Shrink Packaging Market Growth Analysis, Share, Demand By Regions, Scope
The global shrink packaging market size was valued at USD 11.00 billion in 2023. The industry is expected to expand from USD 11.61 billion in 2024 to USD 18.85 billion by 2032, exhibiting a CAGR of 6.24% over the study period.
Shrink packaging refers to the innovative packaging solution that aids in the protection and packaging of a single product and can also be deployed to bundle many products together. The growing use of shrink sleeves, wraps, and films by the food & beverage industries is impelling the market expansion.
Over 60% of shrink film and stretch sales were made from bundling, transportation, and storage of products, including hygiene items (e.g. toilet paper, wipes, and paper towels), medical devices, and drugs amid the COVID-19 pandemic. Moreover, the market witnes...