by Water soluble films find extensive application in the food industry in the packaging of single-use sachets, bottles and pouches. They help protect foods from exposure to moisture and provide convenient packaging solutions for foods such as ketchup, sauces, syrups and drink mixes. Water soluble films start dissolving when coming in contact with water, thereby eliminating the need for rubbish collection after use. The convenience of just dropping the empty pouch in water is driving their preference over conventional plastic packaging materials.
The global Water Soluble Films Market is estimated to be valued at US$ 408.14 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth in the global water soluble films market is the increasing demand from the food industry. The on-the-go consumption trends have been on the rise with increasing population of working professionals who prefer ready-to-eat convenience foods. Water soluble films provide excellent packaging solutions for such foods as the packages can be dropped in water after use, avoiding the need for disposal. Their bio-degradable nature is also increasing their preference from consumers who are more aware about environmental protection. The water soluble films decomposes quickly in the natural environment and do not contribute to plastic pollution. Their eco-friendly characteristic is expected to further propel the demand in the coming years. Innovation towards developing water soluble films with varying properties to suit diverse packaging needs will also support the market expansion over the forecast period.
Segment Analysis
The global water soluble films market is dominated by the packaging sub-segment. This sub-segment accounts for over 60% of the market share owing to widespread applications of water soluble films in packaging of detergents, agrochemicals, water treatment chemicals etc. These films dissolve instantly in water and help in easy disposal of toxic packaging materials in an environment friendly manner without using any harmful solvents.
Key Takeaways
The Global Water Soluble Films Market Demand is expected to witness high growth over the forecast period of 2023-2030. The market is projected to grow at a CAGR of 9.8% during this period and reach a size of US$ 778.95 Mn by 2030.
Regional analysis
The Asia Pacific region currently dominates the global water soluble films market and is expected to maintain its leading position during the forecast period as well. The rapid growth of end use industries such as food and beverages, agriculture, chemicals etc. in countries like India and China is driving the demand for water soluble films in this region. In addition, government initiatives to use more sustainable packaging solutions is also fueling market growth. The Asia Pacific water soluble films market is projected to grow at a CAGR of 10.2% during 2023-2030 period.
Key players
Key players operating in the water soluble films market are Chattanooga International, Humares, Prime Pacific Health, Herrmann Apparatebau, Transcom, CleanColon Italy, Prometheus Group, Shenzhen Lifotronic Technology, PPHIC, Comba UK and Enteromed Group. These players are focusing on new product launches and capacity expansions to cater to the rising demand and further strengthen their position in the global market.
