The water soluble films market have gained immense popularity over the traditional plastic packaging due to their environment-friendly properties and solubility in water. These films are manufactured using polyvinyl alcohol and are used as a sustainable option for various applications like detergent packaging, agrochemical packaging and others. The water soluble nature helps in reducing marine pollution as the films dissolve in water without leaving any trash.
Global Water Soluble Films Market is estimated to be valued at US$ 470.18 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the water soluble films 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. These players are focusing on developing sustainable and eco-friendly water soluble film solutions to cater to the growing demand from end use industries like detergents, agriculture, and pharmaceuticals.
The growing environmental concerns and stringent regulations regarding usage of single use plastic are driving the demand for Water Soluble Films Market Trends in packaging industry. These films help companies to adopt sustainable packaging and produce biodegradable products. Various detergent manufacturing companies have started using water soluble pouches and pods made from these films.
The global water soluble films market is expanding rapidly with growing overseas demand. Leading manufacturers are investing heavily in enhancing production facilities in Asia Pacific and Latin American regions to tap the potential markets. Domestic manufacturers in China, India, and Brazil are also entering the market with cost-effective product offerings.
Market Key Trends
Sustainable packaging trend is one of the major market drivers for water soluble films. With rising awareness about reducing plastic waste, both consumers and manufacturers are willing to switch to eco-friendly water soluble packaging films. These films not only aid sustainable goals but also help in smart packaging design for products like pods and pouches. Their solubility in water allows the packaged content to be used without any waste generation. This trend is expected to further propel the demand in coming years.
Porter’s Analysis
Threat of new entrants: New players face high production cost and need economies of scale to compete due to presence of well-established players in market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and price sensitivity.
Bargaining power of suppliers: Suppliers have moderate power due to availability of substitutes but differentiated products give advantage to few suppliers.
Threat of new substitutes: Threat is moderate as new substitutes require huge investments and time to compete against well-established products.
Competitive rivalry: Intense competition due to presence of many regional and international brands.
Geographical Regions
North America holds leading share in global water soluble films market due to rising demand for biodegradable and bio-based packaging solutions from industries including food, pharmaceutical and chemical. The market in Asia Pacific is expected to witness fastest growth during forecast period led by increasing consumption in India and China on the back of rising population, changing lifestyle and growth in end-use industries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.