Global demand for Shrink films used in beverage multipacks is forecast to grow until 2021. Some of the factors which are all set to boost the growth include growing consumption of alcoholic beverages a well as demand for ready-to-drink fruit juice, as per MarketIntelReports. Multipacks are generally used for the purpose of wrapping a group of several containers or bottles together in order to sell it as a single unit. They find their application in the packing process of various containers which include alcoholic drinks, soft drinks and dairy products of dissimilar shapes and sizes. This type of packaging also helps in preventing the environment by reducing the plastic use which consequently fuels the demand for shrink films pertaining to beverage multipack applications. This market is regulated and controlled by both established as well as small emerging players. This type of packaging is light-weight, durable and visually attractive. When equated to rigid packaging, these shrink film beverage multipacks lessen the conveyance expenditures of beverages and are easier to carry.
The Shrink film for beverage multipacks majorly comprise of three applications forms which include can, bottle and brick. Water and carbonated soft drinks is the major contributing segment in the overall demand for shrink films packaging owing to the constant growth in demand for mineral water and carbonated drinks. Additionally, various designs of bottle wrapping have been introduced which also fuel the growth of this market. Soft-drinks and water are generally packed in bottles and after that shrink film is applied for the secondary packaging. Polyolefins are the most preferred materials for this type of packaging as it biodegrades naturally but over a long period of time. Printed shrink wrap film continues to make headway into all industries, especially where retail point-of-sale is concerned.
The application segment is the major driver for the shrink film for beverage multipacks market to grow. Shrink film for beverage multipacks find their applications in various segments like water, milk, alcoholic beverages, carbonated soft drinks and more. North America dominated the global shrink film for beverage multipacks market. The industrial development in this region is all set to drive the demand of shrink film for beverage multipacks materials. Major players involved in this market are mainly concentrating on R&D initiatives and new product developments to cater the needs of customers. Moreover, booming petrochemical industry will directly impact the demand of the shrink film for beverage multipacks over the foreseeable period.
The market share for shrink film for beverage multipacks in Europe is estimated to be the highest in 2015 and is also anticipated to account for the highest market share by 2021. Both, Europe and the Americas are expected to continue to grow at a substantial rate during the forecast period. The APAC region is anticipated to be the fastest growing market during the forecast period. Rising need for attractive packaging in beverages industry coupled with increasing sales of multi-bottle packages drives shrink film market.