Resealable Films Market Overview
The global resealable films market size will expand 1.5X in terms of value and is foreseen to witness steady growth during the forecast period of 2020-2030. Resealable packaging allows consumers or users to reseal or reclose packaging and enables keeping goods fresh for a longer period. Thus, with the shelf life of any product being a major concern for end-users, demand for resealable films is expected to increase considerably during the forecast period.
Further, the COVID-19 pandemic will have a short-term impact on the resealable films market, owing to restrictions imposed by government related to import and export. However, with expanding middle-class and rising income levels, consumption patterns are changing continuously. This has resulted in expansion of the food & beverage industry, thereby creating an upward trend in the growth of the resealable films market.
Resealable Films Market Insights by Material
Polyethylene terephthalate (PET) is one of the most prominent materials in the resealable films market, and is expected to account for 1/3 of the market share by reaching a valuation of US$ 1.6 Bn by the end of 2020. PET plastic has become the world’s choice in the packaging sector.
It is prominently used for the packaging of many food and beverages, as it is hygienic, strong, light weight, retains the freshness of the product, and does not shatter. This, in turn, will subsequently lead to a rise in the use of PET films for manufacturing resealable films during the forecast period.
Owing to its cost-effectiveness and wide applicability in beverage packaging, personal care and cosmetic packaging, and food products packaging, it is foreseen to be a significant segment among the resealable films material segments, and will maintain its dominance over the forecast period.
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Resealable Films Market Insights by Application
The fresh produce packaging application in the resealable films market is foreseen as the most remunerative segment, expanding at a significant CAGR of more than 6% in terms of value across the forecast period. Fresh produce products require resistance towards humidity, and permeability to gases and odors, and resealable films enable in extending the shelf life of fresh food items. Moreover, increasing awareness about fresh produce products, as a key element for a healthy lifestyle, is foreseen to contribute to the growth of the resealable film market.
On the other hand, convenience foods such as bakery and confectionery products, available at restaurants, have witnessed a rise in consumption across the world. This is expected to positively impact the growth of the resealable films market. Resealable films such as polypropylene, polyethylene, and polyethylene terephthalate films are highly used for the packaging of bakery and confectionery products, as consumers are demanding fresh and convenient food products. On account of these facts, the bakery & confectionery packaging segment will account for 15% share of the global resealable films market.
Regional Outlook of Resealable Films Market
North America will dominate the global resealable market share, followed by Europe, in 2020, and is foreseen to maintain its dominance in terms of value as well as volume over the forecast period. This is due to a rise in consumer hygiene and storage preference regarding perishable products, and convenience to utilize resealable film packages in the region.
In addition, consumer inclination towards ready-to-eat or partially-cooked convenience food in North America will witness high growth over the forecast period, due to rise in disposable income and change in consumer preferences for conventional sealing and packing of products. Based on these factors, North America is anticipated to create an absolute $ opportunity of more than US$ 600 Mn during the forecast period of 2020-2030.
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Resealable Films Market: Competitive Landscape
The global resealable films market is fragmented in nature, with the presence of a large number of local and regional players. Some of the prominent market players are Amcor PLC., Uflex Limited, Sonoco Products Co., Flair Flexible Packaging Corporation, and others. These market players are concentrating on product launches in order to broaden their market footprints.
- In 2019, Sonoco Products announced the creation of its new EnviroSense sustainable packaging initiative - crossing a range of packaging materials, including cans made from 100-percent recycled paperboard, rigid plastic packaging containing post-consumer recycled content, mono-material flexible pouches that are recyclable, and innovative packaging made from agricultural fibers.
- In 2019, Uflex Limited launched unique PET-based alu-alu with three layers, nylon, aluminum, PVC, and 20-micron fast-tear strip foil.
COVID-19 Impact on Resealable Films Market
The COVID-19 pandemic has had a significant impact on the growth of the resealable films market, due to the closure of manufactories. It has substantially affected players in the market, as the pandemic has had a severe impact on the import of raw materials and export of finished goods. At the same time, the effects of this crisis will be profound and demand for resealable films is set to decline in 2020.
North America, which accounts for nearly one-fourth of global consumption, is currently the most affected region, and it is anticipated that it will require a long period of time for recovery. This, in turn, will impact the global resealable films market supply-demand scenario until the end of 2020.
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The Analyst’s Viewpoint
“The ongoing COVID-19 pandemic will temporarily slow down the growth of the resealable films market, but long-term prospects seem promising. The market is poised to expand positively owing to rising consumer preference for ready-to-eat and partially-cooked convenience food.”
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Global Resealable Films Market: Scope of the Report
A recent global resealable films market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global resealable films market. A detailed segmental analysis, based on material, thickness, application, layer, and use case has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global resealable films market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and the strategies for expansion in the resealable films market.
Key Segments of Resealable Films Market
Fact.MR’s study on the resealable film market offers information divided into five key segments - material, thickness, layers, use case, application, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- 12 - 18 MU
- 18 - 23 MU
- 23 - 36 MU
- > 36 MU
- 3 Layer
- 5 Layer
- 7 Layer
- Meat, Poultry Seafood Packaging
- Dairy Product Packaging
- Fresh Produce Packaging
- Bakery & Confectionery Packaging
- Beverage Packaging
- Pharmaceutical Packaging
- Personal Care and Cosmetic Packaging
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
Global Resealable Films Market - Scope of the Report
Fact.MR recently published a market study on the global resealable films market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the resealable films market structure. The market study presents exclusive information about how the resealable films market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the resealable films market during the forecast period.
The study is relevant for stakeholders in the resealable films market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the resealable films market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the resealable films market. It also offers actionable insights based on the future trends in the resealable films market. Furthermore, small businesses and new entrants in the resealable films market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR’s Resealable Films Market Report
- Which regions will continue to remain the most profitable regional markets for resealable films market players?
- Which factors will induce a change in the demand for resealable films during the assessment period?
- How will changing trends impact the resealable films market?
- How can market players capture the low-hanging opportunities in the resealable films market in developed regions?
- Which companies are leading the resealable films market?
- What are the winning strategies of stakeholders in the resealable films market to upscale their position in this landscape?
Resealable Films Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the resealable films market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the preparation of the resealable films market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the resealable films market report as a primary resource.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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