Organic Personal Care Ingredients Market Worth $12.4 Billion By 2027

The global organic personal care ingredients market demand is estimated to reach USD 12.4 billion by 2027, exhibiting a volume-based CAGR of 5.4% over the forecast period, according to a new report published by Grand View Research, Inc. Rising awareness among consumers from Europe and North America regarding the harmful side effects of the conventional synthetic and chemical ingredients is expected to drive the growth.

Organic personal care ingredients are produced majorly from plant extracts without the introduction of any chemicals or agrochemicals. Skin care, hair care, oral care, and cosmetics are the major application areas for these products. They can be segmented on the basis of ingredient type such as natural surfactants, emollients, active ingredients, sugar polymers, and others.

The natural appeal of products manufactured using organic personal care ingredients is one of the major factors driving the growth of the market. North America and Europe are anticipated to witness significantly high demand owing to the presence of a large number of millennial population. However, significant concentration of the personal care and cosmetics industry in East Asian countries, such as India and China has significantly driven the product consumption in Asia Pacific.

Increasing R&D investments coupled with associated technological innovations in the area of plant extracts and optimization of the process of extraction has accelerated the production volume of organic personal care ingredients in the market. However, a significantly large entry barrier for the new players owing to the requirement for a high capital investments in bio-refinery set-up coupled with government regulation compliance poses as a significant threat to new entrants.

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https://www.grandviewresearch.com/industry-analysis/organic-personal-care-ingredients-market

Further key findings from the report suggest:

In North America, the natural surfactants product segment is poised to expand at a CAGR of 3.1% in terms of revenue over the forecast period
Demand from U.S. is anticipated to continue occupying a significant market share in near future. Growing inclination toward natural and user-friendly ingredients based products is a primary growth stimulant
The market for organic personal care ingredients is highly competitive in nature with the presence of a number of multinational companies with huge product portfolios
Some of the key companies present in the organic personal care ingredients market are AkzoNobel N.V.; Cargill, Inc.; BASF SE; The Lubrizol Corporation; Croda International Plc; Huntsman International LLC.; Ingredion Incorporated; Clariant International Ltd.; and Evonik Industries. The companies engage in mergers and acquisitions and portfolio expansions to gain greater market share

Dietary Supplements Market Worth $230.7 Billion By 2027

The global dietary supplements market size is projected to reach USD 230.73 billion by 2027, registering a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is backed by rising health awareness globally among consumers of all age groups coupled with a considerable rise in the number of fitness centers and gymnasiums.

The dietary supplements industry is driven by the hectic work schedules among working individuals coupled with fluctuations in diet intervals. Such factors have promoted the sale of dietary and nutritional supplements in the form of powder, liquids, and capsules across the globe. Rising importance of microencapsulation in the pharmaceutical industry to ensure color characteristics and the quality of finished ingredients is likely to force dietary supplements manufacturers to use capsule dosage forms over the forecast period.

Growing awareness towards calorie reduction and weight loss in major markets including the U.S., China, and Italy is expected to promote the application of health and wellness segment and thus, in turn, will have a substantial impact on the industry. Furthermore, increasing importance of protein intake in emerging markets of China and India on account of implementation of new advertising campaigns for brand promotions by companies including Amway and Pfizer is expected to remain a driving force over the forecast period.

Dietary supplement ingredients including vitamin, mineral blends, carotenoids, and omega-3 are also used for reducing the risk of malnutrition in adults and infants. High birth rate, rising geriatric population, and increased number of premature births and a surge in the number of patients getting treated for malnutrition is expected to promote the usage of clinical nutrition products over the forecast period.

North America emerged as the largest market for dietary supplements in 2019. On a macro level, rising awareness pertaining to nutritional enrichment in the region is expected to propel the demand for the product in the coming years. Moreover, rising demand of sports as an academic curriculum activity in education systems in major markets including the U.S., Russia, China and Japan is expected to promote the application of dietary supplements among children over the coming years.

Energy and weight management is expected to remain dominant throughout the forecast period owing to the rising awareness towards fat reduction and increasing focus on enhancing nutrition intake among adults.

