Global Growth and Market Outlook for Compostable Shrink Wrap
The global compostable shrink wrap market was valued at approximately $1.85 billion in 2023. It is projected to grow significantly, reaching an estimated $5.63 billion by 2034, driven by a compound annual growth rate (CAGR) of 10.65% between 2024 and 2034.
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Key Highlights of the Compostable Shrink Wrap Market
- Asia Pacific led the market with the largest share in 2023.
- North America is expected to experience the fastest growth during the forecast period.
- In 2023, the PLA (Polylactic Acid) segment was the dominant type in the market.
- Food remained the largest application segment in 2023.
Market Overview
The global compostable shrink wrap market is growing at a rapid pace due to its excellent qualities such as strong shrinkage, durability, transparency, easy machinability, and effective sealing. This type of shrink wrap is also available with printed designs and is certified for food contact, making it an ideal solution for packaging food. Compostable shrink wraps provide the same performance as traditional plastic shrink wraps but offer a more environmentally friendly alternative, as they break down naturally over time, reducing their environmental footprint.
Made from plant-based materials like PLA (polylactic acid) or PBAT (polybutylene adipate terephthalate), compostable shrink wraps are derived from recycled materials and are compostable. Some varieties of this shrink wrap can even be added to compost piles, where they decompose and enrich the soil. Their strength allows for a thinner film compared to traditional polyethylene (PE) films, contributing to their eco-friendly appeal.
For example, in January 2024, Global Packaging Solutions SEE introduced the first bio-based industrial compostable container for protein packaging, successfully tested to work with existing food processing equipment.
Increasing Sustainability Driving Growth
The demand for compostable shrink wrap is rising across industries like food and beverage, cosmetics, and pharmaceuticals as companies look for sustainable packaging solutions. This innovative shrink wrap is ideal for packaging individual products, bundling items together, and securing pallets. It offers a protective, breathable layer that helps extend shelf life while being more environmentally responsible. Furthermore, in the context of food waste packaging, compostable shrink wraps are helping address ecological issues by providing an alternative to traditional waste packaging.
Additionally, the rise of edible biodegradable films made from materials like seaweed or fruit pulp is transforming the industry. These packaging solutions not only reduce waste but also enhance the customer experience by offering packaging that can be eaten along with the product, driving the growth of the compostable shrink wrap market.
Market Trends
- Extended Producer Responsibility (EPR): A system that holds packaging manufacturers accountable for the full cost of collecting, processing, and recycling packaging waste.
- Deposit Refund System: A new initiative offering cashback on beverage containers like plastic bottles and chip packets to encourage recycling.
Top Companies in the Compostable Shrink Wrap Market
- BASF SE
- Kingfa Sci. and Tech
- Amcor
- International Paper Company
- Mondi Group
- Smurfit Kappa Group
- Greenpack
- Biopak
- Treetop Biopak
- Berkley International
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