Sarasota, FL -- (SBWIRE) -- 12/20/2018 -- Global flexible packaging market was valued at approximately USD 228.56 billion in 2017 and is expected to generate revenue of around USD 299.76 billion by the end of 2024, growing at a CAGR of around 3.95% between 2018 and 2024.

The swift technological development and continuous improvement in the products have led to the upsurge in the packaging industry across the globe. With the help of these technological upgradations, the demand for flexible packaging is rising day to day. In addition, the emergence of sustainable and consumer-friendly packages has propelled the growth of the market. Moreover, with the help of flexible packaging, the products can be easily transported over long distances and are cost-effective in nature. Growth in the population has led to increased consumption of food in the developing nations. This has, in turn, fueled the demand for packaged food items which has a longer shelf life. Many organizations are significantly investing their capital in research and development in order to come up with exclusive and economical product packaging solutions to meet the consumer needs. Packaging food technologies are additionally evolving due to the changing consumer requirements, increase in the industrial production, and large generation of quality food products. Likewise, changes in retailing practices or customer's lifestyle, display significant changes and boost the market growth and development. The growing food sector in the developing nations will provide growth opportunities for the flexible packaging market. Also, the rising concerns for food and safety among the population are also fueling the growth of the market. Such factors are expected to drive the flexible packaging market growth over the forecast period.

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The flexible packaging market is segmented on the basis of material into aluminum foil, flexible foam, plastics, and paper. Plastics segment held major revenue share in 2017. The growth is attributed to its large usage in the food industry since it increases the shelf life of a food product.

Based on the product, the flexible packaging market has been divided into pouches, wraps, and bags. Pouches segment contributed a noteworthy revenue share in 2017. The growth is anticipated to its extensive usage in various end-user industries because of its graphics properties, lightweight, and suitability for easy-open attributes.

Based on end-user, the flexible packaging market has been categorized into pharmaceutical, food, household & personal care, and others. Food segment held the majority of the market shares in 2017. The growth is anticipated due to rise in convenience packaging. Regulatory bodies such as FDA (Food and Drug Administration) have formulated stringent rules and regulations regarding food safety because of the growing health concerns among the consumers.

The Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America are regional segments of the global flexible packaging market. The Asia Pacific held major revenue share in 2017 and is predicted to continue its regional superiority over the forecast period. The growth is accredited to the rising demand in the food sector. This main factor is anticipated to drive the industry growth in the region over the forecast period. North America region is expected to contribute to the highest growth rate. Growing disposable income, technological advancements, and the rising health consciousness are major drivers for the flexible packaging market growth and development within the forecast timeline.

Some of the industry players operating in the flexible packaging market include Constantia Flexible Group GmbH, Mondi Group, Sealed Air Corporation, Bemis Company, Inc., Clondalkin Group Holdings B.V., Sonoco Products Company, Amcor Limited, Coveris Holdings S.A., Huhtamaki Group, Ampac Holdings LLC, and others.

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This report segments the global flexible packaging market as follows:

Global Flexible Packaging Market: Material Segment Analysis

Plastic
Polyethylene
Polypropylene
PVC
BOPET
EVOH
Polyamide
Others
Flexible Foam
Paper
Aluminum Foil

Global Flexible Packaging Market: Product Segment Analysis

Pouches
Wraps
Bags

Global Flexible Packaging Market: End-User Segment Analysis

Food
Pharmaceuticals
Household Cosmetics & Personal Care
Others

Global Flexible Packaging Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa