The global flexible packaging market by material (plastic film, paper, aluminium), printing technology, type, and application is projected to grow from USD 97.97 billion in 2016 to USD 125.66 billion by 2021, at an estimated CAGR of 5.11 per cent, revealed data in a recently published market research report.
This growth, according to the study, is due to the increasing demand from various end user industries such as food & beverages, healthcare, cosmetics & toiletries, and others (oil & lubricants, household products, agricultural products, and sporting goods). Factors such as growing consumer preferences towards convenient packaging (like aluminium foils, boxes, cans etc.) ease of use, and its lightweight characteristic is driving the demand for flexible packaging. Manufacturers are shifting towards flexible packaging as it produces less waste due to lower consumption of raw materials, requires less storage space, is easy to transport, and has excellent barrier properties.
Raw materials such as plastic films, aluminium foil, paper, and bioplastic are used for flexible packaging, and stand-up pouches segment contributes maximum market share to the Flexible Packaging Market.
The stand-up pouches segment is estimated to account for the largest share in 2021, mainly because of growing consumption of food & beverage, dairy, and cosmetics products. Stand-up pouches are appealing as well as functional as they offer various features such as zipper re-seal, slider closure, and release valves. Aluminium is one of the main components of this versatile packaging solution. The growing healthcare industry provides an opportunity to the market to grow further due to the rising consumption of over-the-counter products for which stand-up pouches are used, especially in the emerging markets of Asia-Pacific and Latin America.
Asia-Pacific to play a key role in the market for flexible packaging
On the basis of key regions, the global Flexible Packaging Market is segmented into North America, Europe, Asia-Pacific, and RoW. The Asia-Pacific region accounted for the largest share among all the regions in 2015 and is projected to grow at the highest rate from 2016 to 2021, in terms of value. This is mainly due to the increasing demand for flexible packaging in China and India, coupled with the growing food & beverage industry in these countries. Owing to the increasing disposable incomes, the urbanized population is shifting towards packaged foods which are healthy and safe. Therefore, rising income and consumption level would also lead to the growth of the flexible packaging in this region.
The key players in the Flexible Packaging Market are Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Constantia Flexible Group GmbH (Austria), Huhtamaki Group (Finland), and Sonoco Products Company (U.S.). Other players include Sealed Air Corporation (U.S.), Mondi Group (South Africa), Clondalkin Group Holdings B.V. (The Netherlands), Coveris Holdings S.A. (U.S.), and Ampac Holdings, LLC (U.S.).
