Flexible Packaging Market expected to grow at 5.92% CAGR by 2023
Global Flexible Packaging Market: By Material (Plastic, Paper, Aluminum), Products (Pouches, Bags, Wraps), Printing Technology (Flexography, Digital Printing), Application (Pharmaceutical, Food & Beverages, Personal Care) And Region – Forecast Till 2023
Flexible Packaging Market – Market Overview
Flexible packaging is essentially a package or container made of flexible or materials that, when filled or closed, can bend while still holding the shape. The materials used can be paper, plastic film, foil or any combination of these. Flexible packages are used for consumer and in industrial applications, to protect, market, and distribute a vast array of products. Flexible products include rollstock, bags, pouches, labels/wraps, lidding, shrink sleeves and stretch film.
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The market is driven by various factors such as increased consumption of processed foods & beverages, innovation in flexible packaging, and environmental advantage of flexible packaging. However, Flexible packaging has various restraints that hinder the market growth such as fluctuating raw material prices and stringent regulations on packaging material waste and recycling.
Amcor Limited (Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.) are some of the prominent players at the forefront of competition in the global flexible packaging market and are profiled in MRFR Analysis.
Flexible packaging Market – Competitive Analysis
Flexible packaging Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, manufacturers strive to develop products that can deliver optimal adhesion, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality.
On October 2016, Coveris launched Nextrus Boneless Shrink bags so as to offer innovation in sustainability and performance of the products.
In 2016, Hutamaki acquired FIOMO who is a manufacturer of flexible packaging foils and labels. By acquiring FIOMO, Hutamaki would expand its flexible packaging manufacturing in Europe and will be able to offer high quality off-set printing capabilities.
On April 29, 2016, Bemis Company Inc. acquired medical device packaging operation of SteriPack Group. This acquisition will diversify their presence in Ireland as well as packaging production assets in Malaysia and the U.S.
On 1st December 2015, Flair Flexible Packaging Corporation acquired NuPack Corporation (NuPack), so as to strengthen the flair’s approach in integrated supplier in the industry
Flexible Packaging Market – Segments
For the convenience of the report and enhanced understanding; The Flexible packaging Market is segmented in to 3key dynamics
Segmentation by Material – Plastic, Paper, Aluminum and Others
Segmentation by Product – Bags, Pouches, Wraps and Others
Segmentation by Printing Technology: Flexography, Digital Printing and Others
Segmentation by Application: Food & Beverages, Pharmaceuticals, Personal Care and Others
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Flexible packaging Market – Regional Analysis
The global Flexible packaging market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia-Pacific has accounted the largest market for Flexible packaging market followed by Europe and North America. Asia-Pacific region is comprised of countries such as China, India, and Japan, which are the leading exporters of goods to various parts of the world. The increasing exports from these countries is leading to the growth of the flexible packaging market. The booming e-commerce market in the region is also contributing to the growth of the flexible packaging market. The e-commerce market is boosted by the increasing internet penetration.
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