| Study Period | 2020-2032 | CAGR | 8.9% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 554.39 million |
| Forecast Year | 2032 | Forecast Year Market Size | USD 1,195.43 million |
| Largest Market | Europe | Fastest Growing Market |
The global shrilk market was valued at USD 554.39 million in 2023. It is estimated to reach USD 1,195.43 million by 2032, growing at a CAGR of 8.9% during the forecast period (2024–2032). The retail sector, including supermarkets, convenience stores, and online retailers, is witnessing significant growth worldwide. With increasing consumer demand for packaged goods, there's a parallel rise in the need for shrink packaging to ensure product integrity and safety during transportation and display.
Shrilk, a groundbreaking biodegradable plastic, is crafted from two natural ingredients: Chitosan, derived from the shells of crustaceans like shrimp and crabs, and silk fibroin, sourced from silkworm cocoons. Inspired by the resilient structure of insect exoskeletons, Shrilk boasts a combination of strength and lightness that sets it apart. Unlike conventional petroleum-based plastics, Shrilk spontaneously breaks down into harmless components—carbohydrates and proteins—when composted, rendering it a sustainable and eco-friendly option. This inherent biodegradability addresses environmental concerns associated with plastic waste.
With its commendable strength and flexibility, Shrilk finds applications across various sectors that traditionally rely on conventional plastics. Its versatility extends to biodegradable packaging for food, beverages, and consumer goods, offering a greener alternative to traditional packaging materials. Moreover, both Chitosan and silk fibroin exhibit biocompatibility, ensuring compatibility with biological tissues. This characteristic positions Shrilk as a promising material in the medical field, enabling the development of implantable medical devices, wound dressings, and other biomedical applications.
The food and beverage industry heavily relies on plastic packaging, making Shrilk's biodegradability, transparency, and ability to preserve food quality highly appealing. As consumers increasingly prioritize environmentally friendly packaging, Shrilk meets this demand by offering a sustainable alternative. Stringent regulations governing food safety and chemical usage in packaging materials further encourage the adoption of shrimp as a safe and eco-conscious option. With mounting concerns over plastic pollution and its environmental impact, Shrilk emerges as a biodegradable solution that addresses these pressing issues while promoting sustainability.
Businesses recognize the importance of sustainability in their brand image and strive to reduce their reliance on traditional plastics. Shrilk aligns with these objectives, allowing companies to enhance their sustainability efforts and meet consumer expectations for eco-friendly packaging. For example, the food industry, which contributes around 5% of GDP and generates sales of USD 1.4 trillion, presents a significant market opportunity for shrimp packaging materials. By leveraging Shrilk's properties to preserve perishable foods and extend shelf life, companies can enhance their offerings while minimizing environmental impact.
Currently, the production of shrimp falls short of meeting significant market demands, leading to higher prices than conventional plastics. To achieve broader market penetration, it's crucial to implement large-scale production techniques and cost-cutting measures. Shrilk, chitin, and chitosan components are primarily extracted from shrimp shells using labor-intensive methods. Enhancing productivity and efficiency in these processes is essential. Streamlining and possibly automating extraction processes can increase productivity.
Furthermore, research to improve and optimize extraction and processing methods is necessary to ensure consistent quality and desired characteristics in the finished shrimp material. Addressing these challenges can bridge the gap between current constraints and the immense potential of the shrimp market. Implementing efficient cost-reduction techniques will make Shrilk a more accessible and economical choice.
Polyethylene Terephthalate (PET) stands as one of the most widely used polymers globally, prized for its natural transparency and semi-crystalline structure. Its versatility finds application across various industries, including packaging, automobiles, electrical electronics, textiles, and household appliances. However, PET's non-biodegradable nature poses a significant environmental challenge. As PET photodegrades, it fragments into smaller pieces, accumulating toxins that infiltrate underground water systems, pollute water bodies, contaminate soils, and permeate the food chain. In response to the escalating plastic pollution crisis, governments worldwide are implementing stringent regulations to mitigate the adverse effects of PET disposal.
Additionally, growing environmental awareness surrounding plastic pollution in oceans has spurred the phased banning of plastics in many countries. These developments present significant opportunities for the shrimp market, offering a viable solution for biodegradable plastics that are stronger than aluminum alloys. For example, the Break Free From Plastic Pollution Act (BFFPPA), introduced in Congress in October 2023, underscores the urgency to combat plastic pollution and promote sustainable alternatives to plastic packaging. This legislation proposes measures such as mandating that U.S. packaging contain at least 30% recycled plastic by 2030, regulating innovative recycling technologies, and establishing minimum requirements and standards for recycling nationwide. Such initiatives signal a shift towards more environmentally conscious practices, thereby creating favorable conditions for the adoption of Shrilk and other biodegradable alternatives.
