CHICAGO, Nov. 9, 2023 /PRNewswire/ -- The Mulch Films Market is estimated at USD 7.8 billion in 2023 and is projected to reach USD 10.6 billion by 2028, at a CAGR of 6.5% from 2023 to 2028 according to a report published by MarketsandMarkets. The growing demand for mulch films is primarily fueled by the need for increased agricultural productivity, sustainable farming practices, and climate change adaptation.
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The EVA segment in elements segment is expected to grow at the highest CAGR during the forecast period.
The agricultural and horticultural sectors continue to expand globally as the demand for food, ornamental plants, and other agricultural products rises. EVA (Ethylene Vinyl Acetate) due to its exceptional properties, has become a preferred material for manufacturing mulch films, which are essential in these sectors. EVA mulch films offer benefits such as moisture retention, weed suppression, temperature regulation, and soil protection, leading to increased crop yields and enhanced quality. This growing demand for efficient and sustainable farming practices is a significant factor driving the expansion of the EVA segment.
The horticulture segment by application emerged as a driving force in the mulch films market in 2022.
The emphasis on sustainable and eco-friendly farming practices has been a significant catalyst in the growth of the horticulture segment. Mulch films, by conserving water and reducing the need for chemical herbicides and pesticides, align with the broader goals of environmentally conscious agriculture. Consumers are increasingly looking for organically grown and chemical-free produce, and mulch films enable growers to meet these demands, thus fostering the growth of the horticultural application.
Mulch films help reduce water consumption and labor costs, while also extending the growing season by maintaining optimal soil temperature. Moreover, the adaptability of mulch films to various climatic conditions further cements their position in the horticulture segment. They are particularly effective in regions with unpredictable weather, as they provide protection from extreme temperatures, heavy rain, and frost, ultimately ensuring a more reliable and consistent harvest.
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India is expected to be the fastest growing market in the Asia Pacific region during the forecast period.
India's increasing population, with a significant portion entering the middle-class bracket, presents a massive consumer base and increased purchasing power. This demographic dividend has led to an upsurge in demand for a wide range of goods and services, driving economic growth across sectors. According to a media release by The Financial Express in 2021, the expansion of the middle class is expected to correlate with a gradual transition from the prevailing state of substantial informality that currently defines a significant portion of the services and manufacturing sectors, towards a greater prevalence of formal, wage-based, and medium-sized enterprises. This facilitates the diffusion of economic opportunities and the distribution of purchasing power across a wider demographic, underlining the significant role played by an expanding middle class in upsurging demand for various goods and services in India. The expanding consumer market provides a fertile ground for both domestic and international companies to invest and thrive, leading to robust market growth.
Moreover, India's increasing urbanization is transforming the consumption landscape. As more people migrate to cities and towns in search of better opportunities, there is a surge in demand for urban infrastructure, housing, transportation, and consumer products. This urbanization trend fuels economic development and market expansion, creating new business prospects across industries.
Major players operating in the mulch films market are BASF SE (Germany), Berry Global Inc (US), Dow (US), Kuraray (Japan), Exxon Mobil Corporation (US), and RKW Group (Germany).
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