Compostable Shrink Wrap Market Analysis Trends and Projections (2024-2034)

Table of Contents

Growth of the Compostable Shrink Wrap Market Forecast and Insights (2024-2034)

The global compostable shrink wrap market was valued at approximately US$ 1.85 billion in 2023 and is projected to grow to around US$ 5.63 billion by 2034. This growth represents a compound annual growth rate (CAGR) of 10.65% over the next decade, driven by increasing demand for sustainable and eco-friendly packaging solutions.

Download Statistical Data: https://www.towardspackaging.com/download-statistics/5348

Compostable Shrink Wrap Market Key Trends and Growth Outlook (2024-2034)

The global compostable shrink wrap market is rapidly expanding as compostable shrink films emerge as an eco-friendly alternative to traditional plastic shrink wrap. These films are ideal for a variety of applications, including packaging multiple finished products, displaying fresh goods and bakery items, or serving as secondary wraps for packaged products.

Key Insights into the Compostable Shrink Wrap Market

Dominant Region: Asia Pacific led the market in 2023 and is expected to maintain its position during the forecast period.
Fastest Growth: North America is projected to grow at the fastest rate during the forecast period.
Market Leaders: The PLA (polylactic acid) segment dominated the market in 2023.
Top Application: The food segment held the largest share of the market in 2023.

Regional Insights

Asia Pacific held the largest share of the compostable shrink wrap market in 2023 and is expected to continue its growth trajectory. This region is benefiting from the rising demand for compostable bioplastic products, providing a significant opportunity for the growth of a circular economy. Many companies in Asia are increasingly focusing on reusable, easy-to-pack, and recycled packaging solutions, while also transitioning toward sustainable product-based packaging.

In addition, key stakeholders in the region are developing alternatives to traditional plastic disposal. For example, WRAP Asia Pacific, the regional branch of the UK-based climate action NGO WRAP, is collaborating with organizations like the Ellen MacArthur Foundation to reduce plastic waste across industries such as packaging, textiles, and food. This drive for sustainable solutions is supporting the expansion of the compostable shrink wrap market globally.

North America, particularly the U.S., is expected to see significant growth in the compostable shrink wrap market. Approximately 11% of the U.S. population has access to composting programs that accept compostable materials, and around 15% of compostable materials are used for packaging. This trend is not only helping to reduce plastic waste but also supports local packaging production, which in turn lowers greenhouse gas emissions from transportation.

Consumers in the U.S. are increasingly trusting compostable and plant-based packaging to be the most sustainable options, with surveys showing that 72% of consumers consider compostable products highly sustainable. As a result, U.S. packaging companies are adopting local production methods for compostable packaging, further driving the market’s growth.

Recent Developments

January 2024: Bioaqualife, a sustainable materials company, introduced a new shrink wrap that delivers the same performance as traditional marine-grade shrink wrap but biodegrades safely in the natural environment.
September 2024: Carbios and Sleever launched the world’s first home-compostable shrink sleeve. Their long-term partnership aims to produce compostable shrink films for labeling, packaging, and preserving products such as wine and spirits.
July 2024: TIPA, a global leader in sustainable packaging, partnered with Fresh-Lock Caps to promote the adoption of home-compostable packaging solutions.

Compostable Shrink Wrap Market Top Companies

BASF SE
Kingfa Sci. and Tech
Amcor
International Paper Company
Mondi Group
Smurfit Kappa Group
Greenpack
Biopak
Treetop Biopak
Berkley International

Buy Premium Global Insight: https://www.towardspackaging.com/price/5349

Get the latest insights on packaging industry segmentation with our Annual Membership – https://www.towardspackaging.com/get-an-annual-membership

If you have any questions, please feel free to contact us at sales@towardspackaging.com

Browse our Brand-New Journal:

https://www.towardshealthcare.com

https://www.towardsautomotive.com

For Latest Update Follow Us: https://www.linkedin.com/company/towards-packaging/

Get Our Freshly Printed Chronicle: https://www.packagingwebwire.com/

Packaging Web Wire

Packaging Web Wire shines as a subsidiary of Towards Packaging, dedicated exclusively to this dynamic sector. With a focus on the intricacies and nuances of packaging, Packaging Web Wire harnesses our consultancy's extensive knowledge and experience to provide specialized research and analysis. Through our platform, businesses gain access to invaluable insights and strategies crafted to address the ever-evolving challenges and opportunities within the packaging landscape. Towards Packaging stands as a leading global consultancy, renowned for its expertise in delivering comprehensive and strategic research solutions across a multitude of industries. With a seasoned team of consultants, we specialize in offering a wide range of services aimed at providing businesses with actionable insights and recommendations tailored to their specific needs and objectives.