The global flexible packaging market was worth nearly US$ 108 Billion in 2018. Packaging is often termed as an economical means of providing protection, convenience, containment and compliance to a product during its storage, transportation, display, and usage. Flexible packaging refers to a package made of flexible and easily yielding materials that can be easily molded into different shapes. Flexible packaging is one of the rapidly growing segments of the packaging industry, combining the highest qualities of film, paper, and aluminum foil to provide a wide range of protective characteristics. These flexible packages can acquire the shape of a pouch, liner, bag or overwrap and it can resonate with any type of packaging. Various applications of flexible packaging in the food industry include packaging of ready-to-eat food items, boil-in-bag pouches, and foods that are often transferred from freezer-to-microwave. Packaging used for freezer-to-microwave type food is resistant to high temperature extremes and is a good moisture-resistant sealant as well. The non-food product applications of flexible packaging include insulation, cosmetics, and healthcare. The market is growing rapidly with flexible packaging ensuring food safety, enhanced value of food products, extended shelf-life, heating and moisture barrier, effective permeability, and ease of use. Consumers are also preferring this packaging type because of its commitment to convenience, aesthetic appeal and durability.
Catalyzed by advancements in packaging technology, the global demand of flexible packaging material is exhibiting strong growth. Moreover, the popularity of flexible packaging among consumers has also increased as it is a cost-effective alternative for storage issues, minimizes product wastage along with keeping the food safe and healthy. The pharmaceuticals and nutraceuticals industry have also been driving the demand of flexible packaging as it provides such industries with a sustainable and recyclable alternative that are based on polymers. Other factors that are currently driving the market include customizing ability, safety assurance, reusability, transparency, reliability, etc. Looking forward, the market value is projected to exceed US$ 140 Billion by 2024, exhibiting a CAGR of 4.3% during 2019-2024.
This report provides a deep insight into the global flexible packaging market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the flexible packaging industry in any manner.
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