New report shows flexible packaging growth, predicts continued growth
Reportbuyer.com says consumer preference for convenience is fueling growth
Reportbuyer.com (reportbuyer.com) just published a new market research report: Flexible Packaging Market by End-Use (Food, Beverage, Personal Care & Pharmaceutical), Material (Polypropylene, BOPP, CPP, Polyethylene, EVOH, PA, BOPET, PVC, Aluminum, Paper, Cellulosic) - Global Trends & Forecast to 2018
The global flexible market has made little strides in terms of value and regaining the volume lost during the economic slowdown. However, the market has grown considerably in the last few years and is expected to grow at a faster pace in the near future. Factors such as growing consumer preferences towards consuming convenient packaged food & beverages, personal care products, and pharmaceutical is helping this global packaging industry to grow. Increasing innovations in the packaging industry help to drive down the cost and new package types act as an important driver for the flexible packaging market.
This global packaging market value was $73,825.3 million in 2012 and is projected to reach$99,621.9 million by 2018, growing at a CAGR of 5.1% from 2013 to 2018. The end-use sectors are exhibiting buoyant growth driven by population growth and rising disposable incomes. This global market was dominated by the food segment both in value and volume terms. Polyethylene and polypropylene were the most dominant raw materials used for flexible packaging. Cellulosic was the fastest growing market.
The global flexible packaging market is largely driven by the growth in its end-use industries. The penchant for consumption of packaged products such as packaged food & beverage, personal care products, and pharmaceuticals is resulting in its growth. Consumers' push for convenient packaging would result in the growth of the pouches, sachets, bags, and other types of flexible packaging. These novel pack types with varying sizes and innovative closures are expected to gain momentum in the near future.
This market consists of various stake holders, such as packaging manufacturers, traders, distributors, and raw material suppliers of food, beverage, personal care products, pharmaceuticals, and flexible packaging products. The companies enjoying substantial market share are Amcor Ltd. (Australia) which accounted for a significant share of around 28% in the total packaging market. The key players of the global packaging market focus on the growth of their acquisitions with the main objective being increasing their market presence. Top six players in the packaging held a share of around 58% depicting participation of a large number of players in this market.