Flexible packaging market to reach USD 250-bn by 2024

Flexible packaging shares a major portion in the packaging industry size. The shift in consumer preference towards convenient packing and ease to store and transport properties also supported the product growth.

Food and beverages flexible packaging market generated over USD 85-billion revenue in 2015. Changing lifestyle and eating habits, along with increase in consumer affordability leading to the industry growth in this segment. Rising preference for packaged and processed food owing to its extended shelf life properties and prevention from contamination will create notable opportunities for flexible packaging market growth.

Increasing application scope in healthcare, cosmetics and consumer goods industry owing to export trading expansion and eCommerce industry will fuel flexible packaging demand. Healthcare application will observe gains over 5% up to 2024. Regulatory support for sustainable healthcare product along with increasing consumer health consciousness will support industry growth.

Stand-up pouch is majorly preferred products because owing to its versatility in various end-user industry. Stand-up pouches market size is estimated to be valued over USD 75 billion by 2024. High barrier against moisture and oxygen, low material consumption and low costs are the factors positively influencing the product demand.

Pillow pouches will witness over 4% CAGR up to 2024. Rising demand from dairy products owing to better sealing, ease in transportation and cost effective properties has favored industry growth in this segment.

Stringent government regulations associated with petrochemical product usage and crude oil price instability due to political unrest will impact flexible packaging market price trend.

Polymer flexible packaging market was among the major revenue contributor in material segment, accounted for over 70% of the total industry volume in 2015. High durability, adaptability to modification and cost effectiveness properties supported the demand in this segment. Paper packaging market size was valued at over USD 15 billion in 2015. Increasing utilisation in pharmaceutical and medical industry to reduce contamination and infection will enhance product penetration.

Europe, led by Russia and Germany will observe gains over 3.5% up to 2024. Processed food and retail industry expansion are key stimulating factors fueling regional industry growth. China flexible packaging market was valued at over USD 8 billion in 2015, with revenue growth over 6% up to 2024. Food and beverage and pharmaceuticals were key revenue generating applications.

The US flexible packaging market from food & beverages was worth above USD 15 billion in 2015. Increase in disposable income, confectionary and dairy product portfolio expansion along with technological advancement in barrier materials are the key factors influencing the industry growth.

Latin America, driven by Brazil and Argentina, will witness CAGR over 4% by 2024. Increase in urban population, expanding e-commerce industry has fostered regional demand. Global flexible packaging market share is fragmented with the presence of numerous regional companies.

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