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https://www.grandviewresearch.com/industry-analysis/dietary-supplements-market

Further key findings from the report suggest:

In terms of revenue, proteins and amino acids segment is projected to ascend at a CAGR of 12.8% over the forecast period
Soft gels and capsules segment contributed approximately over 34.8% to the total market in 2019
Over the counter dietary supplements dominated the global market in 2019, constituting a revenue share of over 73% in 2019

In terms of ingredient, vitamins emerged as the largest segment in 2019, registering a revenue of USD 39.61 billion. The segment is expected to grow at a CAGR of 5.8% in the coming years.
In terms of product, tablets accounted for the largest share in 2019 and registered a revenue of USD 43.06 billion. The growth of the segment is attributable to the increasing popularity of tablets owing to their easy dosage patterns.
Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries such as India, Japan, and China has increased the rate of dietary supplements consumption in this region.
The dietary supplements market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion.
The key market participants include Amway, Arkopharma Laboratoires Pharmaceutiques, Abbott Laboratories, Archer Daniels Midland, Bayer, and Glanbia, among others

Whey Protein Market Size Worth $18.4 Billion By 2027

The global whey protein market size is projected to reach USD 18.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.8% from 2020 to 2027. The demand for whey protein is projected to be driven by growing innovation in terms of manufacturing proteins that contain a broad range of amino acids and perform specific functions including weight loss, energy balance, satiety, and muscle repair by various manufacturers in the industry.

The Whey Protein Concentrate (WPC) segment is projected to exhibit steady growth owing to their superior characteristics, including a high rate of absorption by muscles and tissues as well as the ability to assist in fat loss, promote lean muscle growth, ensure a healthy metabolism, and provide cardiovascular support in comparison with the other protein ingredients.

In addition, the rising adoption of nutraceuticals as a result of growing health awareness among consumers is expected to fuel the demand for Whey Protein Isolate (WPI) as a functional ingredient. WPI-based nutritional and food supplements are known to boost and maintain the energy levels in the human body.

Growing consumer interest in weight management, especially in working professionals, owing to the increasing concerns regarding obesity, is expected to amplify market growth over the next few years. The rising consumer inclination toward slimming food products and supplements, especially sports enthusiasts, is projected to further augment the demand.

Additionally, increasing incidences of various diseases caused due to the fast-paced and unhealthy lifestyles are likely to encourage consumers across the globe to turn towards health supplements. Such factors are likely to impel the market in China in the coming years.

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https://www.grandviewresearch.com/industry-analysis/whey-protein-market

Further key findings from the report suggest:

The WPC segment is projected to witness a CAGR of 9.3% in terms of revenue share over the forecast period. The rising consumption of yogurt-based products such as drinkable yogurts, low-fat yogurts, and organic yogurts, to name a few, comprising natural components, is likely to spur the growth of the segment over the upcoming years
The nutritional supplements application segment accounted for more than 30.7% of the revenue share in 2019. Rising consumption of the product among consumers, such as weekend warriors, core strength and endurance athletes, professional athletes, and fitness enthusiasts is expected to drive the segment
In Europe, the market is expected to witness a reasonable growth over the forecast period owing to various factors such as increasing emphasis on healthy living, growing trend of preventive health care, and rising demand for protein supplements from countries including the U.K. and Germany
In Asia Pacific, China accounted for the largest revenue share in the market and is expected to witness considerable growth over the next few years on account of rising consumption of high fiber food and beverage products in the country
In April 2019, Saputo Inc. announced the acquisition of Dairy Crest Group Plc, which is based in the U.K. The latter produces cheese, butter, spreads, oils, and demineralized whey powder, and employed around 1,100 personnel as of 2019. The acquisition of Dairy Crest Group Plc has strengthened the position of Saputo Inc. in the U.K.

Human Milk Oligosaccharides Market Size Worth $101.5 Million By 2027

The global human milk oligosaccharides market size is anticipated to reach USD 101.5 million by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 23.0% over the forecast period. Increasing awareness regarding the functions and health benefits associated with Human Milk Oligosaccharides (HMO) is expected to fuel its demand over the forecast period.

Changing consumer lifestyles and their increasing concerns regarding health and wellness are some of the other prominent factors driving the demand for HMOs around the world. Human milk oligosaccharides in functional food and beverage products and food supplements can help the treatment of certain disorders and high-risk health conditions, which in turn is anticipated to boost the product demand. However, high costs associated with the product may challenge the market growth over the forecast period.

