Cling Films Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• The increasing demand for hygienic food packaging and preference for packaged food is expected to boost demand during the forecast period.
• However, low resistance to extreme weather conditions is anticipated to restrain the market growth.
• The application of bio-based cling films for sustainable food packaging is expected to act as an opportunity for market growth in the future.
• Asia-Pacific is anticipated to witness the highest growth rate during the forecast period.

Cling Films Market Trends

Food Segment to Dominate the Market

• Cling film is a plastic wrap, food wrap, saran wrap, or stretch film. It is a thin transparent plastic film that adheres to surfaces and to itself used for packaging food items in containers.
• Cling films are high-quality food wrap films that prevent food from insects and microbial contamination, and dust, keep it fresh, and minimize food waste by increasing its shelf life.
• PVC cling films represent a sustainable choice for fresh food packaging and minimizing food waste, mainly at consumer and retail levels, where major losses occur in developed countries.
• Natural polymer-based cling films for food packaging can replace non-biodegradable petroleum-based synthetic polymers at a low cost, producing a positive, environmental, and economic effect.
• The rapid growth of the food and beverage industry also drove the United States packaging industry in recent years. The sales of packaging products to retail food and beverage stores amounted to around USD 880 billion in 2021, representing a growth of nearly 3.5% compared to 2020.
• India is also one of the major consumers of packaged foods and beverages. According to the Packaging Industry Association of India (PIAI), the packaging industry is currently the fifth-largest economic sector in India, and it is growing at a rate of 22-25% per year, making India a preferred hub for the packaging industry.
• Moreover, according to the U.S. Department of Agriculture (USDA), the most profitable sector of the Indian food industry was the retail food market. In 2021, retail accounted for around USD 800 billion, followed by food services and exports, amounting to around USD 64 billion and USD 51 billion, respectively. Therefore, created a huge market for cling films during the forest period.
• Thus, all the abovementioned factors will likely provide demand for cling films in the forecast period.

Asia-Pacific Region to Witness High Market Growth

• Asia-Pacific is likely to witness the high growth demand for cling films, owing to their increasing usage in the food packaging, healthcare, and consumer goods sector of emerging economies, including China, India, and Japan.
• China is one of the major food industries globally. The growing population and the average per capita consumption are major drivers of the country's food market growth.
• In India, expenditure on the health sector surged by about 73% in 2019-20 (pre-COVID-19), thus, increasing the market demand during the forecast period.
• Furthermore, according to the Ministry of Finance of the People's Republic of China, total public expenditure on health care and hygiene increased by about 17% in 2022 compared to 2021, amounting to about CNY 2.25 trillion (~USD 0.33 trillion).
• Hence, for the above reasons, Asia-Pacific is anticipated to dominate the market studied during the forecast period.

Cling Films Industry Overview

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support