Leading restaurants across the globe as well as food and beverage stores are identifying the advantages associated with the use of cling film as more people are using them on a day-to-day basis. Most companies are manufacturing cling films and supplying these at wholesale prices to retail outlets, hence making these films available to end consumers at affordable rates. Intensifying urbanisation in emerging economies such as India and China has led to the growing adoption of on-the-go food products, especially by the working population. Cling films are extensively used as an effective material for the packaging of ready-to-eat food products, hence boosting growth in demand across the global food and beverages industry.
Considering all the leading scenarios, Future Market Insights (FMI) projects that the global cling film market will exhibit a CAGR of 5.8% from 2018 to 2028. The market was worth US$ 1,045.3 Mn in 2017 and is estimated to rise to a valuation of US$ 1,924.5 Mn by 2028 end.
Cost-effectiveness and Durability to Push Demand for Cling Films
Though cling film is thin it is highly durable and solid at the same time. Cling films can hold up against any object for an extended period of time. Even if the item is dropped, moved or tampered with in any way, the cling wrap will hold up and continue to protect the item. Cling film is one of the most cost-effective products to protect items compared to other materials. These films also help save space and keep stored products organised by consolidating items together without any added bulk, which is particularly useful when moving offices or homes. Cling films also keep the items fresh and even extend the shelf life of the products. Additionally, cling films are convenient to use as there are no restrictions and work with any kind of object that needs to be shipped or moved.
Report provides Analysis on Cling Film Market Segmentation by Material Type - PE (LDPE, LLDPE, HDPE), BOPP, PVC, PVDC, and Others; Thickness - Up to 9 microns, 9 to 12 microns, Above 12 microns; end use - Food (Meat, Seafood, Baked Foods, Dairy Products, Fruits & Vegetables, Ready to Eat Meals, Others), Healthcare, Consumer Goods, Industrial, Others
Source: GLOBE NEWSWIRE