Human milk oligosaccharides are a major source of sialic acid, which is an essential part of the plasma membrane of nerve cells. Over 150 structurally diverse HMOs are available in nature. Moreover, scientists have been trying to develop various structures of HMOs synthetically, for use in the food industry-most particularly infant formulas and medical nutrition. These synthetically produced HMOs are safe for consumption by infants (who cannot be breastfed), as well as children and adults.

Human milk oligosaccharides find application in infant formula, functional food and beverages, and food supplements, among others. Increasing health awareness along with the rising consumption of infant formula is likely to boost the growth of the HMO market over the forecast period. The consumption of HMOs has contributed significantly to bring about a considerable reduction in the global infant mortality rate over the years. As per the United Nations International Children’s Education Fund (UNICEF), the under-five mortality rate was one per 11 children in 1990 which dropped to one per 26 children in 2018.

Infant formula is the largest and fastest-growing application segment for human milk oligosaccharides. High infant mortality rate and rising concerns regarding health and safety are the factors likely to boost the market growth over the forecast period. HMOs play a key role in the proper development of infants. They fight life-threatening infections and are also responsible for the proper development of the brain and gut.

Human milk oligosaccharides are also increasingly utilized in pharmaceutical applications. Furthermore, the prebiotic effects of HMOs make them suitable to be used in functional foods and beverages, and food supplements. Functional foods and beverages is the second-largest application segment of HMOs. The demand for HMOs in designing infant formulas is increasing because of the beneficial properties, such as prevention from infection, memory enhancement, brain development, prebiotic effects, and improvement of gut health.

Asia Pacific is expected to be a lucrative market for human milk oligosaccharides and is expected to account for a significant share of the global HMO market revenue by 2027. The increasing demand for infant formulas and functional food and beverages as well as the rapidly growing pharmaceutical industry is expected to positively influence the market growth over the forecast period.

Recent years have witnessed various developments in the infant formula space with prominent end-use companies launching new and innovative products. For instance, in April 2019, Nestlé S.A., a Switzerland-based food and beverage company, introduced three new products in the U.K., namely, SMA Advanced Follow-on Formula, SMA Advanced Growing up Milk, and SMA Advanced Infant Formula. These products contained artificial HMOs and were intended for infants who were not breastfed. Such developments within the infant formula sector are likely to drive the demand for human milk oligosaccharides in near future.

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https://www.grandviewresearch.com/industry-analysis/human-milk-oligosaccharides-market

Further key findings from the report suggest:

In terms of application, the infant formula segment is expected to expand at a CAGR of 23.4% over the forecast period. Challenges associated with breast-feeding, such as personal comfort, time, diet, and frequency of feedings have led to the increase in the consumption of infant formula, contributing to the segment growth
Incorporation of HMOs in functional food and beverages promotes the growth of good bacteria and eliminates harmful bacteria including salmonella, listeria, and campylobacter
Growing consumption of functional foods and beverages for improving gut health and overall immunity is expected to have significant impacts on the demand for human milk oligosaccharides over the forecast period
Distribution agreements, capacity expansions, and investments for the development of low-cost technologies are some of the major strategies adopted by the prominent market players to establish strong competitive positions in the HMO market

Lactoferrin Market Size Worth $379.5 Million By 2027

The global lactoferrin market size is projected to reach USD 379.5 million by 2027, registering a revenue-based CAGR of 8.1% over the forecast period, according to a new report published by Grand View Research, Inc. Increasing incorporation of lactoferrin in various products ranges including infant food, food supplements, dietetic foods, alcoholic beverages, sports nutrition, and personal care and cosmetics should bolster lactoferrin market in the forecast timeframe, ascribed to strong health benefits.

Lactoferrin offers stimulating effects on immune system, prevents cell damage caused by aging, promotes culture of beneficial bacterial in the intestinal tract, and regulates viruses, bacteria and fungi along with being regulator to iron metabolism. Lactoferrin is found effective for the treatment of hepatitis C infection by inhibiting replication of the virus at intracellular level. Hence, strong applicability of lactoferrin in nutraceutical, pharmaceutical, and personal care industries is anticipated to drive demand during the forecast period.

Human colostrum has the highest lactoferrin concentration, followed by human milk and then by bovine milk. It is also readily found in human body secretions including nose, eyes, intestine, and respiratory tract. Lactoferrin can be used as a conjuncture of specific strains of friendly bacteria, together they are proven to boost immune function of the body, alert the white blood cells of the harmful microbes, and to stabilize colonies of gut friendly bacteria. Commercially, lactoferrin is commonly integrated with probiotics to achieve this.

