According to a report by Transparency Market Research (TAM), the flexible packaging market worldwide is expected to reach $99.1 billion by 2019.
The increasing demand from Asia Pacific and rest of the world is set to push the demand for this market from 18,666 kilo tonnes (KT) in 2012 to 24,728 KT by 2019.
During the past few years, flexible packaging has been used in various end-use industries. Starting from healthcare and pharmaceuticals to food and beverages, personal care etc, each of these industries has contributed significantly to the rising demand of such packaging.
Several leading analysts predict a favourable future for flexible packaging market. This is given credence by TAM’s report, which predicts this market’s growth at a steady 4.4% CAGR. According to this report, Asia Pacific is billed as the most profitable regional market for it. North America, Europe and rest of the world feature among the other important regional segments of this market.
It’s interesting to note here that another market survey report claims Europe’s flexible packaging market to grow at 5.62% CAGR over the period 2014-2019.
Future of Flexible Packaging Market
TAM’s report indicates that the healthcare industry has driven maximum demand for flexible packaging over the last couple of years.
However, this market’s future is set to experience rising demand from the food and beverages industry. The pharmaceutical industry too is likely to drive the demand north, which is predicted to touch $11.09 billion in 2019.
This rising demand from the pharmaceutical industry is expected to be created by some initiatives adopted for the maintenance of cleanliness and preservation of medical properties in drugs during packaging and in transit.
The future of flexible packaging will experience a change in the materials used, predict experts. Though plastic was extensively used earlier, some recent government proposals to bring down carbon footprints, along with increasing environmental concerns, have emphasized the demand for biodegradable packaging.
This trend is set to increase the demand and use for cellulose in the impending years. Since cellulose packaging is known to protect against external factors such as sunlight, apart from offering high durability, it will occupy a position of importance in the flexible packaging market during the next 4-5 years.
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