Asia Pacific flexible packaging
market dominated by China and India, contributed noticeably toward the overall
share with USD 35 billion in 2015, and is projected to grow at more than 6%
CAGR up to 2024. Emerging economics along with expanding processed food and
pharmaceutical industry are the major factors driving the regional demand.
According to a report by GMI,
Global Flexible Packaging Market will achieve 5% CAGR to cross $250bn up to
2024. Flexible Packaging Market will grow lucratively over the coming seven
years owing to the surging demand from various end-use sectors such as food and
beverage, healthcare, personal care, and industrial. Shifting trends toward
convenient packing are influencing the manufacturers to adopt the flexible
packaging techniques, driven by its lightweight characteristic.
In terms of products, flexible
packaging industry is segmented into standup pouches, pillow pouches, and four
side seal pouches. Stand-up pouch is the most preferred product, owing to its
versatility in various end-use applications. Stand-up pouches market size is
estimated to account for a revenue share of USD 75 billion by 2024 owing to its
attributing features such as high barrier properties against oxygen and
moisture, low material consumption, and reasonable costs.
Pillow pouch packaging market is
also linearly growing with the rising consumption of the product from diary and
processed food &beverage industry. It is projected to register an annual
growth rate of more than 4% over 2016-2024.
Food and beverage is one of the
most prominent sector partaking in the flexible packaging market. It accounted
for more than 50% of the total volume in 2015 and is projected to exhibit a
substantial growth in the years to come. Upgraded living standards along with
shifting consumer preference toward hygiene and food safety are positively
influencing the flexible packaging industry share in this sector.
Driven by the increase in
disposable incomes fueled by various supporting government regulations, health
care application is poised to witness the highest growth over the coming seven
years.
Owing to the growing consumer
demand for cosmetics and functional food, Europe flexible packaging industry
led by Germany and Russia is also forecast to attain heavy gains at a CAGR of
3.5% over the period 2016-2024.
U.S. flexible packaging market
worth over USD 30 billion in 2015, will observe a significant growth driven by
the dairy product portfolio expansion, rise in disposable income, and
technological innovations in the retail industry.
Latin America dominated by
Argentina and Brazil accounted for a revenue of USD 5 billion in 2015 and is
slated to grow at an annual rate of 4% over 2016-2024. E-commerce market expansion
triggered by consumer affordability will further propel the regional industry
growth.
Key industry players will expand
their product portfolio and regional presence through strategic collaborations
and joint ventures. Amcor Limited, Sonoco Products Company, Constantia
Flexibles Group, Sonoco Products Company, Bemis Company, and Huhtamaki Group
are some of the major giants in flexible packaging market. For more details, or to browse
key industry insights, log on to www.gminsights.com/industry-analysis/flexible-packaging-market
