As per the report published by Fior Markets, the global flexible packaging market is expected to grow from USD 252.34 Billion in 2017 to USD 370.23 Billion by 2025 at a CAGR of 4.91% during the forecast period from 2018-2025. Asia Pacific region emerged as the leader with 41.19% of the total global volume in 2017 followed by Europe.
“Global Flexible Packaging Market by Material (Paper, Aluminium Foil, Plastic, Bioplastic), Application (Food and Beverages, Pharmaceutical, Others), Regions”, and Global Forecast 2018-2025.
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Major players in global flexible packaging market are Bemis Company Inc., Huhtamaki Group, Amcor Limited, BASF SE, Constantia Flexibles Group GmbH, Sealed Air Corporation, Coveris Holdings S.A., Sonoco Products Company, Berry Plastics Group, Mondi Group, Reynolds Group Holdings, Clondalkin Group Holdings B.V., Ampac Holdings LLC, Transcontinental Inc among others. Increasing global consumption of packaged food has led flexible packaging manufacturers to increasingly launch innovative products to serve the segment better. For instance, BASF SE at Interpack 2017 launched Ultradur® B1520 FC for thin-walled, injection molded food packaging. Ultradur®, a partially crystalline saturated polyester used in single-serve coffee capsules, offers improved oxygen barrier properties than commonly-used PP. Using PBT instead of PP in the containers also allows for the removal of aluminum film as a needed secondary packaging. Better oxygen barrier properties keep the coffee fresher for a longer time, helping in increasing the shelf life time of the food products.
Material segment is categorized into paper, aluminium foil, plastic and bioplastic. Plastic flexible packaging material accounted for 72.53% of total global volume in 2017 on account of their property of taking any form or shape thus making it widely useful in the food & beverage sector. Increasing demand for biodegradable eco-friendly packaging materials on account of environmental concerns and restrictions on the use of plastics is expected to propel the bioplastic segment to grow at a CAGR of 9.14% over the forecast period. Application segment is divided into food and beverage, pharmaceutical, cosmetics, and others. Food and beverages segment accounted for market revenue totalling to USD 156.80 billion in 2017. Rising consumption of packaged foods, frozen meat, snack, ready to cook mix, and bakery products is propelling the global demand for flexible packaging materials. Demand for improved packaging materials to preserve and protect the potency of formulations has led the pharmaceutical segment to grow at a CAGR of 7.56% over the forecast period.
Meteoric rise of ecommerce industry as well as global demand for sustainable packaging solutions is fuelling the demand for flexible packaging materials. On the other hand volatility in raw material prices and concerns relating to improper disposable of packaging materials are proving to be the major roadblocks for the growth of the market.
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