The global flexible packaging market is very fragmented and because of the numerous players in the market, the nature of this market is very competitive. The entry level barriers is low and therefore the flow of new entrants is high, states Transparency Market Research in a recent report. The market is now witnessing a rise in the number of mergers and acquisition activities in Europe and North America mostly, which will result in consolidation of the market shares. Some of the key players in the flexible packaging market are: The Dow Chemical Company, Clondalkin Flexible Packaging Wentus, and Amcor Limited.
As per Transparency Market Research, the global flexible packaging market will be worth US$358.7 bn in 2024. On the basis of product, the demand for stand-up pouch is higher and is estimated to generate revenues close to US$85.9 bn by 2024. The ability to store a variety of products and high shelf life for liquid products will boost the demand for stand-up pouch. On the basis of geography, the market is anticipated to be led by Europe, followed by North America. The thriving food and beverages sector will help the market in Asia Pacific region to be promising in the coming years.
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Technological Advancements And Developments In Packaging Materials And Packaging Technologies Behind Growth Of Market
The number of developments in the field of packaging materials and packaging technologies in the last few years has significantly impacted the global flexible packaging market in a positive manner. These developments have helped boost the scope of use for flexible packaging for various end use application areas as well as product varieties in the food and beverage, pharmaceutical, and consumer goods sector. This in turn has led to the growth of this market.
Some of the other factors behind the increasing demand for flexible packaging include light weight of packaging, increase shelf life of perishable products, easy identification of tampering on the packaging, and effective resistance against foreign adulteration.
Complicated Recycling Process of Different Materials Used for Flexible Packaging to be an Issue
While there are many benefits of flexible packaging, there are a few issues which is expected to restrict the growth of the market. The use of multiple layers of a variety of materials in this form of packaging makes recycling a difficult and complicated procedure. In many instances the combination of plastic and metal is used for flexible packaging which makes the recycling process difficult because plastic is easy to recycle as compared to metals. With environmental sustainability norms becoming stringent why the day, the aforementioned issues with regards to flexible packaging will act as a challenge for the market.