A food wrap film is a specially designed material that keeps food fresh, prevents contamination, and prolongs its shelf life. These are nothing but a small film usually used to store food in compartments in order to preserve them in crisp manner for more than a timeframe. Further, along with ready-to-eat food and fast food, the food wrap films are also used to wrap seafood, processed meat, confectionaries, and other highly perishable food items to preserve their freshness for an extended time.
The growing demand for various food flavors & beverages, along with the global rise in demand for food wraps are the leading factors for the growth of the global food wrap film market. Rising demand for on-the-go food items or ready-to-eat food also contributes to the growth of the market. Further, to maintain the temperature of food packaging, wrapping is required. In addition to protecting food from perishing, food wrap films allow food items to have a longer shelf life and maintain their quality.
These favorable qualities of food wraps are expected to bolster the growth of the global food wrap films market. In addition to this, people in developing and developed countries need better packaging for their food items so that food can be consumed at any time, regardless of the time it was prepared, which in turn is also fostering the growth of the market. However, the high cost associated with the production of wrap films over conventional food wrapping may limit the growth of the market. Furthermore, the potential players are focusing on untapped emerging countries such as Japan, China, the Middle East, and Europe where the demand for ready-to-eat food is growing at a rapid pace. This increase in demand from the untapped market is expected to offer lucrative opportunities to the food wrap films market in the forecast period.
The global food wrap film market is divided based on material type, end-user, and region. Based on the material type, the global market is split into aluminum, plastic, and paper. The end-user segment consists of retail, food services, and food processing.
Geographically, the North America region is expected to lead the global food wrap film market and is anticipated to continue this dominance during the forecast period. Factors such as rising disposable income, changing lifestyle, and rising preferences for fast food by the millennial population are driving the growth of the market in this region. Asia Pacific region is anticipated to hold the second position in the market and is anticipated to account for a significant share over the forecast period. This is attributed to the increasing demand for processed or ready-to-eat food by people owing to day-to-day hectic work schedules.
Reynolds Group, Mitsubishi Chemical Holdings, United Company, Hindalco Industries, Georgia-Pacific, Thong Guan Industries, Mondi Group, Amcor plc, United Company RUSAL, Berry Global, and Huhtamaki Oyj are the leading manufacturers that are functioning in the global food wrap film market.
In July 2020, in collaboration with Dow, Thong Guan developed sustainable plastic stretch cling films using renewable feedstocks in Asia Pacific. The new bio-based stretch cling films fulfill the demand for renewable plastics in the Asia Pacific region.
