Flexible Packaging Increasingly Used in Primary Packaging, Spurring Demand for it in Consumer Goods Industry
The global market for flexible packaging is expected to be valued at US$238.5 bn by the end of 2016 and US$358.7 bn by the end of 2024. This will be achieved through a projected CAGR of 5.2% from 2016 to 2024 in revenue. In terms of materials, a majority of the global flexible packaging market uses polymers. By the end of 2024, the usage of polymers in flexible packaging is expected to be valued at US$223.5 bn, much more than the other segments such as cellulosic and aluminum. Stand-up pouches are expected to remain the leading product type manufactured in flexible packaging. By the end of 2024, stand-up pouch products are expected to generate a revenue of US$85.9 bn. Its leading demand is attributed to the ease of storage of stand-up pouches, superior extension of shelf life for fluid contents, and above average abilities of taking on flexographic print. Europe Demand for Flexible Packaging to Stagnate in Growth but Continue to Dominate The demand for flexible packaging in Europe is expected to grow at a nearly stagnated rate. However, the volume of demand is already high enough to achieve the leading position among key regions till 2024. By the end of 2024, the revenue generated by Europe flexible packaging manufacturers is expected to reach US$117.7 bn. The demand for flexible packaging in North America is similarly saturated. The Asia Pacific region is expected to provide a shot in the arm for globally prominent flexible packaging manufacturers by displaying an above average rate of increase in demand.
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