Flexible Packaging Market to Reach US$358.7 Billion by 2024 - Rising Demand for Customization to Propel the Market, Says Transparency Market Research

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Oct 03, 2018, 08:30 ET

ALBANY, New York, October 3, 2018 /PRNewswire/ --

The global flexible packaging market is anticipated to witness healthy growth in the years to come, as reported by Transparency Market Research (TMR). The market's competitive landscape features intense fragmentation due to the presence of large pool of players. With low entry barriers, new players have ample scope to enter into the market. However, stiff competitive spirit exists among the vendors in the market. With growing number of mergers and acquisition by established vendors in Europe and North America, in order to assert their position, market shares are expected to consolidate.

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Vendors in the global flexible packaging market are increasingly going for forward integration by manufacturing, self-producing and distributing to application industries. For instance, LPS Industries and Farnell Packaging Limited now offer plastic and paper packaging materials as a key part of their product portfolio. Established players are also expected to shift their manufacturing base to emerging countries such as India and China to capitalize on low labor and production costs. Companies are also seen focusing on extensive research into the technology to gain market traction.

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Some of the prominent vendors in the global flexible packaging market are Berry Plastics Group, Inc., Schur Flexibles, Huhtamäki Oyj, The Dow Chemical Company, and Clondalkin Flexible Packaging Wentus.

According to TMR analysts, the global market for flexible packaging is forecasted to rise at a 5.2% CAGR, from 2016 to 2024, the forecast period. This revenue was estimated to be US$238.5 bn in 2016 and expected to soar to US$358.7 bn by the end of 2024. Product-wise, stand-up pouches are expected to generate revenue up to US$85.9 bn by the end of the forecast period. Geographically, the global market is expected to be dominated by Europe.

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Burgeoning Technological Progress in Field to Drive Growth

Flexible packaging innovation has progressed significantly in the course of recent years and is currently a consumer backbone, relentlessly moving into new markets and applications. Items have advanced from straightforward monolayer sacks and wrappings to coextruded or overlaid built multilayer and covered developments, including different materials, for example, plastics, paper and metal foils, coatings and different added substances. These improvements give properties, for example, high hindrance to oxygen, broadened time span of usability and accommodation, which are all inexorably requested in packaging for food, consumables and pharmaceuticals. The properties of flexible packaging can be custom fitted to give particular mixes required to packaging an expansive scope of items. This is a fundamental factor fuelling the global flexible packaging market.

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Customer Friendly Packaging to Emerge as Key Market Trend

In the coming years, various new packaging materials are expected to gain traction over the figure time frame. Packaging converters hoping to diminish production and transport costs are profiting from the expansion in flexible packaging composes, supported by the persistent advancement of new pocket designs - especially the potential for an all-plastic pocket - and by developing customer interest for comfort and parcels that convenient to handle, open, and close. New procedures and apparatus will empower pocket filling paces to coordinate those of jugs after some time.

Advances in digital printing will give chances to coordinate in-line printing as a major aspect of the transformation activity and improvements in packaging and illustrations to meet the prerequisites of brand-proprietors and shoppers for swift product advances, personalization and customization.

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This review is based on TMR's 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."

Flexible Packaging Market is segmented along the following lines:

Global Flexible Packaging Market - Material Type

Polymer
Paper
Aluminum
Cellulosic

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

Consumer
- Food & Beverages
- Personal Care
- Pharmaceutical
- Tobacco
Industrial & Institutional

Global Flexible Packaging Market - Regional Analysis

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Spain
- Italy
Asia Pacific
- China
- Japan
- ASEAN
Latin America
- Brazil
- Argentina
Middle East & Africa (MEA)
- GCC
- South Africa

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