Flexible Packaging Paper Market: Introduction
Transparency Market Research delivers key insights on the flexible packaging paper market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2029. In terms of revenue, the global flexible packaging paper market is estimated to expand at a CAGR of 3.9% during the forecast period, owing to numerous factors about which, TMR offers thorough insights and forecast in this report.
The global flexible packaging paper market is a multi-billion dollar market and is projected to have a steady growth through 2029. This steady growth can be attributed to the application of flexible packaging paper for food packaging. Increased demand for smaller pack sizes coupled with preference for convenience has bolstered the demand for flexible packaging paper for food packaging in the past years. Furthermore, high consumption of flexible packaging paper in pharmaceutical and consumer goods in developed regions are expected to boost the sales of flexible packaging paper across the globe. Besides, paper has been considered as an eco-friendly packaging material. As per an independent survey conducted by TMR, more than 60% of the manufacturers interviewed said that they are heading towards complete shift from plastic to paper products by the end of 2023.
South Asia to Spearhead Flexible Packaging Paper Market Growth
As per the TMR analysis, South Asia flexible packaging paper market is projected to expand at a CAGR of 5% during the forecast period. This growth is attributable to the increasing dominance of flexible packaging formats in growing categories such as such as food and personal care & cosmetics. Furthermore, flexible packaging paper is expected to continue its popularity during the next decade as it is lighter than other packaging formats, uses less energy to transport, and causes less harm to the environment.
In addition to this, the demand for smaller pack sizes in witnessed a sharp rise in 2018 in the region as consumers preferred to carry products with them amidst their fast-paced lifestyles. The convenience features offered by sacks, pouches, and wraps make them an apt choice for on-the-go consumption and snacking trend. Also, manufacturers are offering resealable pouches, which allow people to consume small amounts at a time while keeping the remaining contents fresh. These factors are expected to create a sustained demand for flexible packaging paper in the region.
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Matured Consumer Base of Europe to Represent a Sustained Demand for Flexible Packaging Paper
Geographically, the Europe region is estimated to account for ~23% of the flexible packaging paper market share by the end of 2020. The demand for flexible packaging paper in Europe is primarily driven by the increasing demand for convenient and sustainable packaging solutions. Lightweight, ease to open, and environment-friendliness are key attributes possessed by flexible packaging paper, which have been found to influence the purchase decisions of consumers in European markets.
Germany, Italy, France, and the U.K. represent nearly 70% of the European flexible packaging paper market. Governing bodies in these countries are imposing serious legislations to curb the use of single-use plastic in the region. These laws are expected to boost the demand for environment-friendly packaging solutions such as flexible packaging paper in the region.
Flexible Packaging Paper Market: Competition Landscape
In the global market report for flexible packaging paper, the competition landscape is discussed in detail. Key players profiled in the flexible packaging paper market are International Paper Company, Mondi Group, Gordon Paper Company, Inc.