The vendor landscape of the global flexible packaging market features a highly fragmented and competitive nature, with low entry-level barriers to new entrants, observes Transparency Market Research in a recent report. The market has, however, witnessed a decent rise in the number of mergers and acquisitions in the past few years, adding to the level of consolidation. A significant number of these mergers and acquisitions took place in North America and Europe. Leading players in the market, including Clondalkin Flexible Packaging Wentus, The Dow Chemical Company, and Amcor Limited are spearheading innovation and developmental activities, making their way into new areas of applications.
Transparency Market Research estimates that the global flexible packaging market will exhibit a healthy 5.2% CAGR from 2016 to 2024, rising from a valuation of US$238.5 bn in 2016 to an opportunity of US$358.7 bn in 2024.
Stand-up Pouches to Continue to Remain Most Preferred Flexible Packaging Type
In terms of product type, the global flexible packaging market observed the dominance of the stand-up pouch segment in 2016. The segment, by the end of the report’s forecast period, is expected to generate revenue of approximately US$85.9 bn. The leading stance of this segment can be attributed to the ease of storage of a variety of products in stand-up pouches, effective extension of shelf life for fluid products, and an above-average capability of taking on flexographic printing, aiding marketing practices.
From a geographical perspective, Europe is expected to retain its leading position in the global flexible packaging market despite witnessing growth at a stagnant or low pace. The market for flexible packaging in North America is also expected to witness stagnant growth opportunities. Owing to the thriving food and beverages and consumer goods sectors, the market for flexible packaging in Asia Pacific is expected to witness highly promising growth opportunities.
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Developments in Packaging Materials and Technologies to Continue to Drive Market Growth
The global flexible packaging market has significantly benefitted from the vast developments observed in the fields of packaging materials and packaging technologies over the past few years. These developments have allowed for a massive scope of use for flexible packaging across a number of end-use sectors and product varieties, especially in the food and beverages, consumer goods, and pharmaceutical sectors. Other factors, such as the low weight of packaging, easy identification of tampering on the packaging, help in extending shelf life of perishable products, and provision of effective barrier against foreign adulterations also drive the increased demand for flexible packaging across a number of end-use sectors.
Complications in Recycling Flexible Packaging Could Hinder Market Growth
Use of multiple layers of a variety of materials in case of flexible packaging such as, for instance, plastic-metal packaging makes the process of recycling the waste generated highly complicated. This is especially true when it comes to the recycling of plastics, which are relatively easy to recycle when used alone for packaging purposes. As environmental sustainability norms become stricter, this limitation of flexible packaging could emerge as one of the key challenges ahead of the global flexible packaging market in the next few years.
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