Flexible Packaging Market worth $250bn by 2024 says new report
Date: 2018-08-10   Author: Rahul Varpe  Category: #industry

Flexible Packaging Market worth $250bn by 2024 says new report

Food and beverage is one of the most prominent sector partaking in the flexible packaging market. It accounted for more than 50% of the total volume in 2015 and is projected to exhibit a substantial growth in the years to come. Upgraded living standards along with shifting consumer preference toward hygiene and food safety are positively influencing the flexible packaging industry share in this sector.

Flexible Packaging Market will grow lucratively over the coming seven years owing to the surging demand from various end-use sectors such as food and beverage, healthcare, personal care, and industrial. Shifting trends toward convenient packing are influencing the manufacturers to adopt the flexible packaging techniques, driven by its lightweight characteristic. 

As per a report by Global Market Insights, Inc., “Flexible Packaging Market worth over USD 150 billion in 2015, is anticipated to grow at a CAGR of more than 5% over the period 2016–2024.”

Favorable characteristics like user-friendliness, easy storage, lesser consumption of raw materials, and excellent moisture resistance properties will further trigger the industry demand.

In terms of products, flexible packaging industry is segmented into standup pouches, pillow pouches, and four side seal pouches. Stand-up pouch is the most preferred product, owing to its versatility in various end-use applications. Stand-up pouches market size is estimated to account for a revenue share of USD 75 billion by 2024 owing to its attributing features such as high barrier properties against oxygen and moisture, low material consumption, and reasonable costs.

Pillow pouch packaging market is also linearly growing with the rising consumption of the product from diary and processed food &beverage industry. It is projected to register an annual growth rate of more than 4% over 2016-2024.

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Driven by the increase in disposable incomes fueled by various supporting government regulations, health care application is poised to witness the highest growth over the coming seven years.

Below are the regional highlights positively influencing the global flexible packaging market

  • Asia Pacific flexible packaging industry dominated by China and India, contributed noticeably toward the overall share with USD 35 billion in 2015, and is projected to grow at a CAGR of 6% over 2016-2024. Emerging economics along with expanding processed food and pharmaceutical industry are the major factors driving the regional demand.
     
  • Owing to the growing consumer demand for cosmetics and functional food, Europe flexible packaging industry led by Germany and Russia is also forecast to attain heavy gains at a CAGR of 3.5% over the period 2016-2024.
     
  • U.S. flexible packaging market worth over USD 30 billion in 2015, will observe a significant growth driven by the dairy product portfolio expansion, rise in disposable income, and technological innovations in the retail industry.
     
  • Latin America dominated by Argentina and Brazil accounted for a revenue of USD 5 billion in 2015 and is slated to grow at an annual rate of 4% over 2016-2024. E-commerce market expansion triggered by consumer affordability will further propel the regional industry growth.

Key industry players will expand their product portfolio and regional presence through strategic collaborations and joint ventures. Amcor Limited, Sonoco Products Company, Constantia Flexibles Group, Sonoco Products Company, Bemis Company, and Huhtamaki Group are some of the major giants in flexible packaging market.



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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