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The emergence of bio-based and biodegradable films is the primary factor fuelling the growth of the global flexible packaging market. The use of these products is expected to offer sustainable solutions owing to the reduced dependency on fossil fuels.
Moreover, government support toward the use of environment-friendly products is projected to supplement the growth of the global flexible packaging market in the coming years.
The research study has offered a detailed analysis of the market, focusing on the latest trends and promising opportunities that lie ahead. A detailed overview of the competitive landscape of the global flexible packaging market has been provided in the study to give a strong understanding of the market. The key decisions and strategies adopted by the leading companies have been presented to guide existing and new players in framing effective business policies in the coming years.
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Global Flexible Packaging Market: Drivers and Restraints
The growing demand for flexible packaging for diverse applications is one of the primary factors augmenting the growth of the overall market. The growing need to ensure the quality and safety of products and preserve them from contamination and damage is driving the demand for innovative flexible packaging solutions worldwide.
Key players in the market are emphasizing on introducing effective products and expanding their product portfolio in order to reach a larger audience. This is expected to fuel the market’s growth in the coming years.
Furthermore, the growing awareness regarding hygiene and food safety and the increased shelf life enabled by flexible packaging are some of the other drivers anticipated to boost the global flexible packaging market.
On the other hand, concerns related to handling in specific applications and various recyclability issues are expected to restrict the growth of the market in the next few years. Nevertheless, the introduction of specialty films is likely to offer lucrative opportunities for market players.
Global Flexible Packaging Market: Region-wise Outlook
The global market for flexible packaging has been classified on the basis of geography into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. Among these, Europe is expected to lead the global flexible packaging market and account for a share of 32.80% by the end of 2024. Growth in this region can be attributed to the presence of a large number of manufacturing industries.
Key players in Europe are focusing on introducing new packaging formats and multilayer films in order to extend the shelf life of products. This factor is projected to augment the flexible packaging market in the region.
Asia Pacific is expected to witness robust growth in the global flexible packaging market in the next few years. The lucrative opportunities offered by this region is attracting the attention of new entrants and established players looking to expand their market penetration.
In addition, the swift economic development in Asia Pacific is boosting several industries, including personal care products, food and beverages, and pharmaceuticals. Countries in other regions are anticipated to witness a substantial rise in the consumption of packaging solutions owing to economic growth in developing countries.
Key Players Mentioned in the Research Report:
Constantia Flexibles Gmbh, Südpack Verpackungen, Wipak Group, Amcor Limited, Cellpack Packaging, Sealed Air Corporation, Mondi Group, Clondalkin Group, AR Packaging, Sonoco Products Co., Bischof + Klein International, Ampac Holdings, Llc, Huhtamäki Oyj, Bemis Company, Goglio Group, Schur Flexibles, and Berry Plastics Group, Inc. are some of the leading players operating in the flexible packaging market across the globe. The rising number of players participating in the market is expected to strengthen the competitive scenario in the next few years.