Global Flexible Packaging Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
The Global Flexible Packaging Market is projected to increase from USD 220.8 billion in 2017 to USD 313.1 billion in 2024, at a burgeon CAGR of 5.1% from 2018 to 2024.
The growth in the flexible packaging market is attributed to the increasing disposable income and growing consumer preference towards packaged goods. Moreover, low production cost coupled with expanding applications of flexible packaging is also driving the market growth. Innovations in flexible packaging industry is further expected to propel the growth during the forecast period. The years used for the assessment are as follows;
Historical year: 2014,2015 and 2016
Base year : 2017
Forecast period : 2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share.
Analyzing the collected data points
Bridging the data points to calculate the total flexible packaging market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global flexible packaging market
Finalizing the overall size and share of the global flexible packaging market
To classify global flexible packaging market into segments on the basis of product type, material, application, and analyze their growth prospects individually
To analyze market trends, opportunities, drivers, and restraints associated with the global flexible packaging market
Profiling key companies operating in the global flexible packaging market
To study market response with respect to the mergers and acquisitions in the industry
The research scope for flexible packaging market is as follows:
By Product Type
Food and Beverage
Middle East & Africa(MEA)
The global flexible packaging market is expected to witness a CAGR of 5.1%, and is projected to reach USD 313.1 billion by 2024. The growth is attributed to the increasing disposable income and growing consumer preference towards packaged goods. Moreover, low production cost coupled with rise in applications of flexible packaging is also expected to drive the market. Innovations in flexible packaging are further expected to propel the market during the forecast period. However, the stringent government regulations may hamper the growth to some extent.
With such abundance of products in the market, consumer market place is almost saturated. This becomes a major challenge for the manufacturers in order to make their product look attractive and convenient. There are many advantages of flexible packaging. It is customizable to the extreme, can be tailored to fit your needs. It is made up of high grade materials which are containment free and perfectly safe to use. The gusseted bottle in flexible packaging expands when a product is put into it. This becomes very useful for liquid food product manufacturers who are looking for something flexible but durable.
Geographically, Asia-Pacific held the major share of the flexible packaging market in 2017 and expected to show the highest CAGR during the forecast period. The growth in the region is mainly driven by the increasing disposable income in the emerging economies and growing demand for the packaged and processed food products. The North America market is projected to show moderate growth rate during the forecast period owing to rising demand for convenient packaging and innovations in packaging technologies.
The key players dealing in flexible packaging market are Amcor Limited, Mondi Group, Bemis Company, Inc.; Sealed Air Corporation; Sonoco Products Company, Ltd. ; Constantia Flexibles Group GmbH, ProAmpac Intermediate, Inc.; Crown Holdings, Inc.; Clondalkin Flexible Packaging, Berry Global Inc., Huhtamäki Oyj; Novolex; TC Transcontinental; among others.