Food and pharma demand for green packaging transforms the flexible packaging coatings market
The flexible packaging coatings market is set to witness robust growth due to the increasing need to enhance the shelf life of products in the North American food and pharmaceutical industries. Packaging coatings for the food segment holds the largest market trailed by the pharmaceutical sector. The latter trails as a result of the stringent regulations and long duration taken for product launch, making pharmaceuticals a less ventured sector. Rising consumer preference for lightweight products and the need to improve the quality of packaged contents are opening new avenues for market expansion of flexible packaging coatings.
Recent analysis from Frost & Sullivan (frost.com), North American Flexible Packaging Coatings for the Food and the Pharmaceuticals Markets (http://www.frost.com/nf82), finds that the market earned revenues of $1.44 billion in 2014 and estimates this to reach $1.97 billion in 2021. The study covers heat seal coatings, cold seal coatings, barrier coatings, co-extrusion primers and functional additives.