The global flexible packaging market size is expected to reach $293.03bn by 2022, according to a new report by Grand View Research.
Growing demand for the product in the food and beverage sector is expected to stir up the growth of the market over the forecast period.
Plastic is the most widely used raw material for flexible packaging. Rising adoption of compact packaging has given impetus to the demand for flexible bags and pouches, encouraging entry of new market participants in the near future. These materials have high potential in the market on account of rising consumer preference, low shipping costs, and less storage requirements.
Major companies focus on innovation to cater to target consumers by launching products in extremely small size packs such as pillow packs and sachets, which comprise diverse products from shampoos, conditioners, face creams, and toothpastes to chewing tobacco and other related goods. In addition to this, savory snacks, condiments, and biscuits have been launched in smaller packs to cater to the rural market.
Majority of the manufacturers are integrated across various stages of the value chain as the demand for the product is largely dependent on requirements of various applications including food & beverages, cosmetics, and pharmaceutical industries. Food and beverages is the largest application segment on account of rising demand for increased shelf life and easy disposal and variety of containers.
Further Key Findings From the Report Suggest:
The global flexible packaging market is anticipated to reach 26,706.3 kilotons by 2022, rising at a CAGR of 3.8% from 2015 to 2022
In terms of revenue, the plastic segment is projected to exhibit a CAGR of 4.7% over the forecast period
The food and beverage industry dominated the market with a share of over 80% in 2014
The North America flexible packaging market is anticipated to exceed 5,207 kilotons by 2022
Europe is projected to witness a remarkable growth rate of 4.5% over the forecast period, owing to increasing demand from the food and beverage sector of the region
Asian countries especially India and China are expected to observe a remarkable growth in the coming years
The market is partially consolidated and competitive in nature, with presence of several global multinational players
Some of the key companies present in the market are Guardian Industries; Bemis Company, Inc.; Mondi; Huhtamaki Group; Amcor Limited; and BASF SE.
