by Water soluble films are commonly used in water dissolvable packaging solutions such as detergent and chemical pouches, liquid capsules, tablets, and other product packaging that needs to dissolve and dissolve in water. These films are made up of various materials which makes them non-toxic and environment-friendly.
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 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. These key players are focusing on new product development and global expansion to gain competitive advantage in the market.
The Water Soluble Films Market Trends provides various opportunities such as growth in agriculture, chemical, and pharmaceutical industries. The demand for water soluble films in agrochemical packaging is expected to increase significantly during the forecast period. Growing need for convenient and eco-friendly packaging solutions across industries will drive the demand.
The global water soluble films market is witnessing strong growth in Asia Pacific region. The market in China, India, Japan, and other countries are growing at a rapid pace. In addition, increasing environmental awareness and regulations against single-use plastic are pushing manufacturers to invest in biodegradable films market especially in European countries.
Market Drivers
The key driver boosting the growth of water soluble films market is rising environmental concerns related to plastic waste disposal. These films are manufactured using raw materials that are renewable and biodegradable in nature. They provide a sustainable packaging alternative to plastic films. Strict government regulations regarding usage of single-use plastics and policies promoting bio-degradable products are encouraging adoption of water soluble films across regions.
PEST Analysis
Political: The regulations around packaging have become stricter in many countries regarding the use of plastic. Water soluble films are seen as more environment friendly option by many regulators.
Economic: The global economy was slowing down even before the pandemic disrupted supply chains. However, industries like food and pharma relying on water soluble films continued to see demand.
Social: People are increasingly conscious about environmental impact of plastic waste. Water soluble films that can degrade without harming environment are preferred by consumers and businesses aiming to be sustainable.
Technological: Advances are being made to incorporate additives that enable water soluble films to rapidly dissolve in cold water without much effort. Some innovations allow multi-layer structures to provide required protection during transport and storage.
Geographical regions with high market concentration
The market for water soluble films is highly concentrated in North America and Europe currently in terms of value. Stringent regulations around plastic use and growing consumer demand for sustainable options drive significant demand from these regions. Majority of food, agrochemical and pharma manufacturers utilizing these films are also based here contributing to high market share.
Fastest growing region
Asia Pacific region is poised to be the fastest growing market for water soluble films globally. Developing nations like India and China have seen rising incomes and growing middle class interested in packaged food and medicines. At the same time, concerns about plastic pollution are increasing pressure to adopt eco-friendly solutions in the region. This combines with expansion of manufacturing capabilities to support strong demand growth here over the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
