Research Nester released a report titled “Cling Film Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global cling film market in terms of market segmentation by form, material type, thickness, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global cling film market is expected to garner notable revenue by expanding at a significant CAGR during the forecast period, i.e., 2021-2029. The market is thriving on account of the growing demand for cling film in the food packaging industry and the healthcare sector. It is cost-effective, easy to use and protective in nature, which is estimated to drive the growth of the market.
The global cling film market is segmented by material type into PVC, PVDC, polyethylene, biaxially oriented polypropylene (BOPP) and others, out of which, the PVC segment is estimated to hold the largest market share by the end of 2021 owing to its microwave safe properties, ease of use and high durability. The market is further divided on the basis of form into cast cling film and blow cling film, out of which, the cast cling film segment is anticipated to hold a large portion of the market throughout the forecast period.
On the basis of region, the global cling film market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region, out of which, the market in North America is anticipated to hold the largest share by the end of 2029, owing to the rising demand for cling film backed by the increasing penetration of packaged food in the region. As per our analysis from secondary research sources, online packaged food sales accounted for more than USD 14 billion in the United States in 2020.
Asia-Pacific market is estimated to experience significant CAGR throughout the forecast period on account of the increasing application of cling film in the healthcare sector. The development in the healthcare sector in the region is expected to generate major growth opportunity for the market. As per the statistics by the World Health Organization, per capita healthcare expenditure of the East Asia and Pacific region accounted to USD 721.8 (in current U.S. dollars) in the year 2018.
Growing Preference for Packaged and Ready-To-Eat Food
The increasing demand for cling film in major restaurants and fast food chains owing to the increasing preference of packaged food is expected to boost the market growth during the forecast period. Moreover, growing trend of ready-to-eat food worldwide is estimated to boost the market growth. Additionally, varied applications of cling film in hospitality and healthcare sector is expected to act as a major growth driver for the cling film market.
However, restrictions on single use plastic is expected to operate as the key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global cling film market which includes company profiling of ADEX S.r.l., Anchor Packaging LLC, Berry Global Inc., CeDo Ltd., Intertape Polymer Group Inc. (TSE: ITP), MOLCO GmbH, C.R. Laurence Co., Inc., Multi Wrap (PTY) LTD, Dow Chemical Company and Gruppo Fabbri vignola S.p.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cling film market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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