Global Flexible Packaging Market is expected to reach USD 293.03 billion by 2022. Flexible packaging is termed as a packaging material that is easily stretchable, thin, and light but retains the barrier properties. Moreover, this packaging material is puncture resistant. It is a process for safe, durable, and convenient food and beverage packaging. Innovation in the packaging help extend the shelf life of the product and keep it safe.
Moreover, it also acts as a barrier against dirt, moisture, temperature, and microbes. They are exclusively used in the industries like dairy products, electronics, healthcare products, sporting goods, household appliances, and cosmetics. The flexible plastic films are not manufactured in developing regions but are imported from developed regions. The Flexible Packaging Market is estimated to grow at a significant CAGR of 4.7% over the future period as the scope and its applications are rising enormously across the globe.
High demand from sporting goods, healthcare, household products, cosmetics & toiletries, food & beverages, and other products companies, technological enhancement, easy storage and transportation, and convenient packaging are documented as major factors of Flexible Packaging Market that are estimated to enhance the growth in the years to come. However, recyclability of packaging material and strict government policy are the factors that may restrain overall market growth in the coming years. Flexible Packaging Industry is segmented based on material type, product types, application, and region.
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Cellulosic, polymer, aluminum, paper, and other material types could be explored in Flexible Packaging in the forecast period. polymer sector includes poly styrene, polyethylene (PE), ethylene vinyl alcohol (EVOH), polypropylene (PP), poly vinyl chloride (PVC), biaxially-oriented polypropylene (BOPP), polyamide (PA), cast polypropylene (CPP), and biaxially-oriented polyethylene terephthalate (BOPET).
There are numerous products like squeezable bottles, stand-up pouches, laminated tubes, vacuum pouches, wicketed bags, retort pouches, gusseted bags, converted roll stock, and others could be explored in Flexible Packaging in the future period. Stand up pouches accounted for the largest market share of Flexible Packaging and is estimated to lead the overall market in the coming years. This may be because of rising usage in industries like food & beverages, cost efficient transportation, and high sealing ability.
The market may be categorized based on applications like industrial & institutional, consumer, and others that could be explored in Flexible Packaging in the foremost period. Consumer application sector includes tobacco, food & beverages, pharmaceutical, and personal care. Food & beverages sector accounted for the largest market share and is estimated to lead the overall market in coming years.
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Globally, Asia Pacific accounted for the largest market share of Flexible Packaging and is estimated to lead the overall market in the coming years. The reason behind the growth could be economic development in emerging countries like India and China and expansion of pharmaceutical and food & beverages industries.
Instead, North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. The aspects that may be ascribed to the growth comprise rising use of enhanced technology and expansion of industries like diary, medical, and confectionery. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period. This may be because of growing purchasing power as high demand for processed food and cosmetics.
The key players of Flexible Packaging Market are Huhtamaki Group, Amcor Ltd., Sonpoco Products Company, Constantia Flexibles Group, Bemis Company, Wipak Group, Mondi Group and Sealed Air Corporation, Clondalkin Group Holdings BV, Ampac Holdings, and Ukrplastic. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/packaging
Flexible Packaging Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
• Aluminum foil
Flexible Packaging Application Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
• Food & Beverages
Flexible Packaging Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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