Global Converted Flexible Packaging Market is expected to reach a market size of USD 104,999.8 million by the end of the forecast period at a CAGR of 5.31%.
Converted Flexible Packaging Market – Industry News
The key strategies followed by most companies within the global converted flexible packaging market are that of new product development.
Recently, Amcor Ltd announced an expansion of its flexible packaging segment in the strategically important Northern China region, with the acquisition of Hebei Qite Packing Co. Ltd worth USD 28 million (RMB 185 million). This acquisition may help to boost the growth of new and existing customers in the important Northern part of Asia Pacific region.
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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Converted Flexible Packaging Market Scenario
Converted flexible is a packaging type, which includes combining raw materials such as polyesters, adhesives, plastics, paper & paperboard, to produce new packaging products, such as pouches and bags. It is broadly used across end users such as pharmaceuticals, food & beverages, consumer goods, and personal care.
According to the MRFR analysis, the converted flexible packaging is increasing at a rapid pace and is expected to gain significantly over the forecast period. The global converted flexible packaging market is estimated to grow at a CAGR of 5.31% during the estimated period (2017-2023).
The converted flexible packaging market is driven by various factors such as increased consumption of processed and packaged foods & beverages. Environmental advantages of converted flexible packaging are also fuelling the growth of the market. This packaging includes low raw material consumption, low carbon emission, and relatively low waste produced as compared to other conventional packaging formats. It also reduces energy usage. For e.g., for producing a pouch for food service requires 75% less energy and generates just 1 /10 of CO2 emissions during production than a metal can for the equivalent amount of product.
Converted Flexible Packaging Market – Key Players
The prominent players in the converted flexible packaging include :
- 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.).
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Converted Flexible Packaging Market – Geogrpahic Overview
On the basis of the regions, the global converted flexible packaging market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific region accounted for the largest market share of 32.45% in 2016, with a market value of USD 23,876.7 million and is projected to grow at the highest CAGR of 5.62% during the forecast period. The extraordinary growth in the packaging sector in Asia Pacific region is the main factor fueling the growth of the market. Growing number of supermarkets in the region and the high demand for multipacks of various grocery products are expected to boost the demand for converted flexible packaging products. China, Japan, India, and Thailand are the key contributor to Asia Pacific market. China accounts for the largest market share in the region mainly due to fast growth in the urbanization and industrial development.
North America is another major global converted flexible packaging market. Rapid growth in the retail industry of the North American region is also the factor pouring the growth of the market. The major converted flexible packaging manufacturers such as Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), and Bemis Company Inc. among others are present in the North America region. This has the positive influence on the growth of the market. The U.S. accounted for the major market share of the North American region.
The Middle East & Africa is main market in terms of demand for converted flexible packaging and is projected to grow at a CAGR of 4.23% over the review period 2017-2023.
Global Converted Flexible Packaging Market – Segmentation
For the purpose of the study, the market has been segmented based on material, product and application. On the basis of the material, the market is segmented into plastic, paper, and aluminum foil. Plastic accounted for the largest market share of 45.76% in 2016, with a market value of USD 33,670.3 million. Plastic in the form of PVC, PE, PP, and others are used broadly in plastic converted flexible packaging segment. These material provide high barriers, cost-efficiency, temperature resistance and durable packaging options. These factors are pouring the demand for the plastic material.
On the basis of the product, the market is segmented into pouches, bags, and others. Pouches accounted for the largest market share of 39.62% in 2016, with a market value of USD 29,152.4 million. Pouches are available in different types, which include stand up pouches, retort pouches, and pillow pouches. Stand up pouches are widely used for packaging of snacks, baked goods, and pourable materials such as beverages, soaps, and baby food.
Based on the application, the market is segmented into food & beverages, pharmaceuticals, consumer goods and others. Food & Beverages accounted for the largest market share of 39.10% in 2016, with a market value of USD 28,769.8 million. High demand for ready-to-eat and on-the-go foods and drinks continues to grow. Increase in disposable income and rise in population in countries such as China, India, and Brazil, has led to a growth in demand for good quality packaged food. Moreover, this type of packaging is also used for packaging of dairy products, sauce, and others. Therefore, the food & beverages application segment is projected to grow at a CAGR of 5.80% during the forecast period.
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