The global hand wrappers market is expected to register a market value of US$ 12.1 billion in 2023 and is projected to accumulate a valuation of US$ 19.5 billion by exhibiting a CAGR of 4.8 % in the forecast period 2023 to 2033. The hand wrappers market registered a CAGR of 4% in the historical period 2018 to 2022.
The thriving growth in hypermarket and retail industries along with the growing e-commerce sector with the need for product packaging and safety are the key factors expected to drive growth in hand wrappers market during the forecast period. The hand wrappers offer features like improved shelf-life for different food products, less possibility of a leakage when packaging rigid or sharp-edged products, and shock and puncture resistance making it a convenient packaging solution.
Also, these wrappers offer the advantage of premium product presentation, strong bearing capacity with extremely cold temperatures, and maintaining package integrity are some other factors leading to increased adoption of these films in several industries. In addition, rising demand for eco-friendly materials for packaging is driving the product demand ahead. Moreover, wide presence of a number of international and local companies operating in the hand wrappers market with a strong foothold is further expected to fuel growth in the market.
Several brands are stressing on meeting sustainability targets and are exploring other sustainable alternatives to meet their commitments. Likewise, the demand for Polyethylene (PE) based hand wrappers is growing over paperboard and corrugated as it is more environmentally friendly and requires less energy, thereby driving the sales of hand-wrapping films in the coming years.
Along with this, rising demand from electronics and associated industries is amplifying product sales. The changing preference for bakery and confectionary products, frozen and ready-to-eat meals, as well as canned products like seafood, fruits, vegetables, and meat will supplement the market growth.
The wide use of stretch hand wrappers to replace conventional packaging materials can be attributed to the market’s expansion across the globe. The strong presence of domestic and international manufacturers in the world economy and growing penetration of product-based secondary packaging solutions are expected to aid in market expansion. On the other hand, the demand for low-density polyethylene films in the food processing industry is anticipated to increase owing to their high transparency and optimal performance as a food contact material.
Region-wise, Asia Pacific is expected to dominate the hand wrappers market by accumulating over 42% revenue share by end of the forecast period. The growth is attributed to flourishing growth in the food and beverage industry, particularly in India and China.
Further, burgeoning demand for packaged food along with the high disposable income of consumers is further anticipated to fuel the product demand over the forecast period. The regulatory stimulus aimed at encouraging foreign direct investments at the domestic level on account of political change, particularly in China and India, aimed to increase the region’s manufacturing capacity will amplify product sales in the region.
The market in North America is anticipated to be driven by the strong presence of numerous consumer goods manufacturing giants like ‘Groupo Bimbo’ in Mexico and Canada. This will lead to high demand for hand-wrapping films throughout the forecast period. The use of hand wrapping films for secondary packaging of products such as household, beverages, and personal care products will also shape the product demand.
How Competitive is the Market?
Recent innovations, product launches, breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing hand wrappers are anticipated to create new opportunities for market expansion during the forecast period.
In January 2021, Cortec launched Eco Wrap, one of the world’s first biodegradable, machine-grade stretch-wrapping films. This new invention reflects upon the revolution for the industrial packaging and warehouse industries, which are highly dependent on the automated stretch wrapping to prepare pallets of goods for inventory, storage, or shipment.
In February 2021: CCL developed a closed-loop recycling solution for stretch sleeves by leveraging technology that allows de-inking of the printed sleeves. This new investment is the CCL Label’s long-term strategy to improve the design for recycling with their labels and to offer support to a more circular economy. CCL is the first in the industry to provide a circular solution for stretch sleeves.
Hand Wrappers Market Overview
According to latest research by Future Market Insights, hand wrappers market is set to witness steady growth during 2021-2031. Consumer packaged goods (CPG) makers are turning to hand wrappers to meet rising demand for a wide range of food, beverage, and personal care products. Hand wrappers, on the other hand, will have limited opportunity in the near future as a result of the adoption of products such as semi-automatic stretch wrappers.
For instance, on February 23, 2021, the ROBOT S6 Portable Stretch Wrapper features proprietary Cube Technology, making it one of the most technologically advanced machines available today. This technology reduced labour costs while also reducing product damage.
Rapid technical advancements, however, have resulted in a worldwide focus on critical and temperature-sensitive pharmaceutical items will provide momentum to the hand wrappers market.
What is Driving Demand for Hand Wrappers?
Factors that are driving the demand for hand wrappers include population growth, the developing food and beverage industry, and others. Furthermore, the increased emphasis on packaging to differentiate diverse items in the marketplace is expected to drive demand for hand wrappers.
On the other hand, differentiating food goods through the aesthetic appeal of packaging has become increasingly crucial for food manufacturers as urbanisation and the emergence of supermarkets and hypermarkets have increased. Furthermore, customers are becoming more aware of the components and contents of packages, which is projected to increase demand for hand wrappers.
Aside from that, other technological advancements have been made in response to growing concerns about environmental contamination and stricter regulations on the use of plastics. For instance,
On 18-Mar-2021, EcoStretchTM was introduced by Cortec® Corporation at a critical moment when companies are looking for new packaging choices that satisfy their needs while also reducing their environmental impact.
Thus, this in turn is expected to spur the demand for hand wrappers in near future.
Surge in Adoption of Hand Wrappers in Food Industry
Perishable food goods with limited shelf lives, such as bakery, dairy, and allied items, are vulnerable to pollution, contamination, and climatic fluctuations. As a result, demand for hand wrappers is projected to rise, particularly in the food industry.
Furthermore, manufacturers have adopted a number of initiatives in recognition of the importance of eco-friendly and cost-effective products. For instance,
In June 2020, Amcor partnered with Espoma Organic to develop more sustainable packaging and launch a new bio-based polymer package in response to the brand’s mission to “develop the finest organic gardening products that work in harmony with nature, grow beautiful gardens, and make a greener world for the future.
Moreover, shrink wrap has been in high demand from product makers at COVID-19. Shrink wraps are needed for a variety of products, including food & beverage, electronics, pharmaceuticals, and cosmetics. Due to the inevitable decline of market products as a result of the COVID-19 pandemic’s severity, the price of products has skyrocketed.
However, as more consumers have attempted to find items virtually to combat the rising shortage of customers at their physical stores and minimise the spread of illness, the demand for products has increased in an online purchase. As a result of the increased demand for non-perishable commodities as a result of the fear of demand extinction, the need for shrink wraps has increased.
USA and Canada Hand Wrappers Market Outlook
The market for hand wrappers is majorly driven by countries such as USA
The USA food supply is among the safest in the world because to advances in food processing and packaging. Furthermore, in the USA, hand wrappers are mostly utilised for primary packaging and unitization as a cost-effective alternative.
As a result, manufacturers are concentrating on combining technologies with a variety of inventive and new features in order to match quality, standards, and boost throughput. For instance,
On April 9, 2018, GaleWrap has released GaleWrap LITE Oriented Film, a stretch wrap film provider. The redesigned hand wrap eliminates the need for the stretch film while offering an improved grasp for unusual or unstable loads. As a result, demand for hand wrappers is projected to increase.
GDP growth, industrial expansion, and a propensity toward automation, on the other hand, are some of the reasons that are likely to stymie the USA market for hand wrappers.
