Flexible Packaging Market to cross 5% CAGR over 2024 | Constantia Flexibles, Mondi Group, Amcor, Bemis Company Inc., ExxonMobil, Sealed Air Corporation

The Flexible Packaging Market size was estimated at USD 150 billion in 2015 and is projected to surpass USD 250 Billion by the year 2024.

During the period of 2016-2024, the Flexible Packaging Market is anticipated to expand with a CAGR of 5%. Flexible packaging market size is being driven by the extensive applicability of packaging products across various sectors including food & beverage, personal care, and healthcare.

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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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

o Ampac Holdings LLC
o Amcor Limited
o Constantia Flexibles Group GmbH
o Bemis Company Inc.
o Sonoco Products Company
o Mondi Group
o Coveris Holdings S.A.
o Sealed Air Corporation
o Clondalkin Group Holdings B.V.
o Wipak Group
o Bischof + Klein International
o Goglio Group
o AR Packaging
o Schur Flexibles
o Flair Flexible Packaging Solution
o Clondalkin Group
o Südpack Verpackungen
o Cellpack Packaging
o ExxonMobil
o ACTEGA GmbH
o Berry Plastic Group

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The personal care industry is driven by changing lifestyles in line with increasing consumer adoption of new hygiene routines. Owing to greater portability and affordability the introduction of small pack sizes is revolutionizing the retail sales of personal care products.

Consumers are preferring more functional and sustainable packaging solutions which have become an essential criterion while buying these products. For this reason, the companies are incorporating innovative flexible packaging, which would play a key role to engage customers and satisfy their evolving needs.

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.

Increasing consumption of over-the-counter products is a major trend that will drive flexible packaging market outlook over the forecast period. Most of these drugs utilize the flexible stand up pouches which is expected to pump the industry expansion.

The prevalence of collaborations and takeovers between market players will bring about the innovation several customer friendly flexible packaging options for the healthcare products. for instance, Amcor completed its acquisition of Bemis which is anticipated to provide a great future for sustainable packaging.

Flexible packaging plays a key role in optimizing all different goals of packaging, such as branding, product protection, shelf appeal, and sustainability. This makes it a perfect choice for packaging application across different industry verticals, thereby widening the flexible packaging industry outlook.

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