I have posted a one liner to do text wrapping earlier, which you could give it a try.

$text =~ s/(.{30,40}(?<=\s\b))/$1\n/mg;
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Also I highly recommend the module Text::Autoformat from CPAN that does a great job at text wrapping, justification, etc.

use Text::Autoformat qw(autoformat);
$newtext = autoformat($text, { left=>1, right=>40, all=>1 });
[download]