Increasing demand for barrier shrink bags to be observed in the coming years
Among the different kinds of packaging that is available today, barrier shrink bags offer a lot more than just packaging. These bags offer more hygiene and also an extended shelf life to the stored products. Barrier shrink bags are more popular in the food industry and there has been an increase in demand owing to the inherent product features. With the development of economies in various regions and increase in disposable income with the middle class, people are focussing more on hygiene, food safety and quality of products. Also, people are demanding more of ready-to-use products, which is driving the growth of packed, ready-to-cook as well as ready-to-eat products across the globe. These factors are likely to boost demand for barrier shrink bags across the food industry globally.
Food segment anticipated to grow at the highest CAGR in the global barrier shrink bags market
The food segment in the global barrier shrink bags market currently holds the maximum value share, i.e. 98.4%. The food segment is expected to continue leading the global market for barrier shrink bags and will drive the overall growth of the global barrier shrink bags market largely due to a boom in the meat and poultry market. Meat is expected to reach a market value of around US$ 1,593 Mn by the end of 2027. It is followed by the cheese and dairy products segment that is anticipated to reach a market value of just under US$ 640 Mn by the end of the forecast period in 2027.
The market value forecast for the other segments based on application reveal the following statistics
Electronics industry is estimated to account for about 0.2% market share of the global barrier shrink bags market and is expected to grow at 3.5% CAGR over the forecast period.
Cosmetic and personal care segment is expected to lose 10 BPS in market share in 2027 over 2017 and it is expected to grow at a CAGR of 2.9% during the forecast period.
Homecare industry is expected to account for 0.2% market share in 2017, and is expected to expand at a CAGR of 2.7% during the forecast period.
Industrial segment is estimated to account for 0.3% of the global market share in 2017 and is expected to expand at a CAGR of 3.1% during the forecast period.
IPE SHRINK BAGS
IPE currently offers both PVDC and EVOH based shrink bags, covering meat/cheese/seafood sector.
Our product lines cover boneless and bone-in meats, processed meats, frozen and fresh poultry, and sausage chub films and casings.
We are currently the largest barrier shrink packaging manufacturer in China, and have over 10 extrusion lines, offering 5, 7, and 9 layer products, with multiple converting and printing lines in our factory. All stages are production are in-house managed, providing technological excellence and consistency in supply