Flexible Packaging Market size to exceed $250 Billion by 2024
Published Date: August 28, 2019 Authors: Kunal Ahuja, Amit Rawat
According to a new research report by Global Market Insights, Inc., the Flexible Packaging Market size is estimated to exceed $250 billion by 2024.
Growing concern pertaining to food safety and consumer health is anticipated to drive advanced packaging solutions across food & beverage, healthcare, and personal care sector. Strong demand for products offering superior barrier against heat & moisture and better product to package ratio will fuel flexible packaging market growth. Increasing adoption of sustainable packages among manufacturers that supports zero carbon footprint by causing less waste, reduced energy & water consumption will also propel overall industry share.
Increasing technological advancement in line with digital printing will provide a strong business outlook for industry participants. Rising R&D investment among key manufacturers with growing competition will support new product innovations in the flexible packaging market. Adoption of a vertical integration system by several manufacturers have uplifted the overall industry landscape as it provides an effective & efficient framework for product development. Also, greater specificity on labeling information has further revolutionized flexible packaging industry.
Positive application outlook across healthcare sector to ensure safe and secure transportation of medical products will propel flexible packaging market share. Stringent government regulations in line with product contamination and consumer safety will support product demand. Increasing necessity for packages with hydrophilic properties and better resistance against solvents and other materials fueling product penetration rate across healthcare sector.
Government regulations pertaining to raw materials usage in the production of packages may create hindrance for market growth. For instance, China’s National Health and Family Planning Commission (NHFPC) recently finalized several standards applicable to food contact materials marketed in the People's Republic of China in its announcement No. 15/2016. This tougher regulation aims in reducing environmental and health impacts of plastics used in the manufacturing of flexible packages.
Browse key industry insights spread across 230 pages with 247 market data tables & 12 charts & figures from the report “Flexible Packaging Market Size By Material (Polymer [PE, PP, PET], Paper, Aluminum, Cellulosic), By Product (Pillow Pouches, Stand-up Pouches, Four Side Seal Pouches), By Application (Food & Beverage, Personal Care, Healthcare, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, South Korea, Japan, Indonesia, Malaysia, Australia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Polymer material is anticipated to witness significant gains over 5.5% by 2024. Factors such as excellent high temperature properties, high strength and clarity, oxygen & carbon dioxide barrier properties will fuel the material demand. Shifting preference of manufacturers towards material which is easy to manipulate, extrude, and formed into any shape likely to support material demand. Key aspects including color, light weight features and ease of printing supporting segment growth.
Flexible packaging market from Pillow pouches will witness over 5.5% CAGR up to 2024. Growing food industry demands versatile packaging options to support variety of products and meet consumer requirements. Also, F&B companies demand packages that will add value and marketability to their products. Full wrap design with all around graphic display option will increase pillow pouches penetration across food & beverage industry. Features such as economical, easy filling of the contents and higher filling volume in comparison with other pouches will further support product penetration.
Food & beverage is expected to hold over 55% market share by 2024. Flexible packages offer several advantages to F&B companies such as cost savings and strong marketing adaptability. Due to broad range of protective properties, high liquid contents such as soups are being transitioned from rigid packaging containers to flexible pouches. In addition, other features such as ability to stand upright on shelves, airtight closing ability and significant visibility capabilities will further enhance overall market share over the forecast timeframe.
North America flexible packaging market is expected to witness growth of more than 4.5% by 2024. Growing demand from various industries such as food & beverages, healthcare, cosmetics & toiletries will drive the regional growth. Due to rising disposable incomes, demand for packaged food is increasing which would support the impelling market in the region. Also, growing healthcare industry will further support market expansion due to rising consumption of over-the-counter products for which stand-up pouches are used.
Ampac Holdings, LLC, Constantia Flexibles Group GmbH, Amcor Limited, Bemis Company, Inc., Coveris Holdings S.A., Mondi Group are among the major flexible packaging companies. The flexible packaging market share is fragmented in nature due to the presence of global, and regional players. Technological innovations, new product development, mergers & acquisitions, and strategic collaborations, are among the key strategies to gain significant competitive share by the major industry players.
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