The global market for flexible
packaging has
experienced a decent amount of mergers and acquisitions recently, adding to the
market’s level of consolidation. A large number of these activities were
conducted within Europe and North America.
Key
players such as Amcor Limited, The Dow Chemical Company, and Clondalkin
Flexible Packaging Wentus, are spearheading the development and innovation of
flexible packaging, significantly increase their scope of use.
The global market for
flexible packaging however, is still a fragmented one with a high scope of
entry by new players, according to Transparency Market Research in its recently
published report.
The global market for
flexible packaging is expected to be valued at US$238.5 bn by the end of 2016
and US$358.7 bn by the end of 2024. This will be achieved through a projected
CAGR of 5.2% from 2016 to 2024 in revenue.
In terms of materials, a
majority of the global flexible packaging market uses polymers. By the end of
2024, the usage of polymers in flexible packaging is expected to be valued at
US$223.5 bn, much more than the other segments such as cellulosic and aluminum.
Stand-up pouches are
expected to remain the leading product type manufactured in flexible packaging.
By the end of 2024, stand-up pouch products are expected to generate a revenue
of US$85.9 bn. Its leading demand is attributed to the ease of storage of
stand-up pouches, superior extension of shelf life for fluid contents, and
above average abilities of taking on flexographic print.
Europe Demand for Flexible Packaging to Stagnate in Growth but
Continue to Dominate
The demand for flexible
packaging in Europe is expected to grow at a nearly stagnated rate. However,
the volume of demand is already high enough to achieve the leading position
among key regions till 2024. By the end of 2024, the revenue generated by
Europe flexible packaging manufacturers is expected to reach US$117.7 bn.
The demand for flexible
packaging in North America is similarly saturated. The Asia Pacific region is
expected to provide a shot in the arm for globally prominent flexible packaging
manufacturers by displaying an above average rate of increase in demand.
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Scope of Using Flexible Packaging in Primary Packaging
Drastically Improved
“Over the past few
years, a large number of new products that were launched came in flexible
packaging. In developed economies, more than 70% of the commercially available
fresh fruits and vegetables are now stored in flexible packaging. Developments
in the materials used in flexible packaging have allowed for a far greater scope
of use for them in different parts of the consumer goods sector and especially
in the food and beverages industry,” states a TMR analyst.
Flexible packaging
provides superior characteristics to a wide range of products. This packaging
is lighter, difficult to tamper with without visible damage, provides a sound
barrier against external germs by completely sealing the contents within, and
can significantly extend the life span of perishable products.
Limitations in Recycling Hinder Growth of Flexible Packaging
Recycling of plastics
and polymer products is an absolute necessity in today’s world. The consumer
goods industry is targeted for a large quantity of plastics that are expected
to be recycled after use. This is relatively easier for most plastic products,
but in the case of flexible packaging, the presence of multiple layers of
different types of materials can significantly complicate their recycling
process. This includes plastic-metal packaging which is commonly used in
post-consumer pouches.
“They key to future
opportunities in flexible packaging lie in the use of specialty films and
bio-based raw materials. The former can be substantially more protective of the
package contents, while the latter can allow flexible packaging manufacturers
to forgo procuring raw materials from petrochemicals, which is a volatile
matter,” adds the analyst.
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