Asia Pacific is expected to expand at a CAGR of over 7.5% during the forecast period. The lactoferrin market is projected to witness strong rise in demand, as the key market players continue adopting strategies to expand its presence in untapped economies of South East Asia. Countries including China, Japan, and Australia have experienced high awareness regarding the health benefits of lactoferrin, which is expected to bolster regional growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/lactoferrin-market

Further key findings from the report suggest:

In terms of functions offered by lactoferrin, iron absorption segment accounted for the largest market share of over 29.0% in terms of revenue in 2019. This growth is expected to be supported by the growing incidences of iron deficiency and related disorders like anemia
Lactoferrin helps in restricting growth of acne due to its antioxidant properties. It helps combat free radicals formed due to natural process of oxidation. These free radicals can damage the cells and tissues promoting inflammation and acne. Such factors are expected to drive the product demand in personal care and cosmetics
Increasing investment in research, new product development, expansion of operation in developing nations, partnerships and collaboration with local players, and acquisition of small and medium sized players are among the major operational strategies taken up by key participants to strengthen and sustain their market positions

Protein Supplement Market Worth $32.6 Billion By 2027

The global protein supplements market is anticipated to a market size of USD 32.6 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 8.0% during the forecast period. Growing number of fitness centers, gyms, and health clubs signify the increasing inclination toward healthier lifestyle. Athletes, bodybuilders, and recreational users have been the traditional consumers over the past few years.

Increasing busy lifestyle has been leading to the growing consumption of packaged nutritional foods, such as protein bars and drinks. In addition, rising obesity concerns along with increased preference for protein-rich products to maintain health has been a key factor augmenting the product demand. The rising number of fitness enthusiasts and gym subscriptions, especially in emerging regions, such as Asia Pacific, is leading to a higher demand for protein powder to build muscles.

The plant-based protein supplements segment is expected to be the fastest growing source over the forecast period. Rising preference for plant-based diets, owing to an increasing number of individuals turning vegan, vegetarian or flexitarian is expected to drive the product demand. In addition, ascending demand for vegan and vegetarian products that provide quality nutrition without having to rely on dairy or meat products coupled with innovations in substitutes is expected to open up new growth avenues in near future.

The sports nutrition supplements segment is expected to register the fastest growth over the forecast period. Rising prevalence of health conditions, owing to hectic schedules and nature of work coupled with growing consumer awareness about the relationship between maintaining a healthy diet and exercising is anticipated to result in increased demand for sports nutritional supplements.

Asia Pacific is anticipated to register the fastest growth over the forecast period. Factors, such as rising population, and urbanization along with increased disposable income of middle class are expected to drive the regional growth. Personal ownership of wellness and health on account of growing cost of medical care and concerns regarding public health care systems and changing consumption pattern from traditional to convenient to adapt to busy lifestyles are expected to further fuel the growth.

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https://www.grandviewresearch.com/industry-analysis/protein-supplements-market

Further key findings from the report suggest:

Animal protein supplement accounted for a market share of 67.9% in terms of revenue in 2019, owing to high popularity of whey protein supplements among athletes and bodybuilders as it contains all nine essential amino acids
The plant-based protein segment is anticipated to expand at a CAGR of 8.8% from 2020 to 2027 and is projected to reach USD 11.05 billion in 2027. Increasing incorporation of various sources, such as soy, pea, and spirulina is majorly driving the segment growth
Asia Pacific is estimated to expand at a CAGR of 8.6% from 2020 to 2027 on account of expanding middle class population, penetration of e-retaining, and gym and sports club memberships
The protein supplement market is characterized by accreditation of the product, capacity expansion, capital expansion, and substantial investment decisions to improve the market share of manufacturers
Some of the prominent companies present in the market are Glanbia Plc, AMCO Proteins, Quest Nutrition, NOW Foods, NBTY, MusclePharm Corp, Abbot Laboratories, Cyto Sport, IOVATE, and Transparent Labs

Polyethylene Furanoate Market Size Worth $44.5 Million By 2027

The global polyethylene furanoate market size is anticipated to reach USD 44.5 million by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2020 to 2027. The growing demand for bio-based plastics in various end-use industries, such as food and beverages, consumer goods, and pharmaceutical, is driving the PEF market.

