Flexible packaging products which are made up of polymer, paper, aluminum and cellulose add several features to products such as extended shelf life, reduce weight, appealing design, consumer convenience and many more. Preference of materials differ for primary as well as secondary packaging. Primarily, flexible packaging products are combination of films namely polyethylene, polypropylene, polyamide, biaxially-oriented polypropylene (BOPP), biaxially-oriented polypropylene terephthalate (BOPET), cast polypropylene, ethylene vinyl alcohol (EVOH). These films are single layered or multilayer layered, manufactured using polymeric films along with aluminum foil for increasing the shelf life. Polyethylene based flexible packaging solution continues to command the large pie of the global flexible packaging market in terms of value as well as volume. BOPP, BOPET and EVOH are anticipated to be the most attractive segment over the next few years, on the backdrop of increasing consumption of consumer products, as flexible packaging enhance the barrier properties. Major players are also focused towards sustainable packaging and innovative products. Thus, recycled paper and cellulosic material are also expected to witness substantial growth in flexible packaging market.
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In terms of demand, stand-up pouches, vacuum pouches and retort pouches are expected to reflect at higher CAGR during the forecast period. Retort pouches are projected to grow at a CAGR of around 6% during the same period, as it enables long term unrefrigerated storage of prepared food. These pouches are heat resistant up to 1210C, which prevent any catalytic activity and microorganism contamination. Additional attributes and benefits offered by flexible packaging such as high efficiency of retaining aroma, insulation from sealing and heating and resistance against moisture and strength are supporting the bolstered demand for flexible packaging, and anticipated to drive sales of flexible packaging products.
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By Application, flexible packaging market is segmented into consumer product segment and industrial & Institutional products segments. The consumer segment is anticipated to remain the dominant throughout the forecast period. However, the segment is anticipated to witness the moderate growth during the forecast period. Personal care sub-segment in the consumer segment is poised to reflect highest growth with projected CAGR of 6.3% till 2024. Regulation and safety concerns are prime factors which is anticipated to substantiate the demand for flexible packaging from pharmaceutical and personal care products industry. Furthermore, examining the customer behavior a large chunk of consumer product manufacturers and brand owners, which is also the leading buyer segment for flexible packaging products are revamping product packaging and largely opt for customized solutions.
On the basis of geography, the global flexible packaging market is segmented into North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). Asia Pacific (APAC) is expected to be the fastest growing segment during the forecast period. North America and Europe are relatively mature market and are more inclined towards sustainable packaging. Latin America market for flexible packaging is also projected to reflect a robust growth, but remain concentrated in fewer clusters of the regions. Meanwhile, Europe is reflecting mixed sentiment for flexible packaging demand, with moderate growth in western European countries and healthy growth rate in eastern European countries.
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Key players in the global flexible packaging market include Amcor Limited, Bemis Company, Inc., Sealed Air Corporation, Mondi Group, Berry Plastics Group, Inc., Huhtamaki Oyj etc.
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