Shrinkable Lidding Films Market

Shrinkable Lidding Films Market Size (2024 to 2029)

Shrinkable Lidding Films Market size was valued at USD 1.39 billion in 2024 and to reach USD 1.73 billion by 2029 with a CAGR of 4.5%.

Shrinkable lidding films, a form of flexible packaging, are typically composed of materials such as paper, foils, polyethylene, polyester, and other flexible packaging materials. They come in two main types: easy-peel and lock-tight. Easy-peel allows consumers to effortlessly remove the film from the container. Industrial Packaging has aided numerous businesses in selecting the appropriate protective packaging for their products. Lidding films are primarily used to seal plastic containers, paperboard pints, or trays containing food items like dairy products (e.g., sour cream and cottage cheese), canned soups, meats, microwave meals, and other foods in rigid containers. Food manufacturers, supermarkets, and companies in the food production sector are the primary users of lidding films. These films are employed to extend product shelf life and prevent contamination. These advantages are responsible for thrusting the shrinkable lidding films market during the forecast period.

The Shrinkable Lidding Films Market offers several promising growth opportunities. There is a growing emphasis on sustainable packaging solutions, creating a significant opening in the market. The increased demand for environmentally friendly products has led to improvements in films such as Biaxially Oriented Polyethylene Terephthalate (BOPET) and Biaxially Oriented Polypropylene (BOPP). This shift is in response to concerns about carbon dioxide emissions and plastic pollution, driving manufacturers to explore sustainable alternatives that are less harmful to the environment. Many industries have already begun producing eco-friendly shrinkable lidding films like BOPET and BOPP, and more companies are likely to incorporate these options into their product portfolios.

Shrinkable Lidding Films Market Drivers:

The Shrinkable Lidding Films Market is primarily driven by several key factors. There is a growing demand for convenience food and ready-to-eat meals, leading to extensive use of these films in food packaging. Additionally, the increasing emphasis on sustainable and eco-friendly packaging solutions is boosting the demand for shrinkable lidding films made from biodegradable and compostable materials. The proliferation of modern retail formats like supermarkets and hypermarkets is also fueling the need for these films, particularly in the packaging of fresh fruits, vegetables, meat, poultry, and seafood. The rising popularity of on-the-go snacking is contributing to the demand for smaller-sized packaging, further driving the adoption of shrinkable lidding films. Technological advancements in packaging materials and techniques are leading to the development of innovative and cost-effective shrinkable lidding films, which is propelling the shrinkable lidding film market growth.

In comparison to rigid packaging solutions, shrinkable lidding films offer numerous benefits, making them an ideal choice. Moreover, these films are in high demand in the pharmaceutical, food, and beverage industries, particularly for frozen meals, cake mixes, ready-to-eat meals, and snack foods.

Shrinkable Lidding Films Market Restraints:

The growth of the Shrinkable Lidding Films Market is impeded due to significant environmental concerns associated with the extensive use of plastic shrinkable lidding films, which can contribute to plastic waste and harm the environment. As consumers become more environmentally conscious, they may seek alternative packaging solutions, potentially reducing the demand for shrinkable lidding films.

Stringent government regulations regarding plastic usage are also one of the factors impacting market demand negatively. These rules are aimed at reducing carbon dioxide emissions associated with plastic production and addressing the pollution caused by plastics, which adversely affect the environment, including animals, plants, and human health. Consequently, governments worldwide have implemented strict regulations in response to these concerns.

COVID-19 Impact on the Shrinkable Lidding Films Market:

The COVID-19 pandemic caused significant disruptions across various industries worldwide as governments imposed lockdown measures to curb the virus's spread. Manufacturing facilities had to temporarily shut down, resulting in production halts. Moreover, material movement was severely affected, leading to delays in production. Global lidding film availability was impacted due to raw material shortages and supply chain disruptions caused by import-export restrictions imposed by different countries.

