Flexible packaging represents one of the fastest growing segments of the global packaging industry that significantly gains from technological innovations, and attractive economics. Growing concerns around sustainability has been compelling packaging companies to shift away from conventional rigid packaging solutions to rather embrace innovative, and environmentally-friendly counterparts as their potential substitutes. With a greater number of companies keeping a customer-centric approach, flexible packaging formats are likely to gain prominence in global market. Expansion of ecommerce, and advent of digital printing technology will further provide an additional push to market growth, says research.

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F&B Applications Contribute over 50% of Global Revenue

Research reveals that the F&B industry contributes the lion’s share to global market revenue, which is over half the total market valuation. Apart from the convenience, and high performance, the quest for better marketability, and greater storage efficiency of the chosen packaging formats. This is where flexible packaging formats will win the race over traditional counterparts as the former is penetrating masses, including both food, and non-food application areas. Lightweight bags, and pouches are expected to gain traction for unit packaging in segments like bakery, frozen food, meat and poultry, and confectionary. For their cost benefit in addition to ease of use, better functionality, safety, better moisture and heat barrier, extended shelf-life, effective permeability, and adaptability, flexible packaging formats also find application in packaging of products with higher liquid content. High durability, and excellent aesthetics further add to the market attractiveness of flexible packaging solutions worldwide. On the other side, non-food application areas include healthcare, beauty and personal care, and insulation.

Versatility of Pouches Remains Desired

Unprecedented growth of retail categories like ready-to-eat/ready-to-drink, freezer-to-microwave, and boil-in-bag is likely to bolster demand for flexible packaging formats like pouches, bags, and liners. Pouches will however continue to witness the most significant growth prospects, indicates research, attributing to an increasing preference for high-performance pouches over their commodity counterparts. The versatility of pouches will continue to win newer application areas as they offer multiple benefits, including greater food safety, reliable air-tight closures, and easy handling. Their ability to stand upright on store shelves is expected to push their adoption in retail to a greater extent. The customisable nature of pouches will especially account for their growing popularity in flexible packaging market.

Asia Pacific Promises Maximum Growth Opportunity

With over a third of the global market revenue, Asia Pacific continues to lead on the back of exploding ecommerce expansion, and booming processed and packaged food sectors, and thriving retail industry. A number of smaller packaging units have been springing up all over the region, especially across the fast-developing economies, thereby supporting market growth. Rising demand for medical, pharma, and related packaging solutions throughout the region is also likely to uphold the flexible packaging market during the period of forecast.

Competition Analysis

Amcor acquired Bemis Company Inc. in 2019, whereas earlier in 2018, Constantia Flexibles Group acquired a majority of shares of Creative Polypack Limited. Besides strategic acquisitions, key companies in the flexible packaging landscape are focused on mergers, and partnerships. Some of the leading market players that have been covered in the flexible packaging market report, include Mondi Group, Amcor PLC, UFlex Limited, Eagle Flexible Packaging, Constantia Flexibles Group GmbH, Bemis Company, Inc., Wheel Flexible Packaging, Ampac Holdings, Sanjeev Flexi-Pack Pvt. Ltd., Sonoco Products Company, Sealed Air Corporation, ProAmpac, Coveris Holdings S.A., and Clondalkin Group Holdings B.V.

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