Global flexible packaging market size has expanded owing to rapid development of suitable materials to meet burgeoning demand from various sectors such as healthcare, food and beverage and personal care. These packaging materials render reduced wastage and protection from various vulnerabilities like moisture, heat, and dust. Additionally, technological advancements in thin elastic materials will support product adoption over the years.
Surging demand of consumers for convenient, reliable and safe packaging will steer the industry dynamics. There is an increasing presence of flexible packaging companies across the globe to meet the requirements of several crucial industries along with the aim to maximize business profits. These include Clondalkin Group Holdings BV, Wipak Group, Mondi Group, Sealed Air Corporation, Ampac Holdings, and Ukrplastic, among various others.
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Rise in disposable income among people along with changing consumption patterns has driven developments in the food and beverage industry. With an evident increase in the number of working men and women worldwide, the need for on-the-go packaged food and beverages has witnessed an unprecedented rise. Flexible packaging for food locks the freshness of the product and ensures safe transportation of the item as well.
In the year 2015, flexible packaging market accumulated revenue worth USD 85 billion from food and beverage applications and will witness accelerated growth in the near future owing to constant innovations in the sector. Along with enhancing the shelf life and facilitating simplified logistics, the product also provides superior marketing adaptability. The packaging materials may be printed with innovative techniques, driving the attention of the consumers.
High purchasing power among people in Europe is widening the food and beverage sector operations to meet the need for alcoholic beverages. Increased growth of the retail sector in countries like Germany and Russia leading to higher rate of employment is propelling the demand for processed food. Reportedly, by 2024, Europe flexible packaging industry size, driven by Germany and Russia will showcase gains of more than 3.5%.
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Boom in e-commerce industry due to increasing internet penetration across the globe and a wide variety of products offered online at considerably cheaper price will amplify flexible packaging market forecast. Export of products domestically or across international borders due to growing sales online will generate the need for a robust packaging material.
Rise in urbanization in emerging nations such as Latin America is fueling rapid advancements in e-commerce sector. The availability of many regional flexible packaging companies like, Sonoco Products, Constantia Flexibles Group, Amcor Limited, Bemis Company, and Huhtamaki Group will supplement industry forecast. Reports estimate that Latin America flexible packaging market size led by Brazil and Argentina will register CAGR of more than 4% through 2024.
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