The size of the flexible packaging market was around 19, 893.8 kilotons (KTs) in 2014. Flexible packaging is the fastest growing sector among all packaging products. Its advantages include light weight, easy disposal, minimal raw materials, and availability in containers. Impending demand for ready-to-eat foods with disposable packaging in Asia Pacific has opened up new market avenues. The market is projected to collect incomes worth about USD 293.1 billion by 2022.
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Compact packaging, the newest trend in flexible packaging, has created demand for flexible bags and pouches. This allows new players to enter the flexible packaging market. But, fluctuating prices of raw materials could create an obstacle for the market. Strict regulations regarding food contact and pharmaceuticals would also pose a market challenge. Current market players aim to replace synthetic materials with bio-based ones to gain eco-friendly benefits over petro plastics.
Plastics, bioplastics, and paper are the raw materials for making flexible packaging products. Plastics accounted for nearly USD 160 billion in 2014. They are particularly used in the food & beverages sector. Bioplastics were the fastest growing segment in 2014. They are used for bakery, snacks, and confectionery packaging on account of their recyclable nature. Bioplastics would observe around 15.4% CAGR from 2015 to 2022 (forecast phase). Paper is expected to register about 3.3% CAGR in the same phase.
Food & beverages, pharmaceuticals, and cosmetics are the applications of the flexible packaging market. Food & beverages was the largest application in 2014, accounting for 15, 935.4 KTs. Flexible packaging allows convenient storage and easy disposal, making it a viable option for the application. Pharmaceuticals were the second largest segment and worth more than USD 16 billion in 2014. Cosmetics accounted for over 980 KT in 2014.
On the basis of geographies, Asia Pacific accounted for more than 35% of the total volumes in 2014 and dominated the flexible packaging market. The region had a size of over 7, 800 KTs during the same year. Rising population and urbanization in India and China will spur the region in the next seven years. Europe had the second largest market share. It generated revenues of more than USD 54.7 billion in 2014.
Robust cosmetics production, combined with cosmetics demand in France, Italy, and Germany, is likely to boost the region. Key players of the global flexible packaging market comprise Bemis Company, Inc., Amcor Ltd., Wipak Group, American Packaging, and Ukrplastic.
Information Source: Radiants Insights