Transparency Market Research delivers key insights on the flexible packaging market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global flexible packaging market is projected to expand at a CAGR of ~5% during the forecast period, due to several factors, about which, TMR offers detailed insights and forecast in this report.
Flexible Packaging Market – An Overview
Flexible packaging is a format that is made up of various materials such as plastic, paper, metal, etc., and has the barrier property to protect products from contamination and the external environment. Flexible packaging is widely preferred due to its properties such as cost-effectiveness, durability, and light weight. There is the use of a wide variety of plastic polymers that include polypropylene, polyethylene, polyester, and nylon in producing films for flexible packaging. These plastic films are used to create products such pouches, bags, and other flexible products.
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Asia Pacific (APAC) Region to Witness Growth Opportunities
The flexible packaging market in Asia Pacific is estimated to hold a dominant position in terms of market share, estimated to be ~41% in 2019 and ~45% by the end of the forecast period in the global flexible packaging market. China and India, together, are projected to account for ~57% of the APAC flexible packaging market in 2019. In the APAC region, India & China are the highly emerging markets for the extended growth of the flexible packaging market. The need for convenience packaging is the ongoing trend in the flexible packaging market in the Asia Pacific region. The packaging type that can increase the barrier property against the external environment, along with providing sustainability, raises the sales of flexible packaging in the market.
The food sector has been the largest end user of flexible packaging, and in 2018, held a ~30% share of the global flexible packaging market. This is projected to rise over the forecast period at the rate of ~5%, and the food sector is likely to continue to hold the largest chunk of the revenue and sales in the market. This can be attributed to several benefits, including lowered production and transportation costs, customizable barrier properties, and protection of product integrity offered by flexible packaging.
However, the pharmaceuticals industry is quickly gaining significance in the flexible packaging market, projected to grow the fastest at a healthy pace of ~6% during the forecast period of 2019-2027. Customizable packaging, recyclability, and convenience are the major factors that have contributed to the growing popularity of flexible packaging in the pharmaceuticals sector.
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The increasing demand for flexible packaging from Asia Pacific has propelled the growth of the market in the region, which, in 2018, accounted for over one-third of the revenue share of the global market, and is expected to expand at ~6% during the forecast years. The growth of the flexible packaging market in APAC can be attributed to several factors, including the rise in per capita demand for packaging from developing countries, concentration of producers of flexible packaging in the region, and increasing demand for sachets and stick packets.
The global flexible packaging market landscape is considered to be fairly fragmented, with the top ten players – Amcor Plc, Winpak Ltd., Sealed Air Corporation, Sonoco Products Company, Berry Global Group, Inc., DS Smith Plc, Coveris Holdings S.A., Huhtamäki Oyj, Constantia Flexibles GmbH, and ProAmpac LLC accounting for ~7% of the total revenue share. These players are increasingly focusing on strengthening their position in the market and expanding their global standing through acquisitions. For instance, in February 2019, Sealed Air Corporation acquired MGM’s flexible packaging business, to expand its printing and lamination capabilities, to cater to the APAC region.
