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Flexible Packaging Market is expected to have a commendable growth by 2024

Flexible Packaging Market is expected to have a commendable growth by 2024

Flexible packaging market has been driving the packaging industry to astonishing heights. Development across consumer and industrial market that use flexible films, improvements in manufacturing practices, and continued technological innovations, the packaging market has been able to grow and evolve, accordingly the packaging trend has shaped. As a result of the various beneficial features that it comes with, right from ease of handling, storage and convenience to being economic in terms of cost savings, flexible packaging has certainly paved a strong position in the packaging world, and thus is certainly a key segment driving growth of the overall packaging market.

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The factors driving the flexible packaging market are the rise in demand and adoption of the packaging type across end-use sectors such as food and beverages and Fast Moving Consumer Goods (FMCG). Ease of packaging has made flexible packaging a perfect alternative for display and branding of retail goods, in turn driving growth of the global flexible packaging market. Backed by investments in technology and industry equipment, the industry is expected to expand at a high growth rate in the coming years.

The flexible packaging market is dynamic with constant new product development as well as launch, increased competition, and different agreements between various consumer goods manufacturers, packaging manufacturers, traders, distributors, and raw material suppliers. In the face of the increasing competition, the flexible packaging manufacturers are expected to differentiate themselves from other companies by focusing on newer packaging designs, materials, and formats.

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There is an increasing shift in preference from bulk purchases to small consumer packs and focus on higher levels of processing and quality amongst the urban customers, which is acting as the key driver for the increasing consumption of packaging materials in developing nations such as India. Surge in disposable income in rural areas and rising prices has also led to the increasing shift towards smaller pack sizes in the flexible packaging market. As such, the growth of smaller packaging formats, such as sachets for personal care, continues. Meanwhile, the growth in demand for flexible packaging in the foods industry is expected to be driven by rise in demand for packaged foods such as biscuits and snacks in rural areas.

The global flexible packaging market is segmented based on end user, packaging types, printing processes, material, and geography. By end user type, the global flexible packaging market is segmented into consumer products, industrial, medical & pharmaceuticals, retail food, retail non-food, institutional food, institutional non-food, and others. By packaging type, the global flexible packaging market is segmented into stand-up pouches, flat pouches, converted roll-stock, gusseted bags, wicket bags, and others. By material type, the global flexible packaging market is categorized into Polypropylene (PP), Polyethylene (PE), Polyethylene Terephthalate (PET), Poly Vinyl Chloride (PVC), Ethylene Vinyl Alcohol (EVOH), Polyamide (PA), and others (paper, aluminum, and cellulosic)

By geography, the global flexible packaging market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Currently, North America dominates the global flexible packaging market in terms of revenue share. However, Asia Pacific is expected to expand at the fastest growth rate in the global flexible packaging market owing to the rising disposable income, and rising demand, and changing packaging trends in the end user sectors, which are expected have a positive impact on the global flexible packaging market. Currently, rising population and the significant demand for beverages, packaged foods, pharmaceuticals, and personal care products are driving growth of the flexible packaging market in countries such as India and China, whereas the North American flexible packaging market is expected witness moderate growth in the coming years, due to the highly saturated end-use market globally.

Some of the key players in the global flexible packaging market are American Packaging, Amcor Ltd., Sealed Air Corporation, Bemis Company Inc., Mondi, Huhtamaki Oyj, Sonoco Products, and Uflex.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

  • North America
  • Asia Pacific
  • Europe
  • Middle East and Africa
  • Latin America

This report provides comprehensive analysis of

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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