Shrink Film vs Bottle Labels: Cost and Branding Insights

While shopping today, I noticed that even for beverages, some products used shrink film, some used bottle labels, and some opted for other types of labels. This made me curious. For beverages like these, surface shrink film or a bottle isn't necessary to improve barrier properties; it's mainly a matter of brand image and cost. My question is: of these three common types, which is the cheapest? I think it's the bottle label. I've looked into bottle labels before, they're very inexpensive, often just a single layer of BOPP with printing.