Published: Oct, 2018
The presence of large number of players in the market and entry of new entrants in the global flexible packaging market is projected to intensify the market competition. The market competition is seen on the basis of price, quality, services, and innovation. The leading players in the market putting efforts by introducing innovative and bio-based packaging materials. Some of the key players in the global flexible packaging market are Berry Plastics Group, Inc., Constantia Flexibles Gmbh, Sonoco Products Co., Mondi Group, Huhtamäki Oyj, and Ampac Holdings, LLC
In a recent report by Transparency Market Research, the global flexible packaging is expected to exhibit 5.2% of CAGR during the forecast period between 2016 and 2024. By rising at a steady CAGR the market is projected to touch US$358.7 bn by the end of 2024 progressing from US$238.5 bn as estimated in 2016.
Based on product type, the stand-up pouch segment has higher demand in the market and is likely to accumulate a valuation of US$85.9 bn by the end of 2024. This is because stand-up pouch has the ability to store different types of products and provides higher shelf life for liquid products. Based on geography, Europe is projected to lead the market and generate a revenue of US$117.7 bn during the forecast tenure. Asia Pacific also shows growth prospects for the flexible packaging market.
Application in Various Industries to Expand Market Growth
Globally, the demand for flexible packaging has increased at a rapid rate, as it can be used for various purposes. Moreover, with advancements in packaging material and packaging technologies the demand in the flexible packaging has also grown at a significant rate. The demand for flexible packaging is also seen in various industries such as food and beverages, consumer goods, pharmaceuticals, and many others. Thus, the growing use of flexible packaging in different industries is projected to boost the demand for flexible packaging and expand the flexible packaging market.
Complex Recycling Procedure to Hamper Market Growth Opportunities
Conversely, some restraining factors that are projected to obstruct the growth of the flexible packaging market. One of the key factor is the use of multiple layer of various types of material are used that makes recycling difficult and is complicated procedure to deal with. In some of the cases plastic and metal are used together for flexible packaging which makes the recycling difficult, as plastic can be recycled is a much easy manner than metal. Moreover, the environmental norms and regulations are getting restrict day by day, which is also hindering the growth of flexible packaging market at the global level.
The information presented in this review is based on a TMR report, titled “Flexible Packaging Market (Material Type - Polymer (Polyethylene (PE), Polypropylene (PP), Biaxially-Oriented Polypropylene (BOPP), Cast Polypropylene (CPP), Biaxially-oriented polyethylene terephthalate (BOPET), Polyamide (PA), Poly Vinyl Chloride (PVC), Ethylene Vinyl Alcohol (EVOH), and Poly Styrene), Paper, Aluminum, and Cellulosic; Product Type - Stand-up Pouches, Vacuum Pouches, Retort Pouches, Converted Roll Stock, Gusseted Bags, Wicketed Bags, Laminated Tubes, and Squeezable Bottles; Application - Consumer (Food & Beverages, Dairy, Bakery & Confectionery, Ready to Eat Food, Frozen & Chilled Food, and Tea), Personal Care, Pharmaceuticals, Tobacco, and Industrial and Institutional) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The Global Flexible Packaging Market has been segmented as presented below:
Global Flexible Packaging Market - Material Type
- Polyethylene (PE)
- 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 – Product Type
- Stand-up Pouches
- Vacuum Pouches
- Retort Pouches
- Converted Roll Stock
- Gusseted Bags
- Wicketed Bags
- Laminated Tubes
- Squeezable Bottles
Global Flexible Packaging Market – Application
- Food & Beverages
- Bakery & Confectionery
- Ready to Eat Food
- Frozen & Chilled Food
- Personal Care
- Food & Beverages
- Industrial & Institutional
Global Flexible Packaging Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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