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Asia Pacific to Enable Global Flexible Packaging Market to Expand at 4.4% CAGR till 2019
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The report indicates that in terms of value, the global flexible packaging market is poised to grow from US$73.5 bn in 2012 to US$99.1 bn by 2019, registering a 4.4% CAGR from 2013 to 2019. By volume, the market is estimated to grow from 18,666.0 kilo tons in 2012 to 24,728.7 kilo tons in 2019, expanding at a 4.1% CAGR during that time.
On the basis of product, the flexible packaging market is fragmented into paper, plastic, aluminum, and cellulosic. Owing to its cost-effectiveness and durability, plastic accounted for a whopping 70.0% of the overall market in 2012. However, strict government regulations and growing environmental concerns regarding carbon emissions are expected to reduce the dependency on plastics. As a result, there are chances for cellulose to be a significant contributor toward the growth of the flexible packaging market.
By application, the market for flexible packaging is segmented into pharmaceuticals, food and beverages, retail non-food items, and others such as packaging of vending machines and industrial machines. Change in lifestyle and eating habits has led to the surging demand for packaged foods, which in turn, has made food and beverages the largest application segment of the overall flexible packaging market. However, the pharmaceuticals segment is expected to register the highest demand by 2019 owing to growing consumer awareness regarding general health, support of government initiatives, expanding geriatric population base, increasing prevalence of chronic diseases, and rise in disposable income.
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Geographically, the global flexible packaging market is divided into North America, Europe, Asia Pacific, and Rest of the World. The highest demand for flexible packaging in 2012 stemmed from Asia Pacific and this region is anticipated to register a 4.40% CAGR from 2013 to 2019. Factors such as rising demand for pharmaceutical products, growing demand for packaged food and retail non-food items, and evolving eating habits and changing lifestyles have all contributed toward the growth of the Asia Pacific flexible packaging market. The increasing use of flexible packaging in applications such as cheese and dairy, confectionery, medical items, and dried fruits is estimated to steady the growth of the Europe and North America market over the next four years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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