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Flexible Packaging Market to phenomenally drive the global landscape over 2024

Author : Rahul Varpe | Published Date : 2019-10-24 

Global Flexible Packaging Market Report includes an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Flexible packaging market size is being driven by the extensive applicability of packaging products across various sectors including food & beverage, personal care, and healthcare. These packaging materials offer superior protection from several vulnerabilities such as dust, heat, moisture and many more parameters that interfere with the product quality. In addition, one the most important aspect of flexible packaging is sustainability, meaning, they produce less waste and thus greatly reduce the landfill discards.

Not to mention, flexible packaging can be easily recycled a multiple number of times minimizing the environmental hazards. Moreover, being light-weight, these products even reduce the transportation related cost by saving fossil fuels while getting transported through the logistics sector. The numerous benefits of this type of packaging are slated to majorly boost the industry trends in the years ahead. On that note, some of the significant application-oriented trends that are anticipated to propel flexible packaging industry growth are stated underneath.

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Substantial use of flexible packaging across the food & beverages industry:

Food & beverages sector is one of the largest end-use segments of flexible packaging market, attributed to the extensive product use for packaging a wide array of food products. More than half of the food & beverage packing consist of the flexible options as the industry is an early adopter of flexible packaging. Food & beverage application sector is projected to account for a substantial percentage of over 55% of the market share by 2024.

Change in consumer demand pertaining to rapidly transforming lifestyles has resulted in growing inclinations toward ready-to-eat foods, frozen meals, snacks, and many other packaged food items. The increasing adoption of such food products will in turn fuel flexible packaging market growth.

Owing to the broad range of protective properties, the product increases the shelf life of packaged food items. The other abilities of compactness, standing upright on the store shelves, airtight closing and enabling the visibility of the content are further expected to augment flexible packaging market share from food & beverage applications.

Apart from improving the shelf appeal and providing convenience for transportation, the flexible packaging also enables strong marketing adaptability. These packaging and wrapping materials can be dynamically printed with innovative techniques, thereby fostering the product adoption on a large scale.

Extensive applicability across the healthcare sector to promote flexible packaging market growth:

The healthcare sector has been witnessing significant growth rate owing to the rising geriatric population. The sharp increase in the spending power of senior population around the globe is anticipated to augment the growth prospects of the pharmaceutical industry, which will further boost flexible packaging market size.

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The use of flexible packaging solutions allows the production of senior friendly healthcare packaging which are easier to open and seal, and this benefits the seniors as well the caregivers. Any improvement in packaging technologies will attract more buyers toward the healthcare products.

Increasing consumption of over-the-counter products is a major trend that will drive flexible packaging market outlook over the forecast period. Most of these drugs utilize the flexible stand up pouches which is expected to pump the industry expansion.

The prevalence of collaborations and takeovers between market players will bring about the innovation several customer friendly flexible packaging options for the healthcare products. for instance, Amcor completed its acquisition of Bemis which is anticipated to provide a great future for sustainable packaging.

Flexible packaging plays a key role in optimizing all different goals of packaging, such as branding, product protection, shelf appeal, and sustainability. This makes it a perfect choice for packaging application across different industry verticals, thereby widening the flexible packaging industry outlook. According to Global Market Insights, Inc., flexible packaging market size is projected to surpass USD 250 billion by 2024.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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