Stretch Wrappers Market Expanding At 5.8% CAGR; Thriving Food and Beverage Industries Enables Growth
The global stretch wrappers market is forecast to surpass the valuation of US$ 710 Mn by the end of 2031 projects ESOMAR-certified consulting firm Future Market Insights (FMI). Optimizing consumption with respect of resource availability is an area of improvement among market players. Small scale industries which cannot afford costly automatic stretch wrapping machine depend on manual packaging and daily wage labors. Availability of cheap labor in emerging economies is affecting the automatic stretch wrapping market. With rising cost and limited availability of raw materials, the automatic stretch wrapping is expected to grow in upcoming years. Faster wrapping and reduced transportation or shipping cost benefits offered by automatic wrapping machine will accentuate the market growth. Surging demand for pallet wrapping from pharmaceutical industries has created a lucrative opportunities for stretch wrappers market growth. Food and beverage sector still remains the largest consume