Ocean View, DE -- (SBWire) -- 04/14/2020 --Global Flexible Packaging Market size has expanded owing to rapid development of suitable materials to meet burgeoning demand from various sectors such as healthcare, food and beverage and personal care.
These packaging materials render reduced wastage and protection from various vulnerabilities like moisture, heat, and dust. Additionally, technological advancements in thin elastic materials will support product adoption over the years.
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According to the new research report, Flexible Packaging Market size was estimated at USD 150 billion in 2015 and is projected to surpass USD 250 Billion by the year 2024.
Surging demand of consumers for convenient, reliable and safe packaging will steer the industry dynamics. There is an increasing presence of flexible packaging companies across the globe to meet the requirements of several crucial industries along with the aim to maximize business profits. These include Clondalkin Group Holdings BV, Wipak Group, Mondi Group, Sealed Air Corporation, Ampac Holdings, and Ukrplastic, among various others.
In the year 2015, flexible packaging market accumulated revenue worth USD 85 billion from food and beverage applications and will witness accelerated growth in the near future owing to constant innovations in the sector. Along with enhancing the shelf life and facilitating simplified logistics, the product also provides superior marketing adaptability. The packaging materials may be printed with innovative techniques, driving the attention of the consumers.
Rise in urbanization in emerging nations such as Latin America is fueling rapid advancements in e-commerce sector. The availability of many regional flexible packaging companies like, Sonoco Products, Constantia Flexibles Group, Amcor Limited, Bemis Company, and Huhtamaki Group will supplement industry forecast. Reports estimate that Latin America flexible packaging market size led by Brazil and Argentina will register CAGR of more than 4% through 2024.
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With respect to types of flexible packaging, the industry is segmented into four side seal pouches, stand-up pouches, and pillow pouches. Stand-up pouches are gaining widespread popularity due to their widespread use in several end-user industries. Stand-up pouches market share is expected to be valued at more than USD 75 billion over the forecasted timeframe. Superior protection against oxygen and moisture, reduced cost and low material consumption are some of the integral characteristics supporting the use of the product.
On the other hand, rise in dairy consumption across the globe is steering the demand for pillow pouches to facilitate enhanced sealing abilities, cost-effectiveness, and ease in transportation. By 2024, pillow pouches demand will observe gains of more than 4%.
Industry By Product
- Pillow pouches
- Stand-up Pouches
- Four side seal pouches
- Others
Industry By Application
- Food & beverage
- Personal care
- Healthcare
- Industrial
- Others
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Apart from providing simplified transportation solutions and preserving the shelf life, flexible packaging plays a vital role in enhancing the market adaptability of the product. The packaging materials may be printed on using innovative techniques or with designs that improve the appearance of the item and attracts potential consumers. In a nutshell, the material plays an important role in optimizing various goals of packaging like product protection, branding, sustainability, and shelf appeal.
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