Sellbyville, DE -- (SBWire) -- 03/06/2019 --Global Market Insights, Inc. add New Flexible Packaging Market report provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.
Flexible Packaging Market size is estimated to surpass USD 250 billion by 2024. Improved barrier properties, technological advancement in thin elastic material along with reduced wastage are key trending factors driving the flexible packaging market growth. Superior sealing, heat insulation and barrier against moisture makes the product more attractive for end user industry. Flexible packaging shares a major portion in the packaging industry size, shift in consumer preference towards convenient packing and ease to store & transport properties supported the product growth.
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Polymer flexible packaging market was among the major revenue contributor in material segment, accounted for over 70% of the total industry volume in 2015. High durability, adaptability to modification and cost effectiveness properties supported the demand in this segment. Paper packaging market size was valued at over USD 15 billion in 2015. Increasing utilization in pharmaceutical and medical industry to reduce contamination and infection will enhance product penetration.
Europe, led by Russia and Germany will observe gains over 3.5% up to 2024. Processed food and retail industry expansion are key stimulating factors fueling regional industry growth. China flexible packaging market was valued at over USD 8 billion in 2015, with revenue growth over 6% up to 2024. Food & beverage and pharmaceuticals were key revenue generating applications.
- Flexible Packaging Market By Product
- Pillow pouches
- Stand-up pouches
- For side seal pouches
- Others (Retort pouches, blisters, lidding, portion packs)
- Flexible Packaging Market By Application
- Food & beverage
- Personal care
- Healthcare
- Industrial
- Others (Retail)
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Asia Pacific flexible packaging industry dominated by China and India, contributed noticeably toward the overall share with USD 35 billion in 2015, and is projected to grow at a CAGR of 6% over 2016-2024. Emerging economics along with expanding processed food and pharmaceutical industry are the major factors driving the regional demand.
Latin America dominated by Argentina and Brazil accounted for a revenue of USD 5 billion in 2015 and is slated to grow at an annual rate of 4% over 2016-2024. E-commerce market expansion triggered by consumer affordability will further propel the regional industry growth.
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Key industry players will expand their product portfolio and regional presence through strategic collaborations and joint ventures. Amcor Limited, Sonoco Products Company, Constantia Flexibles Group, Sonoco Products Company, Bemis Company, and Huhtamaki Group are some of the major giants in flexible packaging market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
