Flexible Packaging Market Key Trends, Challenges and Standardization 2019

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. The Global Flexible Packaging Market size is expected to reach USD 293.03 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.7% during 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.

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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.

Top Players of Flexible Packaging Market:

Some of the key companies present in the market are Guardian Industries; Bemis Company, Inc.; Mondi; Huhtamaki Group; Amcor Limited; and BASF SE.

Market Segmentation of Flexible Packaging Market:

The Global Flexible Packaging Market segmented on the basis of Raw Material, Application, and Region.

By Raw Material:

Paper

Aluminum foil

Plastic

Bioplastic

By Application:

Food & Beverages

Pharmaceutical

Cosmetics

By Region:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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