Flexible Packaging Market Forecast | Key players are Constantia Flexibles, Bemis Company, Inc., Sonoco, Mondi Group, Sealed Air Corporation, ExxonMobil

Global flexible packaging market size has expanded owing to rapid development of suitable materials to meet burgeoning demand from various sectors such as healthcare, food and beverage and personal care. These packaging materials render reduced wastage and protection from various vulnerabilities like moisture, heat, and dust. Additionally, technological advancements in thin elastic materials will support product adoption over the years.

Surging demand of consumers for convenient, reliable and safe packaging will steer the flexible packaging market dynamics. There is an increasing presence of flexible packaging companies across the globe to meet the requirements of several crucial industries along with the aim to maximize business profits. These include Clondalkin Group Holdings BV, Wipak Group, Mondi Group, Sealed Air Corporation, Ampac Holdings, and Ukrplastic, among various others.

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Rise in disposable income among people along with changing consumption patterns has driven developments in the food and beverage industry. With an evident increase in the number of working men and women worldwide, the need for on-the-go packaged food and beverages has witnessed an unprecedented rise. Flexible packaging for food locks the freshness of the product and ensures safe transportation of the item as well.

High purchasing power among people in Europe is widening the food and beverage sector operations to meet the need for alcoholic beverages. Increased growth of the retail sector in countries like Germany and Russia leading to higher rate of employment is propelling the demand for processed food. Reportedly, by 2024, Europe flexible packaging market size, driven by Germany and Russia will showcase gains of more than 3.5%.
In 2015, the U.S. flexible packaging market share from food and beverages sector was valued at over USD 15 billion and will witness robust gains due to technological advancements in barrier materials. High consumption of dairy products and confectionary will stimulate the demand for the materials needed to transfer perishable items like milk and milk products.

Rise in urbanization in emerging nations such as Latin America is fueling rapid advancements in e-commerce sector. The availability of many regional flexible packaging companies like, Sonoco Products, Constantia Flexibles Group, Amcor Limited, Bemis Company, and Huhtamaki Group will supplement industry forecast. Reports estimate that Latin America flexible packaging market size led by Brazil and Argentina will register CAGR of more than 4% through 2024.

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With respect to types of flexible packaging, the industry is segmented into four side seal pouches, stand-up pouches, and pillow pouches. Stand-up pouches are gaining widespread popularity due to their widespread use in several end-user industries. Stand-up pouches market share is expected to be valued at more than USD 75 billion over the forecasted timeframe. Superior protection against oxygen and moisture, reduced cost and low material consumption are some of the integral characteristics supporting the use of the product.

On the other hand, rise in dairy consumption across the globe is steering the demand for pillow pouches to facilitate enhanced sealing abilities, cost-effectiveness, and ease in transportation. By 2024, pillow pouches demand will observe gains of more than 4%.

Apart from providing simplified transportation solutions and preserving the shelf life, flexible packaging plays a vital role in enhancing the market adaptability of the product. The packaging materials may be printed on using innovative techniques or with designs that improve the appearance of the item and attracts potential consumers. In a nutshell, the material plays an important role in optimizing various goals of packaging like product protection, branding, sustainability, and shelf appeal.

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