Overview of Flexible Packaging Market
The Demand For Flexible Packaging Market Was Estimated At Around US$ 250 Bn In 2018. It Is Projected To Witness A CAGR Of 4.1% during The Forecast Period (2019-2027)
Flexible Packaging market demand is driven by increasing need for packaging solutions across industries such as food & beverages, healthcare, personal care and others. Flexible packages are light in weight, easy to carry and manufactured in different shapes and sizes. In addition to this, using flexible packaging can increase the shelf life of product and ensures food safety. For instance, the ripping process of banana gets slower if they are wrapped in flexible packaging pouches. Flexible Packaging is expected to witness further growth in the market owing to aspects/benefits such as easy usage, reseal ability, minimum wastage and eco-friendly.
Light weight flexible packaging pouches are in high demand as these help in reducing transportation costs and hence driving the flexible packaging market. Innovation in packaging industry, growing development and high demand of sustainable and cost effective alternatives are expected to boost the growth of flexible packaging market. The rapid growth of flexible packaging solutions in food and beverage industry is expected to make a positive impact during the forecast period (2018-2028).
Food and Beverage Industry had accounted for a significant share of 64% in 2018 and is expected to remain dominant during the forecast period.
Flexible packing has gained immense popularity in food and beverage industry. Improved lifestyle of the consumers coupled with increasing need for viable packaging material is likely to stir up the urge for flexible packaging. Moreover, increasing demand of packaged foods including frozen meals, ready to eat meals, premixes of cake, fruit pulps and snacks are expected to augment the product demand over the forecast period. Majority of buyers tend to buy suitably packaged products from retail stores that drives manufacturers to innovate in packaging space.
To reduce waste and promote fitness among consumers, organic foods with sustainable packaging are being promoted across various nations. Pillow Pouches and Stand up Pouches are effectively used in food and beverage industry owing to convenience and cost effectiveness. Flexible packaging not only reduces waste but also motivates online sellers to offer packaging to improve e-commerce experience. By the end of forecast period, share of flexible packaging will be estimated to be around 70% of the total packaging market.
By Product Type, Stand Up Pouches Are Expected To Witness High Demand Growing At A CAGR Of 6.2% During The Forecast Period.
Stand up pouches accounted for a significant share of xx% in 2018 and is expected to remain dominant during the forecast period. Stand up pouches contribute majorly in food and beverage industry. Mostly, these are 100% recyclable and made from FDA approved food grade material. Their usage in food industry has increased immensely as these keep products fresh and free from bacteria, contamination and UV light. Stand up pouches are widely available in various sizes and offer various features such as zip-lock, puncture resistance, durability, reseal-able closure and others. Stand up pouches had accounted for a revenue of 20 Bn in 2018 and is estimated to grow at a high CAGR during forecast period.
Asia Pacific accounted for a significant share of 40% in 2018 and is expected to remain dominant during the forecast period
India and China collectively accounted for consumption of around more than 500 Bn units of flexible packaging in 2018. Key players in asia pacific region are investing in innovative technologies that can enhance the production capacity of flexible packages, thus stimulating further growth during the forecast period. Stringent regulations related to packaging of products in plastic material in North America and Europe is expected to hamper the growth of flexible packaging during forecast period.
Competitive Landscape Analysis
Flexible packaging market comprises of large multinational and medium players across the globe. Many strategies are being adopted by the key players that includes mergers and acquisitions, strategic collaborations. Recently, Amcor Limited broke the news regarding its acquisition over Bemis Corporation. Company has plans to acquire all the processing and production plants of Bemis that would improve its market share in flexible packaging market.
The leading vendors operating in global flexible packaging market are Amcor Limited, Berry Plastics Corporation, Sealed Air Corporation, Bemis Company Inc., Mondi Group, Sonoco Products Company, Flair Flexible Packaging Solution, Clondalkin Group, Cellpack Packaging, ExxonMobil, Ampac Holdings, Coveris Holdings S.A, ACTEGA GmbH, Huhtamaki Group and Schur Flexibles.
Flexible Packaging Market Segmentation:
By End Use:
- Food and Beverage industry
- Pharmaceutical industry
- Personal Care
By Product Type:
- Pillow Pouches
- Four Side Seal Pouches
- Stand Up Pouches
- Flexible Foam
- North America
- Latin America
- Asia Pacific
- Middle East and Africa