Box and Carton Overwrap Films Market Projected to Reach US$ 17.1 Billion by 2033 | FMI Report

With a value of US$ 12.2 billion in 2023, the box and carton overwrap films market is poised for significant growth, with projections reaching US$ 17.1 billion by 2033. The market is expected to maintain a steady Compound Annual Growth Rate (CAGR) of 3.5% from 2023 to 2033. This forecast highlights the growing demand for efficient packaging solutions across various industries, driven by factors such as product protection, sustainability, and the need for visually appealing packaging. The market's trajectory underscores its crucial role in meeting evolving consumer preferences and industry requirements, contributing to its sustained prominence in the global packaging landscape.

Box and carton overwrap films safeguard the product during transport against rough handling and accidents. The rising e-commerce sector and offline sales are projected to boost the box and carton overwrap films industry. Extensive application of box and carton overwrap films across various packaging formats in cosmetics, logistics, food and beverages, tobacco, and other industries, is fueling the market growth. Box and carton overwrap films also help develop the product’s brand value with high-quality printability. Even without any print, box films help enhance the overall look of the package.

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The growing demand for biodegradable and recyclable packaging solutions is also boosting its adoption among end users. Increasing utilization of fertilizers and chemicals further enhances the application scope of box and carton overwrap films. In addition, wide applications of the product in the food and beverage industry are expected to offer more growth prospects for the box and carton overwrap films industry.

Business Growth Drivers:

1. Increasing Demand for Packaged Goods: As consumer preferences shift towards convenience and packaged products, there's a consistent demand for overwrap films to package various items like food, beverages, pharmaceuticals, and personal care products.

2. Advancements in Packaging Technology: Innovations in packaging technology lead to the development of more efficient, sustainable, and cost-effective overwrap films, driving market growth.

3. Rise in E-commerce Activities: The booming e-commerce industry necessitates robust packaging solutions to ensure product safety during transportation. Overwrap films provide protective wrapping for goods, boosting their demand.

4. Growing Food and Beverage Industry: The expansion of the food and beverage sector, coupled with stringent regulations regarding food safety and hygiene, drives the adoption of high-quality overwrap films for packaging purposes.

5. Focus on Sustainability: Increasing awareness about environmental issues prompts companies to opt for eco-friendly packaging solutions. Biodegradable and recyclable overwrap films witness higher demand due to their sustainability credentials.

6. Expansion of Retail Chains: The proliferation of supermarkets, hypermarkets, and convenience stores globally creates a significant market for overwrap films as these outlets require efficient packaging solutions for their products.

Industry Restraints:

1. Raw Material Price Volatility: Fluctuations in the prices of raw materials used in the production of overwrap films, such as polymers and resins, can pose challenges for manufacturers, impacting profit margins.

2. Stringent Regulations: Compliance with stringent regulations regarding food contact materials and environmental sustainability adds complexity and costs to the manufacturing process, potentially limiting market growth.

3. Competition from Alternative Packaging Solutions: The emergence of alternative packaging solutions, such as rigid packaging or pouches, presents competition to overwrap films, particularly in certain applications or industries.

4. Limited Recycling Infrastructure: Despite the demand for eco-friendly packaging, inadequate recycling infrastructure in many regions hampers the adoption of recyclable overwrap films, affecting market growth.

5. Perception of Plastic Waste: Increasing concerns about plastic pollution and its environmental impact may lead to consumer backlash against plastic-based overwrap films, pushing manufacturers to explore alternative materials.

6. Supply Chain Disruptions: Disruptions in the global supply chain, such as those caused by natural disasters, geopolitical tensions, or pandemics, can disrupt the availability of raw materials and impact production capacities, affecting market stability.

Key Highlights of the Box and Carton Overwrap Films Market:     

• The China box and carton overwrap films industry is expected to lead the overall market over the forecast period. The market is estimated to reach US$ 3.7 billion by 2033, expanding at a CAGR of 5%.
• After China, the United States market is projected to be the top market. The United States box and carton overwrap films industry is estimated to attain US$ 3.6 billion by 2033. The market is expected to register a tepid CAGR of 2.9% over the forecast period.
• India is another significant Asian market for box and carton overwrap films after China. The India market is expected to attain US$ 1.5 billion by 2033, exhibiting a robust CAGR of 6.4%. The rise in the production and sale of cosmetics, food and beverage, and tobacco products in the country is projected to favor market growth.
• Germany is assessed to have a considerable share in the growth of the box and carton overwrap films industry in Europe. The market is evaluated to attain US$ 1.1 billion by 2033, expanding at a CAGR of 1.3%.

Key Manufacturers-

•  Terichem A.S.,
• CCL Industries, Inc.,
• Jindal Poly films Ltd.,
• Taghleef Industries LLC,
• Cosmo Films Ltd.,
• Uflex Ltd.,
• Smurfit Kappa Group plc,
• Futamura Group,
• Irplast S.p.A.,
• SIBUR International GmbH,
• Berry Global Inc.,
• Transcendia Inc.,
• Garware Polyester Limited,
• Industrial Development Company sal (Indevco)

New Developments in the Global Box and Carton Overwrap Films Market:

• In 2021, UFlex Limited officially announced its domestic and international expansion for packaging film units to meet the increasing demand. The new line, with a production capacity of 63,000 TPA, has been added in South India.
• In 2021, Innovia Films introduced its Encore range of polypropylene packaging films. The performance of this film is comparable to its fossil-based equivalent. Due to this factor, the film is appropriate for high-speed horizontal overwrap and other overwrap applications.

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Key Segmentations-

By Material Type:

• PVC
• PE
• PP
• PET
• Other Material Types

By Film Type:

• Shrink Film
• Stretch Film

By Film Thickness:

• <20 Microns
• 20-40 Microns
• >40 Microns

By Coating Type:

• Coated Films
  • Acrylic-coated
  • PVDC-coated
  • EVOH-coated
  • Acrylic-PVDC Mix
• Uncoated Films
  • BOPP
  • BOPET
  • CPP
  • BOPA
  • BOPLA

By End Use:

• Food
  • Processed Food
  • Fresh Produce
  • Dairy Products
  • Biscuit Overwraps
  • Chocolate
  • Other Bakery & Confectioneries
  • Other Foods
• Beverage
• Personal Care & Cosmetics
  • Makeup
  • Cream & Lotion
  • Perfume
  • Other Personal Care & Cosmetics
• Automotive
• Healthcare
• Industrial Packaging
• Shipping & Logistics
• Electrical & Electronics
• Others

By Sales Channel:

• Brand Owner Sales
• Converter Sales

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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