Flexible Packaging Market to Mark a Highest CAGR of 4.7% Through 2022: Grand View Research Inc.

The global flexible packaging market size is expected to reach USD 293.03 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.7% during the forecast period. Growing demand for the product in the food and beverage sector is expected to stir up the growth of the market over the forecast period.

Plastic is the most widely used raw material for flexible packaging. Rising adoption of compact packaging has given impetus to the demand for flexible bags and pouches, encouraging entry of new market participants in the near future. These materials have high potential in the market on account of rising consumer preference, low shipping costs, and less storage requirements.

The global flexible packaging market size was valued at USD 221.82 billion in 2016. It is expected to expand at a CAGR of nearly 4.7% during the forecast period. Growing food requirement on account of increasing population in Asia Pacific, particularly in India and China, is one of the key trends bolstering market growth.

The packaged food market in the U.S. and Europe has grown tremendously in recent years. Development of production technologies, use of case ready packaging, and improved packaging practices are anticipated to work in favor of the market. In addition, advancements on processing technologies in the food sector in the U.S. and countries of European Union is estimated to further augment packaged foods market, which in turn will escalate the demand for flexible packaging.

Major companies focus on innovation to cater to target consumers by launching products in extremely small size packs such as pillow packs and sachets, which comprise diverse products from shampoos, conditioners, face creams, and toothpastes to chewing tobacco and other related goods. In addition to this, savory snacks, condiments, and biscuits have been launched in smaller packs to cater to the rural market.

Majority of the manufacturers are integrated across various stages of the value chain as the demand for the product is largely dependent on requirements of various applications including food & beverages, cosmetics, and pharmaceutical industries. Food and beverages is the largest application segment on account of rising demand for increased shelf life and easy disposal and variety of containers.

Access Research Report of Flexible Packaging Market @ https://www.grandviewresearch.com/industry-analysis/global-flexible-packaging-market

Further Key Findings from the Report Suggest:

·       The global flexible packaging market is anticipated to reach 26,706.3 kilotons by 2022, rising at a CAGR of 3.8% from 2015 to 2022

·       In terms of revenue, the plastic segment is projected to exhibit a CAGR of 4.7% over the forecast period

·       The food and beverage industry dominated the market with a share of over 80% in 2014

·       The North America flexible packaging market is anticipated to exceed 5,207 kilotons by 2022

·       Europe is projected to witness a remarkable growth rate of 4.5% over the forecast period, owing to increasing demand from the food and beverage sector of the region

·       Asian countries especially India and China are expected to observe a remarkable growth in the coming years

·       The market is partially consolidated and competitive in nature, with presence of several global multinational players

·       Some of the key companies present in the market are Guardian Industries; Bemis Company, Inc.; Mondi; Huhtamaki Group; Amcor Limited; and BASF SE.

Grand View Research has segmented the global flexible packaging market report on the basis of raw material, application, and region:

Flexible Packaging Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2012 - 2022)

·         Paper

·         Aluminum foil

·         Plastic

·         Bioplastic

Flexible Packaging Application Outlook (Volume, Kilotons; Revenue, USD Million, 2012 - 2022)

·         Food & Beverages

·         Pharmaceutical

·         Cosmetics

·         Others

Flexible Packaging Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2012 - 2022)

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Access Press Release of Flexible Packaging Market@ https://www.grandviewresearch.com/press-release/flexible-packaging-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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