Market Size of GCC Shrink Sleeves Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Shrink Sleeves Market Analysis
The GCC shrink sleeves market is expected to register a CAGR of 2% during the forecast period (2021-2026). Plastic has modified the packaging industry's functioning overall. Packaging solutions that are cost-effective, lightweight, durable, and comfortable to the users are factors that have increased the use of plastics as packaging material.
- The GCC countries, such as Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, are also anticipated to play a major role in the overall growth of the shrink sleeves market due to the urbanization and growth of industries, rise in the urbanized population, increasing demand for packaged foods, a renaissance of the labeling and packaging industry in member countries, and increasing emphasis on the use of sustainable materials.
- Rising health issues in the region and increasing the use of cosmetic products are also expected to contribute to the rising demand for the shrink sleeves market in the healthcare and cosmetics sectors.
- On the contrary, investments into manufacturing are majorly spurred by the recent economic slowdown caused by low crude oil prices and reduced activity in the upstream oil and gas industry. The years 2017 and 2018 had a severe impact on the country's economy. Thus, it may indirectly impact the shrink sleeves market negatively.
