it from perishing. These wrap films help in maintaining the quality of food items. These qualities are expected to bolster growth of the global food wrap films market in the years to come.
Increasing Demand for On-the-Go Food Items to Accelerate Growth of the Market
Plastic wrap films usually offer protection to food items from three main threats, which are physical, biological, and chemical. Light, moisture, and gases comprise chemical threats. Biological threats arise from various microorganisms and physical threats are mechanical damages caused to the food items. Utilization of plastic food items come with several concerns about health as plastics release various undesirable chemicals into the food item. There are several environmental concerns associated with the use of plastics as well as they are non-biodegradable.
The growth of the global food wrap films market is likely to be driven by the increasing demand for on-the-go food items. Food packaging needs wrapping for the purpose of maintenance of temperature. The barrier properties of certain plastics, such as polyamide isolates and EVOH and aluminum are likely to work in favor of the global food wrap films market in the years to come.
