CONSUMER AND PRODUCER PREFERENCE FOR CONVENIENCE AND INCREASED SHELF LIFE
Owing to its advantages over rigid packaging, both consumers and producers prefer flexible packaging. One of the significant benefits for the manufacturers and retailers is the reduced weight of the packaging. Flexible packaging protects food from supermarket shelves to pantries, by providing increased shelf life. The packaging industry also experienced the addition of new and effective films that are utilized as a part of the flexible packaging. Vacuum skin packaging and modified atmosphere packaging are some of the trending packaging solutions, which are being constantly developed, to cater to the end-users’ demands.
THE FOOD SEGMENT IS ANTICIPATED TO BE THE LARGEST
Flexible packaging offers the best and most affordable packaging options to the food industry, as it adds value and marketability to the food products. It ensures food protection and extends the shelf life of the products, providing an adequate protection from heat and other elements. Food products purchased through retail outlets need to be packaged in convenient and lightweight boxes, to ease the effort required by consumers while carrying them. Owing to the versatility of the materials, custom qualities, efficiency in resource conservation, and sustainability, flexible packaging has emerged as the preferred form of packaging in the food industry.
In the recent past, food consumption has witnessed a significant growth, thereby creating a considerable demand for packaged food products with extended shelf life and sterility. The dynamic structure of the food industry has been evolving, as different parts of the supply chain are considering innovative methods to meet the increasing needs of consumers. The global food industry has witnessed sales in excess of USD 4 trillion, every year, through retail sales. Packaging plays a crucial role in this segment, and leading global retailers have reiterated the importance of attractive and convenient packaging in sales. They are easy to operate, and are therefore considered to be the ideal solution to major societal challenges, such as, wastage of food and varying consumer lifestyles.
ASIA-PACIFIC SEGMENT EXPECTED TO HOLD THE DOMINANT SHARE IN THE GLOBAL FLEXIBLE PACKAGING MARKET
Asia-Pacific is anticipated to record the most robust growth in the global market during the forecast period. Asia-Pacific accounted for the largest share of 53.86% of the global market, with a net value of USD 841.58 billion. Among the individual markets in the region, Japan and China dominated the Asia-Pacific flexible packaging market. The significant factor contributing the development of the market is the export of flexible packaging material. Increasing demand for cheaper, lighter, and more convenient packaging makes flexible packaging a preferred choice in this region, and benefits, such as, recyclability and energy efficiency, also contribute to the growth of the market.
NOTABLE MARKET DEVELOPMENTS
Mondi Group and WWF announced the extension of their strategic partnership, which focuses on promoting environmental stewardship in the packaging and paper sector, by three years.
The flexible packaging market is fragmented and the key players include:
Bemis Company Inc.
Berry Plastics Corporation
With continuous innovations aimed at meeting the changing consumer preferences, these players accounted for the major share of the global market. Additionally, collaborations, partnerships, and business expansions helped them increase their market penetration further. To expand their product portfolios, the key market players have mainly used strategies, such as, acquisition and integration of startups.
Our report on the global flexible packaging market covers the following:
Market trends and dynamics
Latest news and developments
Porter’s five forces analysis
1.1 Key Study Deliverables
1.2 Key Study Assumptions
1.3 Market Definition
2. Research Methodology
3. Market Dynamics
3.1 Market Overview
3.2 Market Drivers
3.2.1 Increasing Industrial Demand for Down Gauging
3.2.2 Consumer and Producer Preference for Convenience and Increased Shelf Life
3.2.3 Recyclability and Reusability
3.3 Market Restraints
3.3.1 Stringent Environment Regulations
3.4 Industry Attractiveness - Porter's Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Degree of Competition
3.4.4 Threat of Substitution
3.4.5 Threat of New Entrants
4. Global Flexible Packaging Market
4.1 Market Segmentation - by Material
4.2 Market Segmentation - by Type
4.3 Market Segmentation - by End-User
4.3.3 Pharmaceutical & Medical
4.3.4 Personal & Household Care
4.4 Market Segmentation - by Region
4.4.1 North America
4.4.4 Latin America
4.4.5 Middle East & Africa
5. Competitive Intelligence - Company Profiles
5.1 Amcor Ltd
5.2 Bemis Company Inc.
5.3 Berry Plastics Corporation
5.5 Mondi Group
5.6 Sealed Air Corporation
5.7 Sonoco Products Company
5.8 American Packaging Corporation
5.10 Coveris Holdings Sa
5.11 Novolex Holdings Inc.
5.12 Winpak Ltd
5.13 Printpak Inc.
5.14 Sigma Plastics Group Inc.
5.15 Huhtamaki Oyj
6. Investment Analysis
7. Future of the Global Flexible Packaging Market
- Amcor Ltd
- Bemis Company Inc.
- Berry Plastics Corporation
- Mondi Group
- Sealed Air Corporation
- Sonoco Products Company
- American Packaging Corporation
- Coveris Holdings Sa
- Novolex Holdings Inc.
- Winpak Ltd
- Printpak Inc.
- Sigma Plastics Group Inc.
- Huhtamaki Oyj