Flexible Packaging Market future growth opportunities by 2024 | Amcor Limited, Sonoco Products Company, Huhtamaki Group, Bemis Company and Constantia Flexibles Group
Tagged as one of the fastest growing segments of the packaging industry, flexible packaging has attained widespread acclamation for adding value and marketability to food and non-food items in a similar manner while blending the best qualities of plastic, paper, film, and aluminum foil to present an expansive range of protective properties.
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The flexible packaging market is constantly advancing at an unprecedented pace with innovation and advancements in technology being at the forefront. These have ultimately led to the emergence of lighter weight packaging solutions that improve flexible packaging’s shelf appeal, ability to be sealed, robust strength, and product protection.
Healthcare sector- a developing application sector across flexible packaging industry
The profusely expanding healthcare sector has been witnessing substantial growth rate across the market owing to the rising geriatric population. A dramatic increase in the spending power of senior population is likely to stimulate the growth prospects of pharmaceutical industry, consequently boosting the flexible packaging market dynamics.
The use of flexible packaging solutions enables production of senior friendly healthcare packaging that are easy to open and seal which adds to the benefits for seniors as well as the caregivers. Furthermore, rising consumption of over the counter products is one of the major trends that is anticipated to drive flexible packaging market over the forecast period.
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Above that, increasing intensity of collaborations and acquisitions between the industry mammoths will bring about the innovations that various consumers have been looking forward to. For instance, Kohlberg & Company, in 2019 announced taking over Bemis Healthcare Packaging Europe. The deal would allow Kohlberg to merge Bemis with its rigid healthcare packaging unit Nelipak and would combinedly operate under the Nelipak Healthcare Packaging brand.
Flexible packaging plays an eminent role in optimizing all different goals of packaging, such as branding, sustainability, product protection, and shelf appeal. This makes it an ideal choice for packaging application across distinctive industry verticals, thereby widening the flexible packaging industry outlook.
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