PMMI Assessment (Cont’d from Page 4)
A growing customer base for fast-moving consumer products and consumer durables in emerging coun- tries is one factor projected to drive the global market. Asian and European markets have been early adopt- ers of the format and continue to innovate in flexible packaging designs. • Flexible packaging is growing fast worldwide for use as primary packaging, owning the highest share (39 percent) compared to other packaging types in the market. • Plastic pouches will witness the largest growth (20 percent) among other flexible packaging types through 2022. • Global demand for consumer flexible packaging will continue its upward growth trend especially as developing economies continue to expand. USA & Canada — Est. Market Size by 2023: $44 bil- lion. CAGR: 3.16 percent from 2018-2023 Mexico — Est. Market Size by 2023: $4 billion. CAGR: 12.6 percent from 2018-2023 Asia — Est.Market Size by 2023: $49 billion. CAGR: 6 percent from 2018-2023 Europe — Est. Market Size by 2021: $41 billion. CAGR: 7.8 percent from 2018-2021. Trends: Convenience, Sustainability Convenient packaging and sustainability are two ma- jor trends companies cite as continuing to grow. As a result,manufacturers continue to accelerate their adop- tion of flexible packaging designs for on-the-go packag- ing and recloseability.Sustainability also continues to be a major focus, with manufacturers using compostable and biodegradable films to meet industry demands. Manufacturers continue to see a shift in products transitioning to flexible packaging where they had not used it before. Examples: Pouch production of canned products (e.g., sauces, soups, and processed meat). Also in demand are innovative dispensing functions that let consumers pour or consume products more easily. Example:Transition of some baby food formerly packaged in jars transitioning to pouches with an an- tiswallow closure feature. Many companies are trying to offer easy-open fea- tures, such as snap-toseal tops and press-to-close zip- pers, as convenience factors. Examples: Sour cream, shredded cheese, and lunch meats in flexible bags. Sustainability, Waste Reduction New ways manufacturers are exploring to drive sus- tainability include: • 3D printing, decreases cost through significantly cheaper molds;
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6 May 25, 2020 Flexo Market News
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