Packaging Film Market (Covid 19 Update) Future Growth Analysis, Business Demand and Opportunities
Global Packaging Film Market: Overview
Packaging films are thin plastic layers that are used to protect, preserve, market, and distribute various food items. These films provide excellent protection against loss of nutrition, color, aroma, and taste of the food materials. As a result of these benefits, the global packaging film market is expected to witness a substantial growth in the forecast period of 2018 to 2026.
The fact that these films are resistant towards the actions of microorganisms is also one of the key factor that is influencing the growth of global packaging film market over the period of time. Also, the versatility of these films in packaging various food items such as dry foods, liquids and semi-solid foods materials, meat, cheese, and snack items is a prominent factor that is promoting the growth of global packaging film market from 2018 to 2026.
Transparency Market Research report provides an in-depth analysis of global packaging films market. It enlightens various facets such as key growth factors, notable developments, current trends, regional analysis that are influencing the dynamics of global packaging film market in the forecast period.
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Global Packaging Film Market: Notable Developments
The global packaging film market is highly fragmented and is influenced by the activities of various prominent market players. In recent years, the industry has witnessed many merger and acquisitions. These strategies were part of brand expansion and helped the businesses to gain an edge over their rivals.
- In May 2019 a merger between Bemis Company Inc. and Amcor Ltd. took place. The merger was completed on 12th June 2019 with a clearance from U.S. Department of Justice. It was a strategic step by both the businesses that allowed them to reduce the customer churn and improved customer retention rate.
- In February 2018, Clopay Plastic Product Company, Inc. was acquired by Berry Global from griffin Corporation for US$475 mn. The acquisition allowed Berry Global enhance the production capacity in order to cater the rising demand for food packaging materials.
Some of the major player of the global packaging film market are Novolex, AEP Industries Inc., Dupont Teijin Films, RKW SE, and Bemis Company, Inc. (Amcor Limited).
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Global Packaging Film Market: Key Drivers
As a result of rising awareness regarding the nutrition value of food and items and concerns to preserve the nutrition of the food is expected to boost the growth of global packaging film market in the forecast period of 2018 to 2026. The packaging film improves the shelf life of the food items that enhances the reusability if the food products. This is yet another factor that is promoting the growth of global packaging film market. With the arrival of biodegradable packaging films, the environmental concerns are also taken under consideration. These products preserve the food item for a long time without affecting the environment. This all in whole drives the growth of global packaging film market in the forecast period of 2018 to 2026.
Also, changing lifestyle and growth in the working population across various region of the world, the demand for ready-to-eat food items has raises to next level. As a result of this genre of food materials, the global packaging film market is expected to witness a robust growth in the forecast period.
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