According to the latest report published by Credence Research, Inc. “Global Flexible Packaging Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global flexible packaging market was valued at US$ 222.30 Bn in 2017, expected to grow at a CAGR of 4.1% from 2018 to 2026.
Flexible packaging is a package or a part of a package, whose shape can be changed. Bags and pouches are common examples of flexible packaging. Flexible packaging combines the best qualities of paper, film, and aluminum foil to deliver a wide range of protective properties while using a minimum of the material. They offer several advantages such as light-weight, re-sealable nature, easy mobility, increasing the shelf of several products, less energy requirement and waste reduction among others.
Flexible packaging has become an imperative part of the packaging industry. Since the influx of flexible packaging, cellophane was the only material used, and over time technology and innovation has paved the way for printable substrates that helped to revolutionize light weight packaging which includes enhancements in strength, heightened shelf life, re-sealability and enhanced protection. Developments in the field of flexible packaging have positively influenced the growth of the market. New product designs aim at waste minimization. Moreover, flexible packaging requires less energy and resources as compared to other forms of packaging. This results in reduction in packaging costs, transport costs, and material usage. Further, flexible packaging also offers certain performance advantages over rigid packaging as the usage of flexible packaging reduces transport costs between the converter, packer, retailer and end-user. Demand for high performance films is another key factor fuelling market growth for flexible packaging as well. High performance films are less permeable, thereby increases the shelf life and enhances the flavor of the food product as well.
Based on material type, plastics dominated the global flexible packaging market in 2017 and expected to retain market dominance throughout the forecast period as well. Based on product type, pouches accounted for the major market share in 2017 and expected to hold its position throughout the forecast period. Further, food & beverages, based on end-use industry accounted for the major 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.
Browse the full report Global Flexible Packaging Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/flexible-packaging-market
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.