Market Highlights:
Converted flexible is the type of packaging which involves combining raw materials such as polyesters, adhesives, plastics, paper & paperboard, to create new packaging products, such as pouches and bags. It is widely used across applications such as pharmaceuticals, food & beverages, consumer goods, personal care, among others. Converted flexible packaging has wide applications in the F&B industry, mainly due to its features such as ease of handling, reduced production & shipment costs, and eco-friendliness. Rise in demand for packaged foods & beverages including ready-to-eat meals, frozen meals, and snack foods. Increase in consumer income in countries such as China, India, and Brazil, has led to a growth in demand for good-quality packaged food. Also, the rise in population in many countries, has led to an increase in food & beverage consumption, which ultimately increases the demand of converted flexible packaging products.
Technological advancements in packaging plays a vital role in driving the growth of converted flexible packaging market. Advanced technology in packaging has allowed companies for innovation in products instead of sticking to traditional methods of packaging. Due to this, many companies are investing in R&D and are coming up with advanced converted flexible packaging products with barrier resistance properties that offer resistance against heat and moisture and eliminate oxidation of foods. Such properties prove effective in maintaining the quality and consistency of food products while extending their shelf life without the use preservatives. For example, the shelf life of head lettuce is extended from three days to fourteen days when packed in MAP packed bag. Recent advancements in materials and production processes have reduced the weight of some these packages up to 50%, subsequently lowering product shipping costs while maintaining product protection.
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Major Key Players
Bemis Company Inc. (U.S.),
Amcor Limited (Australia),
Sealed Air Corporation (U.S.),
Sonoco Products Company (U.S.),
Constantia Flexibles Group GmbH (Austria),
Graphics Packaging Holding Company (U.S.),
Bischof + Klein SE & Co. KG (Germany),
Honeywell International Incorporated (U.S.),
Ampac Packaging LLC (U.S.),
Oracle Packaging Inc. (U.S.).
Hence, global Converted Flexible Packaging Market is expected to reach a market size of USD 1,04,999.8 million by the end of the forecast period at CAGR of 5.31%.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global converted flexible packaging market are that of new product development.
On May 2016, Bemis Company Inc. had completed the acquisition of the medical device packaging operations and related value-added services of SteriPack Group, which includes a facility in Ireland as well as packaging production assets in Malaysia and the USA. This acquisition supports the company to grow their healthcare packaging business.
In 2016, Graphics Packaging pursues the strategies of mergers & acquisitions. It spent USD 364 million on four strategic acquisitions in 2016, closing on G-Box (Mexico), Walter G. Anderson (U.S.), Metro Packaging Inc. (U.S.), and Colorpak (Australia).
In April 2016, Oracle Packaging set up new extrusion line in North Carolina (U.S.). The investment expands the extrusion technology and is expected to bring new capabilities and capacity to their client base. The motive behind making such an investment was to cater to the increasing needs of the expanding client base and generate revenue from the region.
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Regional Analysis
U.S. accounts for the largest share of the North America converted flexible packaging market. Factors such as rising consumer preference of convenient packaging, increase in disposable income, and rising demand from food & beverage, pharmaceutical sectors, are some factors driving the demand of the market in U.S. Europe has always played a key role in innovation and development of personal care, hygiene and beauty products. Increased demand for consumer-friendly products that are lightweight and easily transportable, growing focus on sustainability, the increased need for extended shelf life, and rising standards of hygiene are the major drivers of converted flexible packaging market. The increasing number of supermarkets in the Asia-Pacific region and the growing demand for multipacks of various grocery products, are expected to boost the demand for converted flexible packaging products.
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