The global flexible packaging market is projected by the analysts at Transparency Market Research (TMR) to hold a highly fragmented nature, owing to the presence of multitudinous manufacturers. Mondi, Huhtamaki Oyj, Sonoco Products, Bemis Company Inc., Sealed Air Corporation, and Amcor Ltd. could be at the forefront of the competition in terms of global market share. However, the market has always displayed a low concentration rate. The entry of newcomers is expected to be barred by the development of new products coupled with technological advancement. It is anticipated of the market to experience a low threat of forward and backward integration.
As per the statistics procured by TMR, the world flexible packaging market could stand at US$358.7 bn in 2024 while growing from US$238.5 bn in 2016 at a CAGR of 5.2%. Polymers are predicted to attain an impressive value of US$223.5 bn by the end of the forecast period, putting behind other materials such as aluminum and cellulosic. Europe is envisaged to showcase dominance until 2024, generating US$117.7 bn in revenue.
Consumers Intensify Demand by Preferring Packaged Healthcare Drugs
The commanding flourish of the healthcare industry has paved the way for the world flexible packaging market to secure a substantial growth. The application of improvised and researched flexible packaging with characteristics such as superior barrier properties and inert nature has augmented the penetration of the global market in healthcare.
The food and beverage sector had accounted for a larger share of US$58.8 bn in 2016 because of the increased demand and popularity of packaged food. Other factors that could contribute to the growth of this sector in the global flexible packaging market are elevating health consciousness in developed countries and surging food production capacities of emerging nations.
Smart and purposeful developments in food packaging has boosted the consumer preference for flexible packaging. Light-weight bottled water cans and single serving snack packs are good instances. Plus, consumers are more driven by a packaging that offers attractive graphics, unique shapes, and environment-friendly, portability, and easy to open features. All of these factors have considerably benefited the international flexible packaging market.
Extortionate Crude Oil Prices Find Unfortunate Connection with Flexible Packaging
The high rise in crude oil prices and corresponding high value of flexible packaging could act as major market restraints. The global flexible packaging market significantly depends on various technological treatments and chemical processes used for polymers to enhance the value of finished packaging films. Thus, the high volatile nature of crude oil prices and lack of petroleum reserves subsequently affecting the availability of derivative products and downstream chemicals could negatively impact the global market.
Howbeit, the emergence of nanotechnology and smart packaging as its application is prophesied to stabilize the international flexible packaging market. With ameliorated and antimicrobial barriers, this technology can extend the shelf life of products and upgrade their convenience and safety. A host of market opportunities are forecasted to spring forth from the use of nanoclays and demand for biodegradable packaging materials and intelligent packaging.
The study presented here is based on a report by TMR, titled “Flexible Packaging Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
Global Flexible Packaging Market, by Material Type
- Polyethylene (PE)
- Low-density Polyethylene (LDPE)
- High-density Polyethylene (HDPE)
- Linear Low-density Polyethylene (LLDPE)
- Polypropylene (PP)
- Biaxially-oriented Polypropylene (BOPP)
- Cast Polypropylene (CPP)
- Biaxially-oriented Polyethylene Terephthalate (BOPET)
- Polyamide (PA)
- Poly Vinyl Chloride (PVC)
- Ethylene Vinyl Alcohol (EVOH)
- Poly Styrene
- Polyethylene (PE)
Global Flexible Packaging Market, by Product Type
- Stand-up Pouches
- Vacuum Pouches
- Retort Pouches
- Converted Roll Stock
- Gusseted Bags
- Wicketed Bags
- Laminated Tubes
- Squeezable Bottles
Global Flexible Packaging Market, by Application
- Food & Beverages
- Bakery & Confectionery
- Ready to Eat Food
- Frozen & Chilled Food
- Personal Care
- Industrial & Institutional
Global Flexible Packaging Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Association of Southeast Asian Nations (ASEAN)
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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