In a recent report by Transparency Market Research, the global flexible packaging is expected to exhibit 5.2% of CAGR during the forecast period between 2016 and 2024. By rising at a steady CAGR the market is projected to touch US$358.7 bn by the end of 2024 progressing from US$238.5 bn as estimated in 2016.
The global market for flexible packaging is estimated to witness massive growth in the years to come owing to their multiple use properties. The presence of large number of players in the market and entry of new entrants in the global flexible packaging market is projected to intensify the market competition. The market competition is seen on the basis of price, quality, services, and innovation. The leading players in the market putting efforts by introducing innovative and bio-based packaging materials. Some of the key players in the global flexible packaging market are Berry Plastics Group, Inc., Constantia Flexibles Gmbh, Sonoco Products Co., Mondi Group, Huhtamäki Oyj, and Ampac Holdings, LLC.
The demand for flexible packaging is on rise across the globe, due to its various applications. Owing to the advancement in packaging industry in terms of technology and material, the demand in flexible packaging market is foreseen to witness a boost again. Besides, demand regarding flexible packaging is experienced by other sectors as well, for example, consumer goods, food and beverages, healthcare, and so on. As a result, the rising usages of flexible packaging in several industries, the global flexible packaging market is estimated to develop as well.
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The food packaging sector is catalyzed by innovative processing techniques used for improving shelf life of food products. Demand regarding flexible food packaging is particularly high for beverages and snack food. This is credited to the changing lifestyles, rising popularity of faster delivery services, and modern retail trades.
Strict Environmental Norms to Hinder Market Development
Nevertheless, there are certain factors hindering the growth of global flexible packaging market. Using several layers of a particular material makes the recycling process difficult and complicated. In a few instances metal and plastics are utilized together for flexible packaging. This makes the recycling process extremely tedious since plastic is easily recyclable but metal takes time. Furthermore, stringent environment regulations across the globe are as well hampering the global market growth.
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