ALBANY, New York, January 10, 2019
ALBANY, New York, January 10, 2019 /PRNewswire/ --
The global flexible packaging market is likely to witness significant growth due to the increasing competition among the leading players. Players are focusing on different strategies with an objective to gain high share in the market. Innovation, price differentiation, high quality of products and good, and expansion are some of the key strategies in which key players are focusing. This also benefits the players in attracting a larger number of customers and expands their business in different geographies. Moreover, rising efforts in research and development activities will assert them in gaining a competitive advantage. Constantia Flexibles Gmbh, Berry Plastics Group, Inc., Mondi Group, Sonoco Products Co., Ampac Holdings, LLC, and Huhtamäki Oyj are some of the key players operating in the global flexible market.
Increasing demand for packaged food products and rapid growth in international trade has given a significant boost in this market. Analyzing the future growth prospects of flexible packaging, Transparency Market Research came up with a report considering all the factors. According to the report, the market valuation is expected to reach US$358.7 bn by 2024. In 2016, the market was valuation was US$238.5 bn. During the forecast period 2016 to 2024, this market is expected to rise at 5.2% CAGR.
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Flexible packaging is highly employed in the food and beverages industry and is likely to increase in the coming years. Demand for flexible packaging is high as it is more convenient for end users to carry without any hassle. There is a high demand for flexible packaging in Europe as some of the leading players are setting up their industries. Moreover, Europe is considered a manufacturing hub and increasing research and development activities has further augmented its growth.
Growing Application in Multiple Industries to Drive Demand in Flexible Packaging Market
In the past couple of decades, living standards has changed largely across the globe. People are now looking towards convenient ways of living. This has led the demand in the global flexible packaging market. In addition, younger population nowadays prefers ready to eat food and beverage products that also increased the demand for flexible packaging. More so the demand increased because food products in flexible packaging are more convenient, easy to use, and can be easily carried.
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Adding it further, modern retail trades, use of advanced technologies, and the increasing popularity of quick services boosted demand in the flexible packaging market. Demand for flexible packaging is expected to rise in emerging economies due to the presence of huge population residing in those regions. Thus to feed the growing population, flexible packaging can serve as an effective solution.
Strict Regulatory on Using Plastic to Impede Market's Growth
On the contrary, to the above-mentioned pros, few challenges are likely to restrict the growth of this market. Strict regularly policies limiting the use of plastics are one of the major constraints that might hamper the market's growth. Moreover, rising demand for bioplastics in multiple nations might also deter the demand for flexible packaging. However, multiple applications of flexible packaging in various industries are likely to benefit the global flexible packaging market.
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The information presented in this review is based on a TMR report, titled "Flexible Packaging Market (Material Type - Polymer (Polyethylene (PE), Polypropylene (PP), Biaxially-Oriented Polypropylene (BOPP), Cast Polypropylene (CPP), Biaxially-oriented polyethylene terephthalate (BOPET), Polyamide (PA), Poly Vinyl Chloride (PVC), Ethylene Vinyl Alcohol (EVOH), and Poly Styrene), Paper, Aluminum, and Cellulosic; Product Type - Stand-up Pouches, Vacuum Pouches, Retort Pouches, Converted Roll Stock, Gusseted Bags, Wicketed Bags, Laminated Tubes, and Squeezable Bottles; Application - Consumer (Food & Beverages, Dairy, Bakery & Confectionery, Ready to Eat Food, Frozen & Chilled Food, and Tea), Personal Care, Pharmaceuticals, Tobacco, and Industrial and Institutional) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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The Global Flexible Packaging Market has been segmented as presented below:
Global Flexible Packaging Market - Material Type
Global Flexible Packaging Market - Product Type
Global Flexible Packaging Market - Application
Global Flexible Packaging Market, By Geography:
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