According to the latest report published by Credence Research, Inc. “Global Flexible Packaging Market By Material Type (Plastic, Paper, Aluminum Foil, Flexible Foam, Others), By Product Type (Pouches, Bags, Wraps, Others), By End-use Industry (Food & Beverages, Personal Care, Healthcare, Home Care, Others) – Growth, Future Prospects and Competitive Analysis, 2018-2026,” The worldwide flexible packaging market was valued at US$ 222.30 billion in 2017, with CAGR anticipated to expand by 4.1 per cent from 2018 to 2026.
Flexible packaging is a package or part of a package, the shape of which can be changed. Bags and bags are popular examples of flexible packaging. Flexible packaging combines the best quality of paper, film and aluminum foil to deliver a wide range of protective properties while using a minimum of material. They give a number of benefits, such as lightweight, resealable nature, simple mobility, improving the shelf life of a number of products, lower energy requirements and, among others, a decrease in waste.
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Flexible packaging has become an essential component of the packaging industry. Since the influx of flexible packaging, cellophane was the only material used, and over time, technology and innovation paved the way for printable substrates that helped to revolutionize lightweight packaging, including enhanced strength, increased shelf life, resealability and enhanced protection. Developments in the area of flexible packaging have strongly affected the development of the market. New product designs are aimed at minimizing waste. Moreover, flexible packaging requires less energy and resources than other forms of packaging. This results in a decrease in the cost of packaging, transport and material use. Furthermore, flexible packaging also provides certain efficiency benefits over rigid packaging, as the use of flexible packaging lowers transport expenses between converters, packers, retailers and end-users. Demand for high-performance movies is also a main driver of market growth for flexible packaging. High-performance movies are less permeable, thus increasing the shelf life and enhancing the taste of the food item.
Based on the product type, plastics dominated the worldwide flexible packaging market in 2017 and is anticipated to remain dominant throughout the forecast period. Based on the product type, the bags accounted for a significant market share in 2017 and were expected to hold their position throughout the forecast period. In addition, food & drinks, based on the end-use sector, accounted for a significant market share in 2017.
Based on region, Asia Pacific dominated the global flexible packaging market in 2017, with China, India and Japan spearheading the growth of the market. Large base of food & beverage industry in the region is the key factor driving the growth of the flexible packaging market in the region. The food & beverage industry in India is driven by the demand for nutritious food and better packaging, which also drives technological advances in this field. The country is expected to become the fifth largest consumer market by the end of 2025. The food & beverages industry in India is supported by the vast agriculture industry. Huge population and rapidly growing middle class is another key factor supporting the growth of the food & beverages industry in India. The working population in the country is majorly inclined towards the consumption of convenient food products, as they prefer not to spend more time on cooking. This has led the manufacturers operating in the food & beverage industry to focus more on convenience food products with throwing extra light on packaging. These factors have greatly contributed to the growth of the flexible packaging market in India.
Notable players operating in the global flexible packaging market include Amcor Ltd., Bemis Company Inc., Berry Plastics Corporation, Mondi Group, Sealed Air Corporation, Huhtamaki Oyj, Sonoco Products Company, Ampac Holding, Wipak Group, and Flextrus AB among others.
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The report enlightens the thorough outline of global flexible packaging market by categorizing the market in different segment given below:
By Material Type Segment (2016–2026; Kilo Tons, US$ Bn)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Biaxially Oriented Polyethylene Terephthalate (BoPET)
- Ethylene Vinyl Alcohol (EVOH)
- Aluminum Foil
- Flexible Foam
By Product Type Segment (2016–2026; Kilo Tons, US$ Bn)
- Stand-up Pouches
- Flat Pouches
- Gusseted Bags
- Wicketed Bags
By End-use Industry Segment (2016–2026; Kilo Tons, US$ Bn)
- Food & Beverages
- Personal Care
- Home Care
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America