The Global Flexible Packaging market was worth US$99.59 billion in 2015 and is estimated to reach US$128.17 billion, at a CAGR of 4.23% over the forecast period.End-user industries other than food & beverages which are fueling the demand for innovative flexible packaging solutions include healthcare, cosmetics & personal care, e-commerce among others. Moreover, manufacturers are also using flexible packaging products for manufactured goods, as it helps in reducing transportation cost, can be recycled easily, needs less storage space, and products are safe for a longer duration.The global flexible packaging market is expected to grow significantly owing to the expansion of developing economies, particularly in the Asia-Pacific region, followed by Europe and Americas. China is expected to be the largest market for consumer flexible packaging due to its shift from production-led to consumption-led economic structure. Growing e-commerce industry in emerging economies, especially in India, will boost the demand for effective flexible packaging solutions. Other developing economies such as Brazil and Mexico will also generate high demand for flexible packaging solutions due to rapid urbanization, rising income levels as well as consumers’ focus towards healthier lifestyle.
Rising Demand For Packaged Food and Beverages
Rising demand for packaged food and beverages is a significant factor in driving the growth of global flexible packaging industry. Increasing number of consumers are now moving towards flexible packaging solutions on account of benefits like durability, reseal-ability and irreconcilability. These packaging solutions also reduce the overall cost of packaging thereby reducing the overall cost associated with the product. Increasing number of packaged food and beverage manufacturers are using flexible packaging solutions to respond to fast changing consumer preference. Longer shelf life of the products, reduced carbon footprint, lesser weight among others, are additional major aspects boosting the usage of flexible packaging products for packaged food and beverages.we have covered all segment of this market in our market research report.
Need For Sustainable Packaging
Though both glass and plastic containers can be recycled, the former requires more energy than the latter to be recycled. Technological advancements and innovations in the flexible packaging industry offers other environment-friendly benefits such as reduced use of plastic through package minimization, easier transportation, less waste creation in the distribution chain, and reduced energy consumption during recycling. Moreover, flexible packaging as compared to other packaging solutions generates less greenhouse gas emissions and contributes less to landfill waste. Apart from governmental pressure regarding sustainability, consumers too have started demanding sustainable products. This can be a great opportunity for existing as well as new entrants in the flexible packaging industry to come up with forward-thinking concepts in order to make gains in sustainability and cater to different user segments.
Flexible Packaging Market Analysis and Forecast By Packaging Material
Global Flexible Packaging market is estimated to be $99.959 billion in 2015. The Flexible Packaging industry is expected to witness the growth at a CAGR of 4.23% over the forecast period to reach the total market size of approximately $128 billion by 2021.
Among all the flexible packaging materials, polyethylene terephthalate (PET) will be witnessing the highest growth rate at a CAGR of 9.35% over the forecast period, followed by BOPP Film and polyethylene foil at a CAGR values of XX.XX% and XX.XX% respectively. This high growth of PET is attributed to the fact that this packaging material is strong yet lightweight, non-reactive, economical, and shatterproof.
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