Overwrap Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
- Transparency Market Research
Global Overwrap Packaging Market: Snapshot
The global overwrap packaging market continues to hold a prominent in position in the packaging sector, with a constant rise in application areas and rapid pace of introduction of packaging materials and technologies that make the packaging more beneficial for a number of specialized packaging purposes. Vast benefits of the packaging method, ranging from a massive reduction in the overall cost of packaging products in bulk, as the amount of film required for overwraps costs significantly less than complete cardboard outer or cartons, and the possibility of on-pack promotion are driving the market.
Another highly beneficial factor that works in favor of overwrap is the minimal possibility of tampering with it. Intactness of the overwrapping film makes it evident that the product has not been contaminated since leaving the source factory. This test comes in handy to check contamination of food and beverages and pharmaceutical products. To mitigate the chances of contamination, several pharmaceutical products, which were traditionally sold in over the counter blister carton packs are being overwrapped in a number of countries.
The fact that overwrapping, unlike some packaging technologies such as shrink-wrapping, does not require excessive film for wrapping, is acting in favor of the technology as environmentalists continue to look for ways of adopting packaging technologies that produce the least amount of non-biodegradable waste. All these factors are expected to provide vast growth opportunities to the global overwrap packaging market in the next few years.
Overwrap Packaging Market: Overview
Packaging, over the past decade, surfaced as a necessity of a typical product launch strategy. Packaging is the need of all industries, which translated into the mushrooming of over thousand companies associated with packaging, including from raw material supplies to processing and from designing to printing. Packaging industry witnessed large scale technology adoption regarding films, equipment and packaging methods. Moreover, demand for elementary packaging remained intact. Overwrap packaging is one of such solution, which allows bundled wrapping of products. This form of packaging is largely used in packaging consumer products such as water bottles, tissue paper, fruits and vegetables and gift wrapping, etc. On the backdrop of growth in FMCG products, the demand for overwrap packaging also surged up and is projected to remain impressive in near future.
Overwrap Packaging Market: Dynamics
The availability of a wide range of innovative packaging solutions is likely to have a significant influence on the demand for overwrap packaging market during the forecast period. Furthermore, increasing demand for convenience packaging, coupled with increasing disposable income further bolstered the overwrap packaging demand. The demand of laminated overwrap packaging is in demand due to its transparent and waterproof nature. Aluminum overwrap packaging is mostly used by food & beverage industries. The trend of overwrap packaging by making use of bio plastic is being widely adopted by packaging companies globally owing to its ecofriendly nature. Moreover, overwrap packaging is considered as one of the most convenient and user-friendly forms of packaging and is expected to showcase a promising future in the packaging industry in the next decade.
Overwrap Packaging Market: Segmentation
The global overwrap packaging market is segmented on the basis of product type into shrink overwrap, film overwrap, and vacuum overwrap. On the basis of material type overwrap packaging can be segmented into plastic films, aluminum foil, paper and bio plastic. The plastic films segment is further segmented into polyethylene (HDPE and LDPE), polypropylene (BOPP and CPP), EVOH and polystyrene. On the basis of application type, overwrap can be segmented into food & beverages, tobacco industries, household & toiletries, cosmetics & personal care, others (agricultural products, toys, etc.)
Overwrap Packaging Market: Regional overview
The global market for overwrap packaging market witnessed rapid growth in last few years. The Asia-Pacific market is expected to witness maximum growth rate in the global overwrap packaging market. However developed economies, such as Europe and North America are expected to account for the major share in the overwrap packaging market and is likely to maintain its dominance by the end of forecast period. The demand for overwrap packaging is at matured stage in the arcade of South America, Eastern Europe, and Middle East & Africa. The European market is boosted by rising consumer spending. The fasted growing Asia-Pacific region is predicted to grow at an impressive CAGR in terms of volume from 2016 to 2026. The rising middle-class population with high disposable income, and demand for convenient packaging, are driving the growth of overwrap packaging market in the Asia Pacific region
Overwrap Packaging Market: Key Players
The key player of overwrap packaging market are Amcor Limited, Bemis Company Inc.,Sealed Air Corporation, Other prominent players operating in the overwrap packaging market are Ampac Holdings, WS packaging, Overwrap flexibles S.A.
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