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Flexible Packaging (Cont’d from Page 3)

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ascended to the second-largest market globally, trailing behind China regarding packaging con- sumption. China recorded an estimated packaging consumption of around $214 billion, while North America reached approximately $203 billion. Pro- jections indicate that by 2022, China’s lead will fur- ther widen to $276 billion, rendering North Amer- ica’s market approximately 78 percent the size of China’s market in terms of value. Although developed regions like North America and Europe are experiencing lower growth rates, their substantial absolute size maintains their sig- nificance within the industry. Despite this, there are still discernible opportunities for growth within

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these regions. To illustrate the relative proportions, the industrial/transit packaging sector anticipates a rise in apparent consumption to approximately $78 billion for North America and $62 billion for Western Europe by 2022. This cumulative figure surpasses the forecasted total packaging demand for other Asian markets (excluding China and Ja- pan), estimated at around $129 billion. In the food sector, representing the most signif- icant consumer packaging segment, other Asian markets (excluding China and Japan) emerge as the primary emerging market, with a projected consumption of approximately $35 billion by 2022. However, it should be noted that this value re- mains significantly smaller than the combined to- tal of approximately $120 billion for North Ameri- ca and Western Europe ($69 billion and $51 billion, respectively). The food and beverages segment has historical-

To take advantage of this opportunity contact:

Greg Kishbaugh / 317-306-1060 / flexo@nvpublications.com

Robyn Smith / 910-553-4055 / rsmith@nvpublications.com

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Flexo Market News August 14, 2023 9

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