The summit aims to address and discuss some of the key issues facing the flexible packaging market across the globe by gathering together over 150 industry professionals and providing the opportunity to share and examine new developments and expanding markets in the Asia Pacific region. The participants include top government officials and company executives.
The summit would touch upon several topics pertaining to the flexible packaging industry, including market development prospects, trending technologies, digital printing for flexible packaging, and many more. It would also organise a panel discussion on how the future flexible packaging would evolve, which would include topics such as bio-based multilayer packaging films, sustainable flexible packaging from materials’ perspective, trends and innovation in flexible packaging printing and converting, and sustainable future for plastics film packaging.
According to a major study by Smithers Pira, a global research association for the printing industry, the global flexible packaging market is set to grow at a rate of 3.5% with an estimated value of over USD-231 billion by 2020. The rate of development and market expansion is said to be propelled by rising demand from consumer goods, food and beverage industries in developing economies. The report stated that the whole Asia Pacific region still constitutes the largest emerging market for flexible packaging with China, Vietnam and India embracing the highest growth rate and greatest market potential through 2018, which is also the reason that recent years have been witnessing increased strategic partnerships, mergers and acquisitions, asset exchanges, capacity expansions, and establishment of new manufacturing facilities in the region.
The report said: “Rapid replacement of rigid containers with flexible packaging, together with the growing applications of converted flexible packaging in end-use sectors are helping polish up the market's prospects. Flex packs featuring environmental friendly features, convenience, and superior barrier protection properties are expected to witness the highest market gains.”
The report further stated that technical advances have also dramatically changed how flexible packaging is viewed. “It’s no longer just a low-cost or expedient option for industrial goods and produces, flexible packaging has gained more popularity across a wide variety of consumer products, increasingly replacing metal cans, glass, rigid plastic bottles, and cartons. Product differentiation, technical development and innovation will continue to reign as key growth drivers for the industry,” it mentioned.
In addition, packaging design is said to provide the opportunity to maximise consumer appeal and ease of use. However, it should also incorporate a degree of price awareness, because many markets function with economics as a primary driving force. “Sustainable packaging is the ultimate goal closely associated with the whole flexible packaging value chain. Product safety is a top priority particularly for food and pharmaceutical products, which is receiving increasing attention worldwide,” the report stated.