Polyethylene furanoate is a 100% recyclable bio-based polymer that is extracted from plants and has the potential to replace widely used polymer, namely Polyethylene Terephthalate (PET), which is a durable material derived from conventional resources. It has better moisture barrier and mechanical properties in comparison to PET. Additionally, PEF offers enhanced tensile strength, requires less additives compared to polyethylene terephthalate, and can be used with PET recycling process up to 5% of PEF without impacting the performance of recycled PET.

The recent outbreak of the highly contagious coronavirus disease is anticipated to hamper product demand, majorly in films and fibers applications. The outbreak has also resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are further expected to impact the demand for PEF in the aforementioned applications. However, the growing positive cases of COVID-19 in Asia Pacific and Europe are positively influencing the demand for bio-based plastics in the packaging industry for various applications, such as food and beverages, pharmaceuticals, textiles, and other industries.

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https://www.grandviewresearch.com/industry-analysis/polyethylene-furanoate-pef-market

Further key findings from the study suggest:

The bottles application segment held the largest revenue share in 2019. Polyethylene Furanoate is widely utilized in the packaging of food and beverages, consumer goods, and others
PEF fibers are used to produce bio-based textiles, which are used in sports apparel, further reducing the stress on the entire value chain to produce conventional plastics for textiles, such as nylon and polyester
As of 2019, Asia Pacific led the market and accounted for more than 45.0% share of the global revenue. The shift in the production landscape of bio-based plastics toward emerging economies, particularly China and India, is expected to positively influence PEF market growth over the forecast period

Food Packaging Market Worth $456.6 Billion By 2027

The global food packaging market size is expected to reach USD 456.6 billion by 2027, expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc.. Growing demand for convenience food products due to change in lifestyle and alternative eating habits is expected to bolster the market growth.

The industry exhibits rapid growth for single-serve and portable food packs. Increasing purchasing power of buyers owing to rising per capita income is expected to boost the growth. Furthermore, increasing urban population and attraction toward ready-to-eat meals by consumers is expected to spur the demand for food packaging.

Rising concerns of consumers regarding contamination and food safety is predicted to bolster the demand for effective packaging solutions. In addition, increasing number of retail chains is anticipated to propel sales of packaged food, consequently driving the market growth. Surge in demand for food delivery services is also expected to have a positive impact on the industry.

Rising inclination toward innovation in environment-friendly and sustainable packaging is an emerging trend in the industry. Emergence of new and innovative packing types and technologies including Modified Atmosphere Packaging (MAP), active packaging, and, printing technologies are expected to boost the market across the globe. Players also insist on investing in development of cost-effective, lightweight, and high performance materials.

The food packaging industry is expected to be restrained by high volatility observed in prices of raw materials. In addition, introduction of sustainable packaging materials by major manufacturers and increasing consumption by buyers, are expected to provide an impetus to the market over the next few years.

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https://www.grandviewresearch.com/industry-analysis/food-packaging-market

Further key findings from the report suggest:

Flexible packaging is expected to register the highest CAGR of 6.0% in terms of revenue from 2020 to 2027, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
Paper and paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.1% from 2020 to 2027, owing to its low cost and sustainability parameters
Bakery and confectionary is anticipated to be the largest application, which recorded a market size of USD 82.6 billion in 2019 owing to growing demand for cakes, candies, and frozen ready-to-eat bakery products
The market in Asia Pacific is was worth USD 112.2 billion by in 2019. The region is anticipated to witness significant growth in near future on account of growing population, increasing urbanization, and rising disposable income of consumers
The food packaging industry is characterized by the presence of large number of players and is highly fragmented. Some of the key players in the market are Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC.

Nitric Acid Market Size Worth $31.1 Billion By 2027

The global nitric acid market size is projected to reach USD 31.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 3.3% over the forecast period. Rising demand for nylon products from the automotive, construction, and textile industries is projected to be the key factor boosting market growth.

Adipic acid formulation is one of the key applications of nitric acid; it is widely used to formulate nylon resins and fibers in the automotive industry. The developing automotive sector demands constant innovation such as high-end component designing and lightweight materials to effectively enhance performance and fuel efficiency. These factors create a positive impact on nitric acid production globally. Government regulations to curb carbon emission have paved the way for the use of nylon to produce plastics and fabrics as a replacement to heavy alternatives, thereby reducing fuel consumption and simultaneously decreasing emission levels.

