Several companies across the globe are working on advanced technology that will help them cut through the general product portfolio and expand their customer base. For instance, recently, Arm, a British semiconductor and software design organisation partnered with a Cambridge-based company PragmaticIC for developing an ultra-thin electronic gadget that can be easily printed on super flexible plastic. This smart-wrap is capable of carrying some data about the product and the location of the products. The sensor in the smart film allows tracking of the product lifecycle from the factory to the retail outlet to ensure the authenticity of the product.
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Leading restaurants across the globe as well as food and beverage stores are identifying the advantages associated with the use of cling film as more people are using them on a day-to-day basis. Most companies are manufacturing cling films and supplying these at wholesale prices to retail outlets, hence making these films available to end consumers at affordable rates. Intensifying urbanisation in emerging economies such as India and China has led to the growing adoption of on-the-go food products, especially by the working population. Cling films are extensively used as an effective material for the packaging of ready-to-eat food products, hence boosting growth in demand across the global food and beverages industry.
Considering all the leading scenarios, Future Market Insights (FMI) projects that the global cling film market will exhibit a CAGR of 5.8% from 2018 to 2028. The market was worth US$ 1,045.3 Mn in 2017 and is estimated to rise to a valuation of US$ 1,924.5 Mn by 2028 end.
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Cost-effectiveness and Durability to Push Demand for Cling Films
Though cling film is thin it is highly durable and solid at the same time. Cling films can hold up against any object for an extended period of time. Even if the item is dropped, moved or tampered with in any way, the cling wrap will hold up and continue to protect the item. Cling film is one of the most cost-effective products to protect items compared to other materials. These films also help save space and keep stored products organised by consolidating items together without any added bulk, which is particularly useful when moving offices or homes. Cling films also keep the items fresh and even extend the shelf life of the products. Additionally, cling films are convenient to use as there are no restrictions and work with any kind of object that needs to be shipped or moved.
Evidence Suggests Cling Films May Have Negative Impact on Human Health
For decades now, doctors have been cautioning people about the toxic impact of plastic. New evidence suggests that heat causes the chemicals in cling film storage boxes to contaminate food products, causing grave concerns to human health. Cancer Research UK has been warning that cling film should not be allowed to touch the food it covers, when the food is heated in a microwave. The chemical causing the most concern is Bisphenol A (BPA), mainly used in the manufacture of plastics. Laboratory studies have linked BPA with breast and prostate cancer. These negative factors may restrict revenue growth of the global cling film market to a certain extent.
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