Flexible Packaging Market Expected To Reach $342B The global flexible packaging market is expected to reach $342.85 billion by the end of the forecast peri- od at Compound Annual Growth Rate of 5.92 per- cent, according to a new repor t from Market Research Future. The flexible packaging market is compelled by sev- eral factors such as increased consumption of packed and wrapped foods & beverages. Moreover, environ- mental benefits of flexible packaging are also stimu- lating the growth of the market. On the basis of the regions, the global flexible pack- aging market has been segmented into North Ameri- ca, Europe,Asia Pacific, and Rest of theWorld (RoW). Asia Pacific region accounted for the 29.41 percent share of the market in 2016, in terms of value. It is ex- pected to grow at a CAGR of 6.18 percent during the forecast period. Exponential growth in the packaging industry in Asia Pacific region is the key factor fuel- ing the growth of the market. Increasing numbers of supermarkets in the region will also likely to boost the demand for flexible packaging products. China, India, Japan, and Thailand are the main contributors to the Asia Pacific market. China accounts for the largest market share in the region due to rapid urban- ization and industrial development. North America is another major flexible packaging market in the globe. Expansion in confectionery, dairy, and medical industry, technological advance- ment in barrier materials coupled with rising retail business, stand up pouches usage are likely to trigger the industrial growth for North America. The pouches segment accounted for the largest, 36.46 percent share of the market in 2016, with a mar- ket value of $85.45 billion and is projected to grow at the highest CAGR of 6.95 percent during the forecast period. It is most widely used flexible packaging prod- uct. It is available in different types such as stand up pouches, retort pouches, and pillow pouches. The stand-up pouches are displaying high growth rate due to high barrier properties against moisture and oxy- gen coupled with low material usage and cost-effec- tive properties. Bags segment was the second-largest market valued at USD 75.79 billion in 2016. The flexography segment accounted for the largest market share of 45.54 percent in 2016, with a market value of $10.6.72 billion and is projected to grow at the highest CAGR of 5.59 percent. The food & beverages segment dominates the glob- al f lexible packaging market with 38.16 percent share in 2016, in terms of value. It is expected to grow at a CAGR of 6.12 percent.
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4 December 24, 2018 Flexo Market News
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