Global Flexible Packaging Market Projected to Touch US$358.7 bn by 2024

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Flexible packaging is gaining grounds in the field of primary packaging. Advancements in material science have allowed manufacturers to create flexible packaging the food and beverage industry better than before. This packaging can maintain the primary function of protecting its contents while providing the advantages of lower weight, better performance, and a much lower scope of contamination. Flexible packaging is also easier to handle and store, making transportation of goods a lot smoother.

Apart from food and beverages, flexible packaging is also used by other consumer markets for the purpose of creating more appealing packaging. The intense competition in the consumer goods industry has created a big scope for the introduction of flexible packaging, which is what has happened over the past few years. New pre-cooked, processed, and packed foods are now being introduced in flexible packaging and giving way to trends such as modified atmosphere packaging and vacuum packaging.

The problem with flexible packaging, however, is the fact that a large number of flexible packaging are not easy to recycle. A lot of flexible packaging are multi-layered with each layer composed of different materials. This makes recycling a much tougher task than compared to rigid packaging.

The global market for flexible packaging is expected to expand at a CAGR of 5.2% in terms of revenue, from 2016 to 2024. This revenue is expected to reach US$238.5 bn by the end of 2016 and US$358.7 bn by the end of 2024.

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Europe to Remain Dominant in Flexible Packaging Demand

Europe is expected to stay a highly attractive market for the manufacturers of flexible packaging over the coming years. By the end of 2024, Europe is expected to generate a revenue of US$117.7 bn in flexible packaging. Although this increment in demand is expected to stagnate soon, the overall requirement is already large enough to be a very lucrative market for existing players. Similar scope is expected to be seen in North America

On the other hand, Asia Pacific is expected to provide a key opportunity for flexible packaging manufacturers owing to a massive demand for better packaging and a growing consumer goods industry. The increasing disposable income of individuals is expected to solidify the consumer goods industry and thus provide a solid foundation for growth of new entrants.

Consumer Goods Industry Demand for Flexible Packaging to Increase Further

By the end of 2024, the consumer goods industry is expected to generate a demand of US$278.4 bn for flexible packaging. This demand is expected to grow at a relatively stagnant rate, but is still expected to remain the dominant one due to the sheer volume of its current stable demand. A large part of its modest growth rate is attributed to the growing rate of urbanization in emerging economies, the increasing number of nuclear families, and a high demand for ready-to-eat foods.

Apart from the consumer goods industry, the sectors of personal care, pharmaceuticals, and tobacco are all showing a very high growth in demand for flexible packaging.

The key manufacturers of flexible packaging from a global standpoint include Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Group, Inc., Mondi Group, Sonoco Products co., Huhtamäki Oyj, Constantia Flexibles Gmbh, Ampac Holdings, Llc, Bischof + Klein International, Wipak Group, AR Packaging, Goglio Group, Schur Flexibles, Clondalkin Group, Flair Flexible Packaging Solution, Cellpack Packaging, and Südpack Verpackungen.

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