However, the pandemic also had a positive impact on the shrinkable lidding films market. Increased hygiene awareness among consumers drove up the demand for packaged food items. Additionally, a heightened awareness of health and safety during the pandemic increased the demand for various medical instruments. Despite these challenges, governments worldwide worked diligently to stabilize the situation.

REPORT COVERAGE: 

This research report on the Shrinkable Lidding Films Market has been segmented and sub-segmented based on type, application, and region. 

 Shrinkable Lidding Films Market - By Type:

• Printed
• Non-Printed
• Peelable
• Breathable & High Barrier

Based on the type, the printed and non-printed segment will dominate the Shrinkable Lidding Films market in 2022. Shrinkable lidding films come in various types, with printed and non-printed variants being the most commonly used. Printed shrinkable lidding films are crafted to elevate a product's visual appeal, offering customization options with graphics, logos, and text. This makes them especially popular in the food and beverage industry, where branding and aesthetics matter. In contrast, non-printed shrinkable lidding films are employed for simpler packaging tasks, where visual appeal takes a back seat.

On the other hand, the peelable segment holds the second-largest share in the shrinkable lidding market. Peelable shrinkable lidding films are engineered for easy removal by end-users, often for the sake of convenience or safety. 

Also, breathable shrinkable lidding films find application in scenarios where controlling moisture or oxygen levels inside the package is crucial, such as with fresh produce or meat. High-barrier shrinkable lidding films are designed to provide superior protection against external factors like moisture, oxygen, and light. This heightened barrier capability extends the shelf life of products. 

Shrinkable Lidding Films Market - By Application:

• Food & Beverages Industry
• Pharmaceutical Industry
• Personal care industry
• Cosmetic industry

Based on the application, the food & beverages segment is expected to dominate the Shrinkable Lidding Films market during the forecast period. The food and beverage segment stands as the primary consumer of shrinkable lidding films, employing them to package diverse products like dairy items, fresh produce, meat, poultry, and seafood. 

Additionally, the pharmaceutical sector utilizes these films for packaging medicines and medical devices, ensuring secure, tamper-evident seals and safeguarding contents from moisture and environmental factors.

Shrinkable lidding films are also finding growing use in the personal care and cosmetic industry. These films serve as versatile packaging solutions for a wide array of products, including shampoos, lotions, and creams, enhancing both aesthetics and functionality. Therefore, it is witnessing an increased use of shrinkable lidding films for packaging and protecting various products during transportation and storage.

Shrinkable Lidding Films Market – By Region:

Based on region, North America held the largest shares in the shrinkable lidding films market, primarily due to their substantial demand for packaged food and beverages. These regions also enforce stringent food safety regulations, heightening the need for top-quality and secure packaging solutions.

On the other hand, the Asia Pacific region is emerging as a significant market for shrinkable lidding films, driven by its expanding population, a growing appetite for packaged foods, and increased awareness regarding food safety.

Moreover, Latin America, as well as the Middle East and Africa, are also witnessing growth in the shrinkable lidding films market. This growth is propelled by rising consumer disposable incomes and the burgeoning food and beverage industry in these areas.

KEY MARKET PLAYERS:

Key market players in Global Shrinkable Lidding Films Market are Sealed Air, Uflex Ltd, Winpak Ltd, Bollore Films, Rockwell Solutions, Toray Plastics (America) Inc Berry Global, Bemis, RPC bpi Group, Mondi Group,Flexopack SA, Coveris, Plastopil Hazorea, Cosmo Films.

RECENT HAPPENINGS IN THE MARKET:

• In November 2022, Dow Inc. introduced a new range of shrinkable lidding films made from polyethylene (PE) for packaging applications in fresh produce, dairy, and meat industries.
• In January 2021, Winpak Ltd. unveiled a new series of high-barrier shrinkable lidding films designed for packaging fresh and processed meats, poultry, and cheese products.