Global Flexible Packaging Market: Demand Analysis and Growth Forecast
Plastics dominate the flexible packaging market owing to the continuous innovations in the processing techniques used for boosting shelf life of various products. The creation of bio-based and biodegradable films has bolstered the growth of the global flexible packaging market share. This can be conceived from the latest business intelligence publications by IndustryARC titled “Flexible Packaging Market: By Material (Polypropylene, Polyethylene, Aluminum, Paper, Cellulosic, Others); By Industry (Food & Beverage, Personal Care, Pharmaceuticals & Others) & Geography – Forecast (2019 – 2025)”. Increasing demand in the protective packaging market has highly influenced the flexible packaging food market to grow. The report covers flexible packaging market size by Product and applications, flexible packaging market share by top 5 companies and also the market share by start-ups during the forecast period
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The IndustryARC’s analyst has valued the global flexible packaging market size at $220 billion as of 2018, and the demand is projected to grow a compound annual growth rate (CAGR) of 3.7% during the forecast period of 2019 to 2025. The replacement of flexible packaging materials such as glass, paper, and aluminum foils is an emerging opportunity for market growth. The use of ready-to-eat meal packaging and improved packaging practices are anticipated to be in support of the market. Flexible packaging starts with less waste, and innovation and technology have enabled flexible packaging manufacturers to use very few natural resources.
Global Flexible Packaging Market: Leading Segment
The APAC flexible packaging market had a regional share of 43% as of 2018. China and India in APAC are the most advanced countries in terms of manufacturing technology and equipment. According to the Flexible Packaging Association, APAC made up to 24% of the global total volume which is 679 billion units in 2017. In 2018, India exported plastics worth $3.47 billion out of which exports of raw material accounted for a sum of $2.62 billion, according to IBEF. It has been observed that the flexible packaging market has been gaining tremendous revenue due to huge development in the plastic and paper industries. With the sustained growth, the plastic- material type application is projected to grow at a CAGR of 4.0% during the forecast period. The flexible packaging industry is increasingly becoming technology-oriented with innovations in the market.
Global Flexible Packaging Market: Disruptive Trends
E-Commerce: A Game-Changing Trend
The flexible packaging market is continuously expanding due to the increasing consumer demand. Since flexible packaging is lighter, it also reduces the transportation cost and energy and also reduces the waste by offering appropriate barrier properties.
Biodegradable Resins in the Flexible Packaging Market
PepsiCo and Danimer Scientific Co recently developed a line of biodegradable resins which is more appropriate for the use in plastic films that are used in the food and beverages market. This technology is an expansion of Danimer’s PHA polymer chemistry. This basically was invented so that it can be used in coffee pods, shopping bags, and overwraps.
Digital Printing Holds the Flexible Packaging Market
Digital printing on plastics is growing at a good pace in the market. Printing directly eliminates the costs and the time associated with the labels. Xerox, a printing company, has recently launched Xerox Production Press for Plastic Films and Substrates to meet the demand of printing and top eliminate labeling cost. This is creating a potential arcade for the companies in the flexible packaging market.
Higher Performance Needs for Premium Products
Considering the rising popularity of organic food items, beverages, and cosmetics; the companies in the packaging industry have been updating their business strategies. The flexible packaging manufacturers are applying new techniques to modified atmosphere packaging (MAP), this accounts for more shelf life and can remain good at the time of transit.
As the lifestyle of the people is changing, they are more dependent on packaged foods. The ready meals in the new flexible packaging formats are driving growth in the flexible packaging market. The growing dominance of the large supermarket and hypermarkets is changing consumer behavior and is making them more reliable on packaged food.
Global Flexible Packaging Market: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global flexible packaging market are Sonoco Products Germany, Sealed Air Corporation, Ampac Holdings, LLC, Mondi Plc., Wipak Group, Flextrus AB, American Packaging, and Sonoco Products Germany.
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