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Rising demands from the food and beverage sector to catalyze flexible packaging market business expansion by the end of 2024

Author : Ravi Chawat | Published Date : 2020-08-31 

Flexible packaging market trends are being driven by the ongoing plethora of changes in the packaging sector, that lately demands products equipped with robust heat and moisture resistance features, sustainable packages to combat carbon footprint, and unconventional packaging formats. The paradigm shift towards the food safety and consumer health has stimulated the product demand worldwide.

The competitive flexible packaging market landscape would allow the industry biggies to opt for digital printing. Alongside, rising technological developments and the e-commerce expansion in the developing economies, driven by India and China, would supplement the market outlook over the forecast period.

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Stringent government rules on the use of recyclable packages have kept various industry giants on their toes to manufacture and include recyclable packages to support the sustainable living cause, thereby propelling the market dynamics. As a matter of fact, Sonoco, a sustainable package manufacturer, recently introduced EnviroFlex PE recyclable polyethylene flexible packaging to its portfolio of sustainable packaging.

It has been observed that the business developers are opting for mergers, acquisitions, and strategic collaborations to endure their geographical presence and cater to the public needs. In regard to this, Amcor recently accomplished its acquisition of Bemis with an intent to offer a great future for the sustainable packaging.

It is prudent to mention that flexible packaging industry has emerged as one of the most transforming business spaces of late on the grounds of flexible and sustainable applications of the product.

According to a research report by Global Market Insights, Inc., the global flexible packaging market size is anticipated to be valued at USD 250 billion by 2024.

The global flexible packaging market is segmented into material, product, applications, and the regional outlook.

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Considering the material gamut, flexible packaging market is divided into polymer, aluminum, cellulosic, and paper material. Polymer material among these will gain massive traction through 2024, ascribed to the material’s superior high temperature properties, high strength, and oxygen and carbon dioxide barrier properties. Moreover, sliding preferences of the developers towards the material are likely to drive the product demand over the course of time.

According to credible sources, the polymer material segment held over 70 per cent of the global flexible packaging market share and is probable to grow at a CAGR of 5.5 per cent through 2024.

Based on the product segmentation, pillow pouches are projected to accrue noticeable gains in the upcoming years owing to the economical, higher filling capacity, and other characteristics of the product. Burgeoning product demands from the food industry would complement the business dynamics across the food and beverage industry.  

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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