Furthermore, one of the most important applications of nitric acid is fertilizer composition. Calcium ammonium nitrate and ammonium nitrate are the two key fertilizers derived from nitric acid which are extensively utilized in the agricultural sector. Moreover, urea ammonium nitrate is derived from the chemical and finds application in formulating explosives and fertilizers. Major countries of the Asia Pacific region are agrarian economies, which subsequently leads to a high product demand for fertilizer manufacturing across countries such as India, Indonesia, and Thailand.

However, stringent regulations against excessive use of ammonium nitrate fertilizers owing to environmental degradation are likely to create a negative impact on the nitric acid market in developed economies of North America and Western Europe. In the past decade, excessive use of these agrochemicals has resulted in the depletion of nitrogen levels in groundwater reserves and has also resulted in lower nutrient content of the soil. Therefore, the implementation of strict laws against the usage of synthetic chemical products for farming is likely to decrease the demand for nitric acid in the agricultural sector.

Nitric acid is widely used in the manufacturing of organic chemicals such as the production of nitrate salts, coal tars, catalyst, dyes, and reprocessing of used nuclear fuels. It is also used in the purification of precious metals such as gold, platinum, and silver.

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https://www.grandviewresearch.com/industry-analysis/nitric-acid-market

Further key findings from the study suggest:

The global nitric acid market is anticipated to register a CAGR of 1.6% from 2020 to 2027 in terms of volume, owing to the rising demand for fertilizers to increase agricultural product output
Europe accounted for a significant market share of 55.2% in 2019 in terms of volume due to extensive agricultural activities in France, Germany, and U.K.Multiple concerns have been raised in the region in terms of environmental impact and sustainability, which played a key role in stabilizing agricultural production through technological advancements
North America is projected to register a significant growth rate over the forecast period owing to the presence of numerous multinational chemical manufacturers in the region
Companies such as CF Industries and Yara International are among the top industry players due to constant innovations and strategic alliances formed by the companies to sustain in the global ecosystem.

Stretch And Shrink Film Market Size Worth $21.72 Billion By 2027

The global stretch and shrink film market size is expected to reach USD 21.72 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for lightweight material for industrial packaging is expected to drive the growth. Factors such as superior packaging properties, such as improved printability, easier application, and robust package sealing capabilities of the films are anticipated to further fuel the growth.

The introduction of superior shrink and stretch film materials, such as linear low-density polyethylene (LLDPE), extended polyethylene (EPE), and high-density polyethylene (HDPE) is expected to further strengthen the pallet holding abilities of the films. In addition, the development of bio-degradable stretch and shrink films by leading manufacturers in a bid to counter the challenges of film disposal is expected to drive the demand. The light weight of the product results in a substantial decrease in the transportation cost thereby elevating the profit margins, resulting in the higher adoption of such packaging materials by the leading end-use industries.

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https://www.grandviewresearch.com/industry-analysis/stretch-and-shrink-films-market

Further key findings from the report suggest:

LLDPE is expected to witness robust CAGR of over 5.1% from 2020 to 2027. The demand was driven by superior pallet unitization characteristics of LLDPE shrink films. The LLDPE resin-based stretch films are expected witness rise in demand owing to the increased damage resistance during product transportation
Stretch and shrink film is expected to register highest CAGR of more than 5.5% from 2020 to 2027. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. Also, ease of packaging achieved by these hoods are is expected to drive the demand
Sleeves and labels is expected to witness robust growth on account of rising demand for the product in beverage industry. Also, easier product marketing and branding owing to the ease of application of the labels onto the bottle is expected to attract major beverage manufacturers towards the product segment
Food and beverages application accounted for 41.95% of overall revenue share in 2019, driven by the increasing demand for high strength, low weight packaging materials. In addition, ease of packaging material sterilization is expected to drive the demand in food packaging
Asia Pacific was valued at over USD 5.97 billion in 2019 owing to rapid growth of the application industries such as food and beverage and consumer goods
In addition, growing import and export activities by the developing economies, such as India and China are expected to drive the demand for low weight packaging material for pallet unitization of industrial goods
Major key players operating in the stretch and shrink film market are Dow, Bemis, and LyondellBasell.