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Global Flexible Packaging Market Will Reach USD 299.76 Billion By 2024: Zion Market Research
- Jan 23, 2019 -

The swift technological development and continuous improvement in the products have led to the upsurge in the packaging industry across the globe. With the help of these technological upgradations, the demand for flexible packaging is rising day to day. In addition, the emergence of sustainable and consumer-friendly packages has propelled the growth of the market. Moreover, with the help of flexible packaging, the products can be easily transported over long distances and are cost-effective in nature. Growth in the population has led to increased consumption of food in the developing nations. This has, in turn, fueled the demand for packaged food items which has a longer shelf life. Many organizations are significantly investing their capital in research and development in order to come up with exclusive and economical product packaging solutions to meet the consumer needs. Packaging food technologies are additionally evolving due to the changing consumer requirements, increase in the industrial production, and large generation of quality food products. Likewise, changes in retailing practices or customer’s lifestyle, display significant changes and boost the market growth and development. The growing food sector in the developing nations will provide growth opportunities for the flexible packaging market. Also, the rising concerns for food and safety among the population are also fueling the growth of the market. Such factors are expected to drive the flexible packaging market growth over the forecast period.  

The flexible packaging market is segmented on the basis of material into aluminum foil, flexible foam, plastics, and paper. Plastics segment held major revenue share in 2017. The growth is attributed to its large usage in the food industry since it increases the shelf life of a food product.

Based on the product, the flexible packaging market has been divided into pouches, wraps, and bags. Pouches segment contributed a noteworthy revenue share in 2017. The growth is anticipated to its extensive usage in various end-user industries because of its graphics properties, lightweight, and suitability for easy-open attributes.

d-user, the flexible packaging market has been categorized into pharmaceutical, food, household & personal care, and others. Food segment held the majority of the market shares in 2017. The growth is anticipated due to rise in convenience packaging. Regulatory bodies such as FDA (Food and Drug Administration) have formulated stringent rules and regulations regarding food safety because of the growing health concerns among the consumers.

The European flexible packaging market is expected to open up a wide range of opportunities in the forecast period. In addition, the organizations are making their distribution and logistics easier due to the larger integration of products and their offering. This enables the flexible packaging market to grow and develop in the region.

The Asia Pacific flexible packaging market held the majority of the revenue share in 2017. The growth of this regional market is attributed to the expanding food industry. In addition, the per capita income of the consumers in developing countries is growing at a substantial pace. This is further fueled by the changing lifestyles and changing food habits. Also, the food consumption in the region is growing. This is contributing to the healthy growth of the flexible packaging market in the coming years.

North America flexible packaging market accounted for a significant growth rate during the forecast timeframe. The growth is accredited to the increased consumer preference for light-weight packaging. Growing disposable income, technological advancements, and the rising health consciousness are major drivers for the flexible packaging market growth and development within the forecast timeline.

Some of the industry players operating in the flexible packaging market include Constantia Flexible Group GmbH, Mondi Group, Sealed Air Corporation, Bemis Company, Inc., Clondalkin Group Holdings B.V., Sonoco Products Company, Amcor Limited, Coveris Holdings S.A., Huhtamaki Group, Ampac Holdings LLC, and others.