Water soluble films are made from either synthetic or natural polymers that dissolve in water rapidly and are environmentally safe. These films are widely used for packaging of detergents, agrochemicals, and various food products. They provide a suitable standalone packaging format and eliminates the use of plastic packaging, thereby promoting sustainability.
The global Water Soluble Films Market is estimated to be valued at Us$ 470.18 Bn in 2023 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers propelling the growth of the water soluble films market is the increasing usage of these films in food packaging applications. Water soluble films are widely used for packaging of food products such as soup packets, sauce sachets, sugar packets, and seasoning blends. They help preserve the quality and freshness of food products as well as prevent contamination. Moreover, these films dissolve quickly in hot water, eliminating the need to handle trash after consumption. Features such as sustainability, recyclability and availability in various thicknesses as per requirement are pushing the utilization of water soluble films in food packaging.
SWOT Analysis
Strength: Water soluble films are environment friendly as they dissolve in water without any waste, providing sustainability benefits. They can be used for various applications like packaging of detergents, agrochemicals etc.
Weakness: Higher production costs compared to traditional plastic films. Properties of water soluble films can vary depending on environmental conditions like temperature and humidity.
Opportunity: Growing demand for eco-friendly and sustainable packaging solutions from end use industries like food and beverages is driving the market. Innovation in materials is helping expand application scope in areas like pharmaceuticals.
Threats: Availability of alternative biodegradable packaging materials like paper and awareness about minimal plastic usage can reduce preference for water soluble films. Economic slowdowns impacting end user industries pose a challenge.
Key Takeaways
The Global Water Soluble Films Market Demand is expected to witness high growth over the forecast period. The global Water Soluble Films Market is estimated to be valued at US$ 470.18 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Asia Pacific currently dominates market share and is expected to remain the fastest growing region due to increased consumption in countries like China, India and Indonesia. Major end use industries driving demand are detergents, agrochemicals and pharmaceuticals.
Key players operating in the water soluble films market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. Innovation is focused on developing materials that can dissolve faster or are more transparent. Companies are also investing in business expansion plans and new product launches catering to specialty applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
