According to a report by GMI, the global flexible packaging market will achieve 5% CAGR to cross $250bn up to 2024.
Dominated by China and India, the Asia Pacific flexible packaging market has contributed noticeably towards the overall share with USD 35 billion in 2015, and is projected to grow at more than 6% CAGR up to 2024. Emerging economics along with expanding processed food and pharmaceutical industry are the major factors driving the regional demand.
The flexible packaging market will grow lucratively over the coming seven years owing to the surging demand from various end-use sectors such as food and beverage, healthcare, personal care, and industrial.
Shifting trends toward convenient packing are influencing the manufacturers to adopt the flexible packaging techniques, driven by its lightweight characteristic.
In terms of products, the flexible packaging industry is segmented into standup pouches, pillow pouches, and four side seal pouches. Stand-up pouch is the most preferred product, owing to its versatility in various end-use applications. Stand-up pouches market size is estimated to account for a revenue share of USD 75 billion by 2024 owing to its attributing features such as high barrier properties against oxygen and moisture, low material consumption, and reasonable costs.
Pillow pouch packaging market is also linearly growing with the rising consumption of the product from diary and processed food &beverage industry. It is projected to register an annual growth rate of more than 4% over 2016-2024.
Food and beverage is one of the most prominent sector partaking in the flexible packaging market. It accounted for more than 50% of the total volume in 2015 and is projected to exhibit a substantial growth in the years to come. Upgraded living standards along with shifting consumer preference toward hygiene and food safety are positively influencing the flexible packaging industry share in this sector.
Driven by the increase in disposable incomes fueled by various supporting government regulations, health care application is poised to witness the highest growth over the coming seven years.
Key industry players will expand their product portfolio and regional presence through strategic collaborations and joint ventures. Amcor Limited, Sonoco Products Company, Constantia Flexibles Group, Sonoco Products Company, Bemis Company, and Huhtamaki Group are some of the major giants in flexible packaging market.