Europe Dominates the Global Market
Based on region, the global shrilk market is bifurcated into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
Europe is the most significant global shrill market shareholder and is expected to expand substantially during the forecast period. The automotive sector is pivotal in propelling the European economy, providing employment for over 13.5 million people and contributing significantly to the continent's exports. The European Automobile Manufacturers Association projects substantial investments totaling around USD 67 billion in the automotive sector for 2020, with an estimated vehicle production of approximately 18.3 million units, representing about 18.1% of global production. Polymers derived from Shrilk are widely employed in the automotive industry due to their exceptional qualities, including resistance to high temperatures, remarkable abrasion resistance, high strength, and chemical resistance. Moreover, Shrilk-based polymers offer strength comparable to aluminum alloys but without the additional weight, contributing to lighter vehicles that boast better fuel efficiency and long-term cost savings. This makes Shrilk an attractive substitute in the automotive sector, particularly in fast, racing-style automobiles that require lightweight yet robust components.
Similarly, the food and beverage industry is a key driver of the European economy, contributing around 5% of GDP and generating total sales of USD 1.4 trillion, including domestic and international consumption. Within this sector, the food and beverage business generates USD 164 billion in revenue. Plastics derived from shrimp, including Shrilk, are in high demand due to their translucent, semi-rigid, and lightweight properties, coupled with their non-reactivity with food or water. These qualities make shrimp plastics ideal for packaging applications. As the food and beverage sector continues to grow, the demand for Shrilk is expected to surge in the coming years. This anticipated growth is driven by the industry's reliance on packaging materials that offer both functionality and sustainability. Therefore, the expansion of the food and beverage sector is poised to fuel the growth of the Shrilk market in the foreseeable future.
| Report Metric | Details |
|---|---|
| Segmentations | |
| By Type |
|
| By End-User |
|
| Company Profiles | NATUREWORKS LLC CORBION PURAC CARDIA BIOPLASTICS BIOME TECHNOLOGIES PLC TORAY INDUSTRIES INC. EVONIK INDUSTRIES BIOAPPLY POLYMERS BIOSPHERE PLASTIC CEREPLAST SOLVAY SA TECHNO-POLYMER COMPANY LIMITED |
| Geographies Covered | |
| North America | U.S. Canada |
| Europe | U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe |
| APAC | China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific |
| Middle East and Africa | UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA |
| LATAM | Brazil Mexico Argentina Chile Colombia Rest of LATAM |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
The global shrilk market is bifurcated into type and end-user.
Based on type, the global shrilk market is segmented into fibroin and chitin.
The shrilk fibroin segment dominates the global market. Shrilk fibroin possesses many qualities that render it highly attractive for diverse applications. Its exceptional strength and elasticity make it suitable for films, textiles, and biomedical applications. Fibroin exhibits excellent biocompatibility, a crucial factor for medical implants and devices, ensuring compatibility with the human body. Shrilk fibroin is biodegradable, offering a sustainable alternative to conventional plastics and addressing pressing environmental concerns.
While chitin and fibroin are valuable components, fibroin holds precedence in the shrimp market due to its broader range of potential applications and ongoing research efforts. The creation of shrimp from silk fibroin and chitosan has solidified fibroin as the primary component in the market. Its outstanding mechanical properties and versatility pave the way for various industry applications. As research continues to explore new avenues for shrimp fibroin, its prominence is expected to grow further, driving innovation and adoption in various sectors.
Based on end-user, the global shrilk market is segmented into medical, automobile, packaging, and others.
The packaging industry stands out as one of the fastest-growing. Factors such as rising per capita income and globalization have spurred demand for fast-moving consumer goods (FMCG). This surge in demand is evident in the bottled water market, where shrimp, used in bottle manufacturing, is poised for substantial growth in the coming years. According to the Committee for Economic Development data, the food sector contributes approximately 5% to GDP. It generates total sales worth USD 1.4 trillion, encompassing both home and away-from-home consumption. Within this sector, the food and beverage industry alone accounts for USD 164 billion in revenue. This underscores the significant potential for shrimp-derived plastics in food and beverage packaging, which play a crucial role in conserving perishable goods and extending shelf life.
March 2024: The RF Technologies division of Biome Technologies plc, a leading provider of radio frequency technology and bioplastics, announced that it was awarded a contract worth £490,000 to supply a second novel induction furnace system (the "System") to a global manufacturer of scientific glass products. The contract has a revenue value of £490,000. The system will make use of essential components of the induction furnace technology developed by the RF Technologies division in a new application field. This will result in better operational effectiveness and performance features, especially with regard to energy efficiency. Similar to the June 2023 announcement, this system will also be designed and constructed at the company's Marchwood, UK, factory, with commissioning and installation to be finished at the customer's foreign production site.
