February 20, 2019
WELLESLEY, Mass., February 20, 2019 – Cling film is known most for its ability to preserve and store food. But industrial and stationary companies are attracted to its low cost and desirable cling properties, as well. With consistently rising usage from the food industry from both developed and emerging economies, and increasing applications from industrial and stationary packaging industries, the global market for cling film is expanding.
In 2018, the global market for cling film was worth $1.1 billion. A new report by BCC Research, “Cling Film: Technology and Global Markets,” estimates that it will reach a value of $1.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 5.5%.
“In the past few decades, the growth of the food packaging industry in emerging economies, such as China, Indonesia, India and others, has created a range of product innovations to satisfy the different packaging requirements of users,” said report author, Kunal Majumder. “During the same period of time, cling film has emerged as a suitable packaging alternative for food and beverages items.”
Asia-Pacific to See Fastest Regional Growth
Demand for different types of cling film vary significantly with respect to their acceptance as a food packaging material in different regions, the product knowledge of users and penetration of its distribution channel. For example, in Asia-Pacific, demand for PE cling film is relatively high as compared to Europe and North America. The relatively low price of PE cling film has increased its attractiveness among Asian customers. In the coming years, the penetration rate of food packaging application of cling film will be much faster for Asia-Pacific as compared to Europe or North America.
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Cling Film: Technology and Global Markets( AVM173A )
Publish Date: Feb 2019
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