According to a new report by Transparency Market Research, Inc., the global food wrap film market is expected to reach USD 12.0 billion by 2026, growing at a compound annual growth rate (CAGR) of 2.0%. This marks a notable increase from its 2021 valuation of approximately USD 10.8 billion. Key drivers of this growth include heightened demand for flexible food packaging solutions and increased consumer awareness around food waste reduction.
With the expanding food service industry, demand for durable and cost-effective packaging solutions, such as aluminium foil and polyethylene film, continues to rise. These materials provide an effective means of preserving food quality and extending shelf life, making them popular among consumers and food service providers alike.
Europe leads the global food wrap film market, benefiting from labour availability and cost-effective production. The regions well-established retail networks further support robust sales growth. Meanwhile, Asia-Pacific is forecasted to show a 2.3% CAGR from 2022 to 2026, as the region’s rapid urbanization and expanding food sector drive increased demand for wrap films. North America and the Middle East also contribute significantly to the market.
Key players are actively pursuing strategic expansions and innovations to capture greater market share. Notably:
- Georgia-Pacific LLC acquired Bakelite Synthetics in 2022, broadening its product offerings and establishing new collaborative opportunities.
- Amcor Plc expanded globally through the acquisition of Phoenix Flexibles, Moda, and MDK, entering new markets across India, New Zealand, and China.
- Berry Global, Inc. introduced advanced circular stretch films in February 2024, enhancing load stability and showcasing a commitment to sustainable packaging.
Leading companies such as Amcor Plc, Berry Global Inc., and Hindalco Industries Limited are leveraging strategic acquisitions and innovative product launches to capitalize on the global shift towards sustainable, efficient food packaging solutions.
The global food wrap film market is expected to remain resilient as consumer demand for eco-friendly, flexible, and efficient packaging solutions continues to grow.