Fior Markets launched a study titled “Global Flexible Packaging Market by Material (Paper, Aluminium Foil, Plastic, Bioplastic), Application (Food and Beverages, Pharmaceutical, Others), Regions”,and Global Forecast 2018-2025.
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.Technological improvements in food processing sector, changing lifestyles, growth of organized retail industry, and increasing popularity of food delivery services are the major driving factors behind the growth of flexible packaging market globally.
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Bioplastic segment is anticipated to grow at a CAGR of 9.14% in 2018-2025
Material segment is categorized into paper, aluminium foil, plastic and bioplastic. Increasing demand for biodegradable eco-friendly packaging materials owing to restriction on the use of plastics is expected to propel the bioplastic segment growth at a CAGR of 9.14% over the forecast period. Due to the property of taking any form or shape, the plastic segment is widely utilized in the food & beverage sector. Plastic flexible packaging material registered a market share of 72.53% in the total global volume in 2017.
Food and Beverages had a market value of USD 156.80 Billion in 2017
Application segment is divided into food and beverage, pharmaceutical, cosmetics, and others. Increasing consumption of packaged foods, frozen meat, snack, and ready to cook mix, bakery products is leading to a universal rise in demand for flexible packaging materials. Thus, food and beverages segment registered the market revenue of USD 156.80 billion in 2017. Cosmetic segment is also expected to grow at a healthy pace due to an increasing consumption led by rising income and standard of living. Demand for improved packaging materials to preserve and protect the potency of formulations has led to the growth of pharmaceutical segment at a CAGR of 7.56% over the forecast period.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific emerged as the leader in global market for flexible packaging with a market share of 41.19% of the total global volume in 2017. Growth of food and beverage sector as well as pharmaceutical sectors, especially in China and India is fuelling this demand. Well-developed food and beverages industry and huge demand for geriatric medicines is expected to boost the growth of the Europe region.
Major players in the 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, Inc., Mondi Group, Reynolds Group Holdings, Clondalkin Group Holdings B.V., Ampac Holdings LLC, Transcontinental Incand others.