According to a new report published by Transparency Market Research "Flexible Packaging (Plastic, Paper, Aluminum Foil and Others) Market for Food & Beverages, Retail Non-Food, Pharmaceutical and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global demand for flexible packaging was valued at USD 73.56 billion in 2012 and is expected to reach USD 99.10 billion in 2019, growing at a CAGR of 4.4% from 2013 to 2019. In terms of volume, the demand was 18,666.0 kilo tons in 2012 and is expected to be 24,728.7 kilo tons in 2019, growing at a CAGR of 4.1% from 2013 to 2019.
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Increasing demand for flexible packaging in the healthcare industry is expected to be one of the key factors driving growth of the flexible packaging market. In addition, expansion of the food & beverages market, which is the largest application of flexible packaging, is expected to fuel the growth of the market. Furthermore, rising consumer preference towards light weight, durable and highly aesthetic flexible packaging is expected to significantly fuel the growth of the market over the next few years. However, volatility in the prices of crude oil which consequently affects the prices of its downstream chemicals is expected to hamper the packaging market adversely. Focused research and development activities on flexible packaging technologies have opened opportunities for the usage of nanotechnology in the formation of films and printing.
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Plastics have been extensively used in flexible packaging due to their high barrier properties, cost effectiveness and durability and accounted for over 70% of the market share in 2012. However, growing consumer demand for biodegradable packaging material due to rising awareness regarding ecology conservation is expected is boost the demand for cellulose over the next six years. In addition, cellulose has been popular than other packaging materials due to its high durability, protection from external environmental factors such as sunlight and high aesthetic value. These factors are expected to contribute significantly to the growing demand for cellulose.
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Demand for flexible packaging was highest from the food & beverages sector. Several regulations are being introduced and implemented across the world regarding packaging of pharmaceuticals due to various factors such as maintenance of hygiene, reduction of fraudulent drugs in the retail market and to retain the medicinal properties of the drug. Thus, flexible packaging is expected to witness the fastest growth in pharmaceutical within the forecast period and is expected to be valued at USD 11.09 billion in 2019.
Asia Pacific accounted for the highest demand in 2012, and is expected to be fastest growing region, rising at a CAGR of 4.4% from 2013 to 2019. This trend is expected to continue over the forecast period on account of rapid economic development in this region resulting in the growth of various industries such as food & beverages, personal care products and pharmaceuticals among others. Regions present in rest of the world are expected to witness a significant increase in consumption of packaging owing to economic development in countries such as Brazil.
The report gives a comprehensive view of the flexible packaging market in terms of volume and revenue. In addition, the report includes current demand analysis and forecast for each product and application in North America, Europe, Asia Pacific and Rest of the World.
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