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(Transportation-News.com, April 25, 2018 ) Global Flexible Packaging Market: By Material (Plastic, Paper, Aluminum), Products (Pouches, Bags, Wraps), Printing Technology (Flexography, Digital Printing), Application (Pharmaceutical, Food & Beverages, Personal Care) And Region - Forecast Till 2023
Market Scenario:
Flexible packaging is a rapidly growing segment in the global packaging industry, and it integrates the best qualities of plastic film, aluminum foil, and paper to offer a wide range of protective properties. It can take the shape of a bag, pouch, or any part of a package whose shape can be readily changed. Such packaging is used for various products in consumer as well as industrial applications to protect, market, and distribute a variety of products.
According to the MRFR analysis, the flexible packaging market is swelling at a rapid pace and is anticipated to increase significantly over the forecast period. The global flexible packaging market is estimated to grow at a CAGR of 5.92% during the estimated period (2017-2023).
The flexible packaging market is compelled by several factors such as increased consumption of packed and wrapped foods & beverages. Moreover, environmental benefits of flexible packaging are also stimulating the growth of the market. Flexible packaging contains low raw material consumption, low carbon emission, and comparatively low waste production as compared to conventional packaging formats. It reduces energy usage. For e.g., to produce a pouch for food package needs 75% less energy and produces just 1 /10 of CO2 emissions during manufacturing than a metal can for the equivalent amount of product.
On the basis of the regions, the global flexible packaging market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific region accounted for the 29.41% share of the market in 2016, in terms of value. It is expected to grow at a CAGR of 6.18% during the forecast period. Exponential growth in the packaging industry in Asia Pacific region is the key factor fueling the growth of the market. Increasing number of a supermarket in the region is also likely to boost the demand for flexible packaging products. China, India, Japan, and Thailand are the main contributor to the Asia Pacific market. China accounts for the largest market share in the region due to rapid urbanization and industrial development.
North America is another major flexible packaging market in the globe. Expansion in confectionery, dairy, and medical industry, technological advancement in barrier materials coupled with rising retail business, stand up pouches usage are likely to trigger the industrial growth.
High growth in the retail as well as the pharmaceutical industry is driving the growth of the North American market. Moreover, the region is the hub of major flexible packaging manufacturers such as Sonoco Products Company (U.S.), Sealed Air Corporation (U.S.), and Bemis Company Inc. among others. The U.S. accounted for the major share of the North American market.
Segmentation: Global Flexible Packaging Market
For the purpose of the study, the market has been segmented based on material, product, technology, and application. On the basis of the types, the market is segmented into pouches, bags, wraps, and others. The pouches segment accounted for the largest, 36.46% share of the market in 2016, with a market value of USD 85.45 billion and is projected to grow at the highest CAGR of 6.95% during the forecast period. It is most widely used flexible packaging products. It is available in different types such as stand up pouches, retort pouches, and pillow pouches. The stand-up pouches are displaying high growth rate due to high barrier properties against moisture and oxygen coupled with low material usage and cost-effective properties. Bags segment was the second-largest market valued at USD 75.79 billion in 2016.
On the basis of the technology, the market is segmented into flexography, digital printing, and others. Flexography segment accounted for the largest market share of 45.54% in 2016, with a market value of USD 10.6.72 billion and is projected to grow at the highest CAGR of 5.59% during the forecast period. It is a traditional method of printing and is used across various type of substrate, including corrugated cardboard, cellophane, plastic, and metallic film.
Based on the application, the market is segmented into food & beverages, pharmaceuticals, personal Care, and others. The food & beverages segment dominates the global flexible packaging market with 38.16% share in 2016, in terms of value. It is expected to grow at a CAGR of 6.12% during the forecast period. Increase in population along with disposable income in countries such as China, India, and Brazil, has led to a growth in the demand for good quality packaged food.
Hence, Global Flexible Packaging Market is expected to reach USD 342.85 billion by the end of the forecast period at CAGR of 5.92%.
The prominent players in the flexible packaging include Amcor Limited (Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.), and Ampac Holdings LLC (U.S.).
information Source @ https://www.marketresearchfuture.com/reports/flexible-packaging-market-1151
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