The Global Market for Flexible Packaging is Projected to Reach 38.3 Million Metric Tons by 2024

Rising Penchant for Convenience Packaging Drives the Global Flexible Packaging Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Flexible Packaging market. The global market for Flexible Packaging is projected to reach 38.3 million metric tons by 2024, driven by the increasing preference for convenient packaging, supportive regulations and continuous innovations in materials and designs.

Flexible packaging represents one of the fastest growing segments in the global packaging market. A type of packaging that employ flexible materials such as plastic, paper, cellulose or aluminum foil, and take the shape of the products that it packs, flexible packaging is rapidly gaining popularity on account for several inherent benefits it carries over conventional rigid packaging. Growing demand for convenient packaging with increase in demand for snacking and ready to eat foods, lower material requirements and cost savings compared to traditional packaging formats, better scope for branding and product differentiation, and growing technological advances and innovation are driving the global market for flexible packaging. Adoption is also being driven by growing population, increasing incomes and changing eating habits along with growing consumption of various other products, primarily among emerging markets. Increasing focus of suppliers across the globe to move from mass production and standardized flexible packaging solutions to customized solutions tailored to meet end-user specific storage, climatic and retail conditions, is driving demand. The advantages of source reduction and cost-performance along with continuing developments in high barrier resins, and value-added features is expected to favor greater usage of flexible packaging products in comparison to its rigid counterparts.

Food & Beverages represents the largest application market for flexible packaging, although other applications such as medical and pharmaceutical, and industrial applications spearhead growth. Pouches, bags and films represent some of the most popular flexible packaging formats. Stand-up pouches, laminated foils, specialty films and other novel flexible packaging options are anticipated to witness huge demand in the coming years. Easy handling and durability offered by flexible packaging enables increasing demand from frozen, fresh and fast foods that also represent some of the major and fastest growing applications. The ability of flexible packaging to enhance brand communication and differentiation alongside convenience to customers is driving their growing adoption by a growing number of brands in various end-use sectors worldwide. Material wise, plastic films represent the largest as well as the fastest growing material segment in the global flexible packaging market. Technological advances at material level and increasing product innovation are the major factors lending traction to market growth. Innovative packaging shapes, such as in opening, closing and also reclosing of packages, are driving adoption of flexible packaging primarily across F&B application market. Higher price tag of such options remains a major hurdle to adoption. Also, the industry is plagued by lack of effective and proven mythologies to recycle flexible packaging materials, which poses impediments to its growth. 

As stated by the new market research report on Flexible Packaging, Asia-Pacific represents the largest market worldwide. The region also represents the fastest growing market worldwide, with a CAGR of 7.4% through the analysis period. Major factors that are likely to drive demand for flexible packaging in the region include rising incomes, growing demand for retail pharmaceutical and non-food products, rising demand for packaged food, growing reach of organized retail distribution and changing eating habits and lifestyles. Demand in developed markets of Europe and North America are expected to exhibit a steady demand growth for flexible packaging in applications such as dairy and cheese, medical products/pharmaceuticals, confectionery and dried fruits.

Major players in the market include AEP Industries, Inc., Amcor Limited, American Packaging Corporation, Bemis Company, Inc., Berry Global, Inc., Clondalkin Group Holdings BV, Constantia Flexibles International GmbH, Coveris Holdings S.A., Huhtamäki Oyj, Mondi plc., Printpack Inc., ProAmpac, Sealed Air Corporation, Sonoco Products Company and Wipak Oy among others.

The research report titled “Flexible Packaging: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Flexible Packaging in volume and value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of Latin America. Material/Segments analyzed include Plastic Films (Polyethylene, Polypropylene, Polyvinyl Chloride and Other Resins), Paper, and Aluminum Foil.

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