Global Compostable Shrink Wrap Market: Trends, Growth, and Future Outlook
The global compostable shrink wrap market was valued at US$ 1.85 billion in 2023 and is projected to reach approximately US$ 5.63 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.65% from 2024 to 2034.
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Recent Developments
In September 2024, Carbios and Sleever launched a groundbreaking “market-first” home compostable shrink sleeve. Their long-term partnership is set to produce compostable shrink films designed for packaging, labeling, and preserving products like wine and spirits, offering an eco-friendly alternative to traditional materials.
In July 2024, TIPA, a leader in sustainable packaging solutions, teamed up with Fresh-Lock Caps, a renowned brand in reusable packaging. Together, they aim to drive the adoption of home compostable packaging, helping businesses and consumers make greener choices.
Leading Companies in the Compostable Shrink Wrap Market
- BASF SE: A global chemical powerhouse, BASF is making strides in sustainable packaging solutions, offering innovative eco-friendly materials.
- Kingfa Sci. and Tech: Known for its expertise in advanced materials, Kingfa Sci. and Tech is contributing to the growth of compostable packaging with its cutting-edge solutions.
- Amcor: A leader in packaging, Amcor is committed to producing recyclable and compostable packaging materials, playing a significant role in the industry’s sustainability efforts.
- International Paper Company: A major player in the paper and packaging sector, International Paper is increasingly focusing on sustainable and compostable packaging options.
- Mondi Group: With a strong commitment to sustainability, Mondi is creating environmentally friendly packaging solutions, including compostable shrink wraps.
- Smurfit Kappa Group: A global leader in packaging solutions, Smurfit Kappa is pioneering sustainable practices, including offering compostable packaging alternatives.
- Greenpack: Specializing in eco-friendly packaging, Greenpack is dedicated to providing sustainable and compostable options for various industries.
- Biopak: An advocate for sustainable packaging, Biopak is committed to providing businesses with compostable and environmentally friendly solutions.
- Treetop Biopak: Focused on producing biodegradable and compostable products, Treetop Biopak is helping companies adopt greener packaging solutions.
- Berkley International: Offering a range of compostable packaging options, Berkley International is contributing to the transition toward sustainable packaging practices.