According to a report by Transparency Market Research (TAM), the flexible packaging market worldwide is expected to reach $99.1 billion 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 for such packaging.
Several leading analysts predict a favourable future for the 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 the rest of the world feature among the other important regional segments of this market.
It’s interesting to note here that another food flexible packaging market survey report claims Europe’s flexible packaging market to grow at 5.62% CAGR over the period 2014-2019.
Future of the 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 preserving the chemical properties and protecting drugs during packaging, transport and storage.
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 emphasised the demand for biodegradable packaging.
This trend is set to increase the demand and use of 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.
Flexible Packaging Market – Global
In the upcoming years, the flexible packaging market is anticipated to expand significantly. A variety of factors are driving this market, including the rising demand for food and beverages, the growing popularity of e-commerce, and the increasing preference for convenient and sustainable packaging solutions.
Since big corporations are implementing tactics, the market is probably going to grow over the predicted time frame. Concerning this increase, the Asia-Pacific region is expected to be the fastest-growing market for flexible packaging due to the growing population, rapid economic development, and the increasing demand for packaged food and beverages.
To acquire a competitive edge in the market, major players in the flexible packaging industry are concentrating on growing their product portfolios and geographical reach.
Europe’s Important Role
It’s no secret that the European market has been on the rise in recent years. Thanks to a combination of factors – including a growing population and an increasing number of people entering the middle class – the continent has become an increasingly important player in the global economy.
In comparison to 2022, a new analysis projects the growth in the flexible packaging market at an unanticipated CAGR from 2022 to 2029, reaching multimillion-dollar levels.
The rising demand for convenience goods is one of the main factors behind this rise. As more people enter the workforce and have less time to cook meals from scratch, they are turning to pre-packaged and ready-to-eat foods that can be easily grabbed and eaten on the go. Since busy lifestyles are becoming the norm in Europe, this trend is particularly prominent there. As a result, flexible packaging on these types of products has increased.
Another factor that is driving growth in the European flexible packaging market is the region’s favorable demographics. Thanks to a combination of a young population and a large number of people entering the middle class, there is a growing audience for packaging-intensive industries such as cosmetics, food and healthcare.
The European flexible packaging market is also being bolstered by the continent’s status as a global manufacturing hub. Thanks to its skilled workforce and well-developed infrastructure, Europe is home to many of the world’s leading manufacturers of packaging machinery and materials. This makes it easy for companies to source their packaging needs from within Europe, which helps to drive down costs and improve efficiency.
All in all, Europe will continue to play an important role in the global packaging market in the years ahead. Thanks to favourable demographics and strong economic conditions, the continent is poised for significant growth in this area – making it an attractive destination for both manufacturers and investors alike.
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