Flexible Packaging Industry: Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges by 2024
According to the Flexible Packaging Association, flexible packaging is any package or any part of a package whose shape can be readily changed. Common examples of flexible packaging are bags and pouches. Flexible packages are used for consumer and institutional products and in industrial applications to protect the market and distribute a vast collection of products. The main advantage of using a flexible market is that flexible packaging is reusable. Features such as zip locks, spouts, and resalable seals make usage more convenient. Flexible packaging is made from high-grade materials. These bags use (FDA) Food and Drug Administration approved food grade materials that are contaminant free and perfectly safe.
Flexible Packaging Industry: Drivers and Restraints
Increased product shelf life and increasing demand for consumer-friendly packages and enhanced product protection drive the growth of the flexible packagings market. Moreover, the increase in demand from healthcare, cosmetics, food, and beverages and other agricultural products is fuelling the growth of the flexible packagings market. Innovation and technology have enabled flexible packaging manufacturers to use fewer natural resources in the creation of their packaging. Moreover, improvements in production processes have reduced water and energy consumption, greenhouse gas emissions and volatile organic compounds. However, stringent government regulations regarding polymer and recyclability of packaging material are likely to hamper the growth of the market. Furthermore, easy transportation and storage along with sustainable properties as well as the expansion of industry for export trading are the factors providing several growth opportunities for the key players in the flexible packagings market.
Flexible Packaging Industry: Regional Analysis
Among the geographies, Asia Pacific accounted for the largest share in the flexible packaging market followed by North America. The growth in the Asia Pacific region is attributed due to the large custom base for production and increase in population. Moreover, expansion of the E-commerce industry particularly in China, India, and Vietnam are anticipated to trigger the industry growth. Moreover, the establishment of new manufacturing units by the government of Mexico has resulted in the development of new manufacturing facilities in the North American regions. On the other hand, robust growth in the healthcare sector due to the huge demand from the pharmaceuticals is influencing huge demand for flexible packagings over the years to come.
Major Key Players in Flexible Packaging Industry
The report provides profiles of the companies in the global flexible packagings market such as Reynolds Group Holdings Limited, Mondi Group, Berry Plastics Group, Inc., Sonoco Products Company, Coveris Holdings S.A., Huhtamäki OYJ, Bemis Company, Inc., Sealed Air Corporation, Constantia Flexibles Group GmbH, and Amcor Limited.
