Transparency
Market Research (TMR) delivers key insights on the global
flexible packaging market in its latest report titled ‘Flexible
Packaging Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2016 - 2024.’ In terms of value, the
global flexible packaging market is projected to expand at a CAGR
slightly over 5% during the forecast period (2016–2024), due to
various factors, regarding which TMR offers vital insights in detail
in this report.
Flexible packaging
provides all the properties needed for primary as well as secondary
packaging such as lightweight, high performance, high barrier, low
contamination, and keeps the product completely sealed off from the
environment. Flexible packaging products uses over 70% less plastics
than rigid packaging options and also consumes smaller space during
packaging and on shelves in retail outlets. Flexible packaging also
offers a number of sustainability advantages including low raw
material consumption, low carbon footprint, reduced energy usage, and
relatively low waste produced as compared to conventional packaging
formats and hence, are more preferred. These sustainability
advantages offered by flexible packaging are expected to drive its
demand over the forecast period. As competition intensifies in
consumer products market, product manufacturers and brand owners are
identifying as well as capitalize the latent potential in the market.
Changing consumer
lifestyle has increased dependence on processed, pre-cooked and
packed foods, which also mobilized the entire flexible packaging
supply chain to sync product offering as per end customer’s
requirement. On similar lines, the industry also witnessed
introduction of new and efficient films that are used in flexible
packaging. Modified Atmosphere Packaging (MAP), vacuum skin packaging
are some of the current trending packaging solutions which have been
developed to meet end customer demand.
The global flexible
packaging market is segmented on the basis of material type, product
type and application. On the basis of material type, the global
flexible packaging market is segmented into polymer, paper, aluminum
and cellulose. Polymer material is further sub-segmented into
polyethylene, polypropylene, biaxially-oriented polypropylene (BOPP),
cast polypropylene, biaxially-oriented polypropylene terephthalate
(BOPET), ethylene vinyl alcohol (EVOH), polyamide, polyvinyl
chloride, polystyrene. On the basis of product type, the global
flexible packaging market is segmented into stand-up pouches, vacuum
pouches, retort pouches, gusseted bags, wicketed bags, converted roll
stock, squeezable bottles and others. Among products, vacuum pouches
and retort pouches are projected to be the most attractive segment
over the forecast period.
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On the basis of
application, the global flexible packaging market is segmented into
consumer product applications and industrial & institutional
product application. Regionally, the global flexible packaging market
is segmented into North America, Latin America, Europe, Asia Pacific
(APAC) and Middle East and Africa (MEA).
Among materials,
polymer segment accounts for a major share in the global market.
However, BOPP, BOPET and EVOH sub-segment in the polymer segment is
expected to expand at highest CAGR in terms of value over the
forecast period. Leading players in flexible packaging market are
shifting their focus from conventional plastic packaging to
sustainable packaging solutions due to the stringent environmental
regulations, aimed to limit carbon footprint. Asia Pacific is
anticipated to grow at a CAGR of over 8% in terms of value over the
forecast period.
In 2015, the
consumer product application segment accounted for the 80% market
value share. Majority of the industries engaged in consumer products
manufacturing, such as food & beverage, pharmaceutical, cosmetic
and other consumer product are much focused towards offering products
with improved extended shelf life. Properties offered by flexible
packaging, identified as a crucial parameter which influences
consumer’s buying behaviour, hence, are more preferred by brand
owners and manufacturers. Increasing disposable income in developed
and developing countries is another factor driving consumer spending
on high end premium goods viz. a viz. flexible packaging market.
Key Players
in the global flexible packaging market include Amcor Limited, Bemis
Company, Inc., Sealed Air Corporation, Mondi Group, Berry Plastics
Group, Inc., Huhtamaki Oyj etc.
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