The global market for flexible packaging is estimated to witness massive growth in the years to come owing to their multiple use properties. Flexible packaging in general terms means the container or packaging that is created out of easily yielding or flexible materials. These materials when closed or filled can be changed structurally. The basic materials used for flexible packaging could be foil, plastic film or paper or even a combination of these.
The demand for flexible packaging has been rising at a rapid rate within the last couple of years because of its uses in different areas, whether food packaging or pharmaceutical products, or other consumer goods. Adding to that, the continuous advancement in the packaging industry in terms of materials is also seen to be accelerating the overall market for flexible packaging in coming years. Therefore the multiple use of flexible packaging in various other industries is boosting the future market revenue.
The global flexible packaging market is prognosticated to reach a value of US$358.7 bn towards the end of the forecast period that is set from 2017 to 2024. The CAGR is estimated to be 5.2%. The market figures depict a notable rise in value progressing from a valuation of US$238.5 bn as per the 2016 records.
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However, the use of multiple layers in different types of materials for flexible packaging makes it difficult to recycle. This, in turn turns as an environmental concern, and may further hamper market growth in future. Another fact that plastic can easily be recycled rather than its metal counterpart is also seen to be obstructing market growth for flexible packaging. Most importantly, the environmental norms and government restrictions regarding use of non-biodegradable products may affect the global flexible packaging market in negative light.
Food and Beverage Sector to Offer Lucrative Growth Opportunities for Market
The global flexible packaging market is categorized on the basis of product type, material type, and application. With regard to material type, the global flexible packaging market is segmented into Cellulosic, Aluminum, Paper, and Polymer. Further classification of polymer includes Poly Styrene, Ethylene Vinyl Alcohol (EVOH), Poly Vinyl Chloride (PVC), Polyamide (PA), Biaxially-oriented polyethylene terephthalate (BOPET), Cast Polypropylene (CPP), Biaxially-Oriented Polypropylene (BOPP), Polypropylene (PP), and Polyethylene (PE). Sub-segmentation of Polyethylene (PE) includes LLDPE, HDPE, and LDPE.
Based on segmentation by product type, the global flexible packaging market is divided into Retort Pouches, Squeezable Bottles, Converted Roll Stock, Laminated Tubes, Vacuum Pouches, Wicketed Bags, Gusseted Bags, and Stand-up Pouches. Out of these, the market seems to be drawing more revenue shares from the stand-up pouch segment.
With respect to application, the global market for flexible packaging is categorized into Industrial and Institutional, and Consumer. Further classification of Consumer group includes tobacco, pharmaceutical, personal care, and food and beverages. Among these, the market is seen to be dominated by the food and beverage group since it is more convenient for end users to carry their food around with sealed and proper packaging.
Europe to Continue Domination of Market with Industrial and Manufacturing Base
The global flexible packaging market is studied on the basis of key geographies Asia Pacific, Latin America, Middle East and Africa, North America, and Europe. Among these, the market is seen to be dominated by the European region. It is also estimated to continue its domination in the years to come because of major players setting up main industries for their research and development and manufacturing hub in the European nations. Besides, Asia Pacific market may also offer lucrative growth opportunities in the coming years due to industrial development.