The Flexible Packaging Market was worth USD 143.21 billion in 2014 and is expected to reach approximately USD 223.50 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.07% during the forecast period. Rising demand from cosmetics & toiletries, household products, healthcare, sporting goods, food & beverages and other agrarian items businesses will drive worldwide flexible packaging market development. Switching trend towards easy packaging because of lightweight characteristic and convenience may boost market development. Producers are moving towards flexible packaging as it makes less waste because of lower use of crude materials, requires less storage space alongside simple transport. Worldwide packaging spending was over USD 400 billion in 2015; flexible packaging represented more than 20% of the business income share around the same time. Hindrance against moisture, suitable sealing and heat insulation are key properties powering industry development.
Polymers were one of the major contributing materials, represented more than 70% of general industry income in 2015. Cost effectiveness and durability has brought about significant demand among consumers. Rising ecological concerns and stringent government control with respect to CO2 emission may drive industry towards more eco-accommodating and biodegradable materials including cellulosic and bioplastics. Developments in shale gas, developing PE film usage and diminishing cost of PE resin will trigger the polyethylene flexible packaging request. High moisture barrier, significant low temperature execution, high strength and capacity to seal with no covering are a few properties impacting material penetration.
Product Outlook and Trend Analysis
Stand up pouches and pillow pockets are most broadly used in flexible packaging products. Pillow pockets will encounter high picks up in light of their expanding use in food & beverages and dairy industry. High sealing ability and cost efficient transportation is a portion of the key properties emphatically impacting product penetration. High barrier properties against oxygen and moisture combined with low material usage and savvy properties will fuel the stand-up pouches demand.
Application Outlook and Trend Analysis
Increasing demand from processed and packaged food because of changing way of life and dietary patterns has emphatically flexible packaging market share from food and beverages application. The fragment represented more than 50% flexible packaging market in 2015. Expanding spending on bread kitchen and oat products alongside rising customer awareness relating to food safety and cleanliness will drive the business development in this section. Digital printing technology is broadly made use of as a part of this industry to effectively label on the flexible packaging. Improved safety, efficient energy consumption, less maintenance and limiting waste are a portion of the valuable elements upgrading advanced printing.
Regional outlook and Trend Analysis
Europe flexible packaging market, driven by Russia and Germany will observe substantial growth throughout the estimate time frame. Expanding interest of consumers for beautifiers and processed food attributable to the rising buying force will drive local development. United States flexible packaging market was worth around USD 30 billion in 2015 and is set to witness huge additions. Extension in medical, confectionery and dairy industry, technological advancement in boundary materials combined with rising retail business, stand up pouches use will trigger the business development.
The leading players in the market are Mondi, Sonoco, Huhtamaki Group, Bemis Company, Constantia Flexibles, Amcor Rigid Plastics India Pvt Ltd and Wipak Group. The flexible packaging market is divided inferable from the existence of various regional industry members. Mergers and acquisitions and additionally product portfolio development were the key procedures implemented by the organizations to boost geographical scope.
The Flexible Packaging Market is segmented as follows-
By Material: Paper Aluminum Polymer Polypropylene Polyethylene terephthalate Polyethylene Others Cellulosic
By Product: Four side seal pouches Pillow pouches Stand-up pouches Others
By Application: Healthcare Industrial Food & beverage Personal care
By Region North America U.S Canada Mexico Europe Germany France UK Italy Spain Rest of Europe Asia-Pacific Japan China Australia India South Korea Rest of Asia Pacific Rest of the World Brazil South Africa Saudi Arabia United Arab Emirates Others
Some of the key questions answered by the report are: What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?