PMMI Analyzes Flexible Packaging Market
PMMI,The Association for Packaging and Pricessing Technologies has released its Flexible Packaging Mar- ket Assessment 2019 . Most industry experts foresee continued growth in the flexible packaging industry, fueled by two developments: increasing consumer de- mands for convenient packages, and an industry push for sustainable, shelf-ready product designs. Respondents and industry experts estimate the glob- al flexible packaging market will grow at a rate of 3.9
percent CAGR1 through 2023 to ~$291.6B.The flexi- ble packaging market in the U.S. and Canada are esti- mated to achieve $44B by 2023. •The U.S. flexible packaging market witnessed accel- erated growth of 61 percent from 2000 through 2017 (shown right) and is projected to increase in almost all end use segments of the industry. •The growth in flexible packaging is due to consum- er preferences for convenient packaging, as well as in- dustry demands for sustainable and consumer-friendly packages. Food is the largest end-use industry for flexi- ble packaging: it accounts for nearly half of the flexible packaging used.The food industry was an early adopt- er of flexible packaging and has experienced strong growth due to rise in convenient packaging for ready- to-eat foods, snacks, frozen meals, and cake mixes. •Two segments — processed fruits & vegetables and baby food — are expected to outperform the overall food market, achieving over 2 percent growth.Growth for both of these segments is being driven by demand for pouch packaging and convenience options. Globally, pouches account for the majority of the flex- ible packaging used. Pouches are the fastest growing category and within that, the pillow pouch is the pre- dominant format (39 percent). However, retailers such asWalmart are pushing manufacturers toward stand up pouches (SUP),which are viewed as shelf-ready. (Cont’d on Page 6)
4 May 25, 2020 Flexo Market News
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