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Global Flexible Packaging Market to Witness a CAGR of 5.1% During 2018-2024

November 27, 2018

NEW YORK, Nov. 27, 2018 (GLOBE NEWSWIRE) -- The global flexible packaging market is expected to witness a CAGR of 5.1%, and is projected to reach USD 313.1 billion by 2024. The growth is attributed to the increasing disposable income and growing consumer preference towards packaged goods. Moreover, low production cost coupled with expanding applications of flexible packaging such as improving moisture barrier properties, appropriate sealing and heat insulation is also expected to drive the market. New innovations in flexible packaging are further expected to propel the market growth during the forecast period.

Flexible packaging has emerged as an alternative to traditional rigid packaging. Many products which were traditionally packed in cans and jars are now available in pouches and bags. Flexible packaging has many advantages over rigid packaging. It requires less packing material and the packaging is lighter than the traditional packaging. Moreover, the reduction in weight of the packaging makes it more cost effective by lowering the warehousing and the shipping cost.

Biodegradable packaging: The future of flexible packaging industryWith the rising consumption of processed and packaged food products, due to changing lifestyle and eating habits of people flexible packaging is showing an upsurge demand. The growing awareness towards the use of green and sustainable resources due to environmental concerns has led many companies to come out with biodegradable natural products. Biodedgardable flexible packaging films are gaining popularity as they decompose once thrown away, without leaving any waste behind. The high cost of green packaging and limitations of biodegradable materials is a concern for the manufacturers currently. However, with the research and development activities in the industry coupled with high demand for green packaging, the biodegradable packaging is expected to be the future of flexible packaging.

Flexible Packaging Market – Regional insightGeographically, Asia-Pacific held the major share of the flexible packaging market in 2017 and is expected to show the highest CAGR during the forecast period. The growth in the region is mainly driven by the increasing disposable income in the emerging economies and growing demand for the packaged and processed food products. The North American market is projected to show moderate growth rate during the forecast period owing to rising demand for convenient packaging and innovations in packaging technologies.

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Key findings from the report:

-- On the basis of product type, the pouches segment is projected to register the highest CAGR during 2018-2024 -- Based on the material, the flexible plastic segment dominated the market in 2017, and is expected to retain its dominance over the forecast period -- Asia-Pacific held the major share of the flexible packaging market in 2017 and is expected to show the highest CAGR during the forecast period -- The key players dealing in flexible packaging market are Amcor Limited; Mondi Group; Bemis Company, Inc.; Sealed Air Corporation; Sonoco Products Company, Ltd. ; Constantia Flexibles Group GmbH; ProAmpac Intermediate, Inc.; Crown Holdings, Inc.; Clondalkin Flexible Packaging; Berry Global Inc.; Huhtamäki Oyj; Novolex; TC Transcontinental; among others -- TC Transcontinental acquired Coveris Americas, a subsidiary of Coveris Holdings S.A. for USD1.32 billion

By Product Type

-- Bags -- Pouches -- Label -- Wraps -- Others

By Material

-- Plastic -- Paper -- Aluminium -- Others

By Application

-- Food and Beverage -- Personal Care -- Healthcare -- Industrial -- Others

By Region

-- North America -- Europe -- Asia-Pacific -- South America -- Middle East & Africa(MEA)

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