The versatile characteristics of CPP or cast polypropylene packaging films have bolstered their use in the packaging of food products. Emerging economies are witnessing an extravagant demand for convenience food including bakery, snacks and more, owing to changing lifestyles of the people. There is also an increasing demand for fresh, healthy, and convenient ready-to-eat food products that need to be packaged carefully to maintain the shelf life. CPP packaging films meet this need and by providing better protection against microorganisms, ensure that the stored food products are safe and fresh for consumption. This has impacted the global demand for CPP packaging films, pushing global market revenue to an estimated US$ 7,000 Mn by the end of 2028. In a new market study by Persistence Market Research, the CPP packaging films market is projected to witness a steady growth rate of 4.1% during the forecast period 2018-2028.
Growing Consumer Demands to be Fulfilled by New and Pivotal Offerings
Most of the manufacturers these days look for packaging options that provide the longest life to their products. This critical need for long product shelf life has spurred the demand for multi-layer films. These two- and three-layered films to seven- and nine-layered films offer extended shelf life without losing product aroma and quality, while significantly reducing chances of contamination. Innovation and technology has also become a part of the trends governing the CPP packaging films market. Newer types of polymers are being used to fulfil the rising demand for innovative and more functional packaging films. Several new technologies and advanced types of films are brought into the market to cater to the demands of consumers who are looking for more advanced films made of multifunctional packaging materials.
Food and Beverage Sector to Lead the Markets in Developing Regions of the Asia Pacific
The budding economies are witnessing a higher rate of population demanding ready to consume food and beverage products. As a result, the CPP packaging films market stays significantly dominated by the food and beverage sector, which is expected to hold a market value higher than any other sector including healthcare and textiles. The food and beverage market is anticipated to grow at a CAGR of 4.6% in the global CPP packaging films market during the forecast period.
Among the regions that are projected to stay highly lucrative in the adoptability of CPP packaging films, APEJ is expected to witness a stellar CAGR during the forecast period. The APEJ CPP packaging films market is estimated to account for nearly 1/3rd of the global CPP packaging films market, with India and China being the highest contributors.
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55%-65% of the Global Market Revenue Share to be Contributed by Tier 3 Players
Tier 3 players in the global CPP packaging films market serve local market demand and include companies such as Copol International Ltd, Bhineka Tatamulya Industri Pt, LC Packaging International BV, Taghleef Industries LLC, and Oben Holding Group S.A.C.