Stretch and shrink sleeves are made from polymer material, which shrink to the product surface upon application of heat. Shrink sleeves packaging is one of the major packaging option for the key players due to its ability to conform to any shape.
Stretch and shrink sleeves packaging is suitable solution for all substrates such as glass, metal, and plastic. It is used in the food and beverages, dairy products, cleaning products, fruit juices and cosmetics to maintain hygiene and safety of the products.
Market Dynamics
Increasing demand for food packaging across the globe is projected to drive growth of the shrink sleeves packaging market over the forecast period (2018 – 2025).
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For instance, according to United States Department of Commerce, Russia packaged food product market was valued at US$ 27.5 million in 2017, and expected to grow by US$ 29 million by 2020.
Furthermore, shrink sleeves packaging offer various advantages such as huge display area, durability, tamper evidence protection, and cost-effectiveness, which is fueling market growth.
Market Outlook
Asia Pacific is expected to dominate the global stretch and shrink packaging market. High growth in the food and dairy industry results in rising demand for food packaging material by the emerging economies such as China and India which is driving the market growth. For instance, according to India Brand Equity Foundation (IBEF), food industry was valued at US$ 39.71 billion in 2017, and expected to reach at US$ 65.4 billion in 2018, with CAGR of 11%.
Increasing demand for fast moving consumer goods in this region is expected to fuel growth of the market. Furthermore, increasing awareness about personal health is also anticipated to boost the demand for healthy packaged beverages and consumer goods, which in turn is driving market growth. For instance, according to India Brand Equity Foundation (IBEF), FMCG sector was valued at US$ 52.75 billion in 2017, and expected to reach US$ 103.7 billion by 2020, with CAGR of 27.86%.
North America is witnessing positive growth in the stretch and shrink sleeves packaging market in 2017, due to involvement of key players in merger & acquisition activity to expand their product portfolio in the market. For instance, in 2017, Snow Phipps Group acquired Brook & Whittle Ltd. to offer a full range of services in the conversion of heat shrink sleeves packaging products across the North America.
Major manufacturers are focused on the personal care, food and beverage industries in the U.S. and in Canada to fulfil the demand for sustainable material for shrink sleeve packaging.
Key Players
Key players operating in the global stretch and shrink sleeves packaging market include Verst Logistics, Inc., CCL Industries, Huhtamaki Group, Eurofilms, Berry Global Inc., The Dow Chemical Company, Hipac Packaging Solutions, Cenveo Corporation, Intertape Polymer Group, Fuji Seal International, Inc. and Macfarlane Group plc.
Key players are strategically investing in development of innovative product and launch activities, which is fueling growth of the global stretch and shrink sleeves packaging market. For instance, in 2013, The Coca-Cola Company launched new shrink sleeve packaging solution for the full bottle labelling in market. New shrink sleeves offer rich color shades and perfect design.
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The materials used for stretch and shrink sleeve packaging such as PVC and PETG that are difficult to separate from PET bottles during the recycling process as resulted contaminated batch of PET. This new technology is applied to other plastics and packaging products where cross contamination of materials creates a roadblock for recycling processors.
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