Cut a piece of paper that will wrap all the way around the pack one time.
Measure the piece of paper. Example: 150mm long
Divide this number by 2: 150/2=75mm
Buy the size shrink that will fit your pack snugly BEFORE shrinking.
Remember the posted sizes on shrink are "lay flat" measurements.
Something like 83mm shrink will work well for this example.
Most shrink is 2:1 or 3:1 shrink ratio.
You can buy a heat gun but most of the shrink, I've dealt with, works well with the heat from a blow dryer on "high heat" setting.
When you actually shrink your pack, cut the shrink about 1" longer than the pack is. The shrink not only shrinks in diameter, it also shrinks in length.
I like to shrink each end for a snug fit first, then I go back and hit the middle of the pack with heat.
This tightens the entire thing up and makes it look good.
Practice makes perfect. Buy more than you need for a practice run or maybe two.
I hope this helps.