The flexible Packaging market is anticipated to grow at 5.20% CAGR from 2018 to 2023, and it is estimated that the global market was valued at USD 42.64 billion in 2018 and is expected to reach USD 56.26 billion by 2023. A flexible package is defined as a package or container made of flexible or easily container made of flexible or easily yielding materials that, when filled or fruitful materials that, when filled or closed, can be readily changed in shape. Closed, can be readily changed in form. The construction can be of paper, plastic, plastic film, foil, or any combination of these.
Market Drivers and Restraints:
Increasing demand from healthcare, food and beverage, household goods, cosmetics and personal care, sporting goods, and other agricultural products will drive the growth of the flexible packaging market. Because of their lightweight features and ease of use, logistics companies are turning to flexible packaging materials, which drives market growth. Manufacturers are turning to flexible packaging because they produce less waste, needless storage space, and are easy to transport due to their lower use of raw materials. Technological advances, improved barrier properties, the development of thin elastic material, and innovations in high-speed filling systems will further accelerate market growth. The ease of transport and storage as well as the sustainable characteristics, have increased the demand for the product. The expansion of the export trading industry is a key factor that improves overall industry growth. However, strict regulatory requirements regarding polymer and recyclability of packaging materials may hamper the growth of the flexible packaging market. The price increases for aluminum and polymers due to political instability may influence the development of flexible packaging market prices.
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Report segmented as
Food and Beverages
Cosmetics & Toiletries
By Printing Technology:
Other Printing Technologies
Based on geography, the market is analyzed in several regions, namely North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The Asia-Pacific region accounted for most of the market. The economic development in India and China, as well as the expansion of the pharmaceutical and food industry, are lucrative growth factors. It is expected that Latin America will grow profitably in the coming years. Brazil and Argentina will be the main players in this region. Increasing the affordability of consumers in conjunction with the expansion of the e-commerce industry will support business growth. Russia will dominate the European flexible packaging market, and Germany will see significant growth in the coming years. Growing consumer demand for cosmetics and processed foods due to increased purchasing power will boost regional growth. The expansion in the confectionery industry, dairy and medical, technological advances in barrier materials along with retail business is rising, with bags backing the growth of the industry.
Important Market Players:
The market is dominated by companies like Amcor Limited, Bemis Company Inc., Constantia Flexibles Group GmbH, Sealed Air Corporation, HuhtamäkiOyj, Coveris Holdings S.A., Sonoco Products Company, Berry Plastics Group Inc., Mondi Group, and Reynolds Group Holdings.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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