13th Aug 2019 – 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.
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.
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