According to MarketsandMarkets, the "Shrink Plastic Film Market for Beverage Multipacks by Type (Printed, Unprinted), Application (Alcoholic beverages, Water, carbonated soft drinks), Container Type (Can, Bottle, Brick), Multipack Size (3x2, 4x2, 4x3, 6x3) & Region - Global Forecast to 2025", the market is estimated to be valued at USD 2.5 billion in 2020 and is projected to reach USD 3.0 billion by 2025, recording a CAGR of 3.5%, in terms of value. There is an increase in the demand of bottled and canned products in the country, which in turn has increased the market for shrink plastic films.
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The unprinted shrink plastic film segment is projected to witness significant growth during the forecast period.
Based on type, the shrink plastic film market for beverage multipacks is dominated by the unprinted shrink plastic film segment. The unprinted shrink plastic films are cost-efficient, have lesser costs compared to the printed shrink plastic film. The demand for these films is rising due to it being used majorly for transportation of beverages, sealability, and most suitable for SMEs.
The water segment is projected to account for a major share in the shrink plastic film market for beverage multipacks during the forecast period.
By application, the shrink plastic film market for beverage multipacks is dominated by the water segment. Water, as well as carbonated soft drinks manufacturing companies, utilize shrink plastic films for packaging due to their functional and advertising advantages. The increase in the demand for processed beverages in the APAC region is increasing the market for shrink plastic film.
The European region dominated the shrink plastic film market for beverage multipacks with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.
The shrink plastic film market for beverage multipacks in Europe is estimated to be dominant due to the increasing demand for ready to drink products and on the go beverages that can be consumed anywhere.
There is a significant shift observed in the consumption habits of consumers, which is increasing the demand for carbonated beverages and packaged water. This has increased the demand for bottled & canned products in the regions, which in turn has augmented the market for shrink plastic film.
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