Flexible Packaging Market: By Material (Plastic, Paper, Aluminum), Products (Pouches, Bags, Wraps), Printing Technology (Flexography, Digital Printing), Application (Pharmaceutical, Food & Beverages, Personal Care) And Region – Forecast Till 2027
Flexible Packaging Market Scope
The flexible packaging market 2020 can most likely advance at a decent rate of 6.09% from 2019 to 2025 (forecast period), reveals Market Research Future (MRFR).
Top Boosters and Main Barriers
The alarming surge in demand for food in the backdrop of expanding population, particularly in Asia Pacific is pushing the business growth for flexible packaging. Bioplastics remains one of the top raw materials that is increasingly being used by flexible packaging manufacturers and its demand is only expected to mount exponentially in the coming years. Soaring demand for bio-based PLA films in application areas like confectionery, food, snack and bakery packaging due to their biodegradable nature and easy recyclability can induce major market expansion during the evaluation period.
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Stringent regulatory scenario prevalent in Europe and North America pertaining to food contact application can somewhat be a challenge in the market. On the bright side, the continuous efforts being put in by leading vendors towards the development of bio-based packaging products and the surge in rules and regulations promoting their use within the flexible packaging industry can ensure a smooth run for the market in the near future.
The standards of living in developing regions like South Africa, Russia and Brazil are steadily improving, which translates into higher purchasing power of consumers, which leads to more demand for high-quality products. Evolving consumer lifestyles combined with the escalating demand for environment-friendly packaging material can possibly lead better growth prospects for the flexible packaging market in the following period.
Leading Industry Participants
Leading participants present in the market for flexible packaging include Sealed Air (US), CLONDALKIN GROUP (The Netherlands), COVERIS (US), HUHTAMAKI GROUP (Finland), Amcor Limited (Australia), CONSTANTIA (Austria), Sonoco Products Company (US), Reynolds (New Zealand), Mondi (Austria), Berry Global Inc. (US), to name a few.
The top segments as per which the flexible packaging market has been dissected include material, product type, printing technology, and application.
The primary segments depending on material are aluminum foil, paper, plastic, and others. Between these, the leading position has been clinched by the plastic segment, given plastic’s broad range of application in packaging across different industries. Plastic types like PE, PVC, PET, PP, and others find extensive use in these industries, since these offer cost-efficiency, high-barrier, durable packaging and temperature-resistance properties.
The product types discussed in the report are wraps, bags, pouches, and others. Pouch is the top segment in the market with the largest share, with the growing demand for retort pouches, pillow pouches and stand-up pouches in various sectors. These pouches offer an array of benefits that include high barrier against oxygen and moisture, along with cost-effective and low material usage properties.
The various printing technologies that have been analyzed in the report are digital printing, flexography, and others. Out of these, flexography has taken the lead as it is a conventional technique of printing that finds a lot of use across several types of substrate, such as cellophane, corrugated cardboard, label stock, plastic, metallic film and fabric. The highest demand is generally garnered by semi-liquid ink as it dries quite fast, benefitting the end users.
The application-dependent market segmentation comprises personal care, pharmaceutical, food & beverage, and others. The market is dominated by the food & beverage segment, out of all the applications owing to the accelerated demand for on-the-go and ready-to-eat foods & drinks.
Region-wise study of the flexible packaging market includes Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).
In 2016, the APAC market was estimated to be the biggest, accounting for a share of 38.8%. The region’s thriving food & beverage sector plays a major role in the market growth. India, Japan and China are the most profitable markets for flexible packaging in the region, as a result of the entry of globally known vendors and their efforts to expand their business, not only in the said countries but also across the region.
The North American market can benefit from the liberal nature of the regulations that usually restrict the setting up of new manufacturing units by the Mexican government. As a result, a surge in the number of manufacturing facilities such as Daiichi Ranbaxy, Astellas and Takeda has been noted in recent years. This has been an effective government strategy that has boosted the growth of the domestic pharmaceutical industry, which can mean better business growth for flexible packaging in the region during the appraisal period.
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