3 significant trends driving flexible packaging market outlook

Flexible packaging market size is being driven by the extensive applicability of packaging products across various sectors including food & beverage, personal care, and healthcare. These packaging materials offer superior protection from several vulnerabilities such as dust, heat, moisture and many more parameters that interfere with the product quality. In addition, one the most important aspect of flexible packaging is sustainability, meaning, they produce less waste and thus greatly reduce the landfill discards.

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Substantial use of flexible packaging across the food & beverages industry:

Food & beverages sector is one of the largest end-use segments of flexible packaging market, attributed to the extensive product use for packaging a wide array of food products. More than half of the food & beverage packing consist of the flexible options as the industry is an early adopter of flexible packaging. Food & beverage application sector is projected to account for a substantial percentage of over 55% of the market share by 2024.
Change in consumer demand pertaining to rapidly transforming lifestyles has resulted in growing inclinations toward ready-to-eat foods, frozen meals, snacks, and many other packaged food items. The increasing adoption of such food products will in turn fuel flexible packaging market growth.

Owing to the broad range of protective properties, the product increases the shelf life of packaged food items. The other abilities of compactness, standing upright on the store shelves, airtight closing and enabling the visibility of the content are further expected to augment flexible packaging market share from food & beverage applications.
The increasing consumer spending on personal care products will fuel demand for flexible packaging:
The smaller format beauty products are expected to propel personal care flexible packaging market share throughout the forecast timeframe. For instance, frequently travelling consumers are always looking for portable personal care products for suitability. In addition, the younger generation exploring and trying out new product ranges will also support the growing demand for smaller formats beauty products.

Growing initiatives to recycle the single use personal care product packaging will impel flexible packaging market trends. For instance, several personal care and home care brands have partnered with "TerraCycle" to create a "loop" which promises to collect the waste packaging so that it can be re-used. Currently, a similar loop initiative has been successfully launched in the US and France and will later be introduced in the UK and Canada.

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Moreover, the rise in per capita income of the developing economies has been greatly supporting the adoption of personal care products. The further expansion of the personal care industry in the rising economies of the Asia-Pacific will lead toward increased demand for flexible packaging, further fostering the market demand.

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