Albany, NY -- (SBWIRE) -- 05/12/2017 -- The global flexible packaging market has been gaining traction, thanks to the technological advancements in material science that have allowed key manufacturers to design innovative flexible packaging. Flexible packaging is comparatively easy to store and handle, making transportation of goods more convenient. By the end of 2016, the global market for flexible packaging is estimated to be worth US$238.5 bn and is projected to reach a value of US$358.7 bn by 2024. The market is expected to register a 5.20% CAGR between 2016 and 2024.

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Multiple Applications in Diverse Industries to Drive Demand for Flexible Packaging Solutions

The growing demand from end-user industries and improving manufacturing activities across the globe are the primary factors expected to drive the demand for flexible packaging products in the near future. In addition, cost-effectiveness and downsizing of packaging offered by flexible packaging are projected to contribute extensively towards the growth of the overall market. However, stringent regulations concerning packaging standards, recyclability, and reuse are the key challenges that are estimated to restrict the growth of the market in the coming years.

Nevertheless, the rising demand for sustainable packaging solutions, the emergence of innovative technologies, and substitution of traditional packaging types are projected to generate potential opportunities for key players in the global flexible packaging market. In addition, the growing demand from diverse industries is projected to encourage the growth of the market in the coming years.

Rising Demand for Ready-to-eat Foods to Propel Use of Flexible Packaging in Consumer Goods

The global flexible packaging market can be divided on the basis of material type into aluminum, paper, polymer, and cellulosic. Among these, the polymer segment is expected to lead the global flexible packaging market and reach a value of US$223.5 bn by the end of 2024. Furthermore, on the basis of product type, the market can be segmented into laminated tubes, vacuum pouches, gusseted bags, wicketed bags, squeezable bottles, retort pouches, stand-up pouches, converted roll stock, and others. The stand-up pouches segment is projected to lead the market and reach a value of US$85.9 bn by the end of 2024.

On the basis of application, the global market for flexible packaging can be classified broadly into consumer goods and industrial and institutional. The consumer goods segment can be further sub-classified into personal care, tobacco, food and beverages, and pharmaceutical. The consumer goods segment is estimated to reach a value of US$278.4 bn by the end of 2024. The high growth of this segment can be attributed to the growing number of nuclear families, swift rate of urbanization in developing economies, and rising demand for ready-to-eat foods worldwide. Among the consumer goods segment, tobacco, personal care, and pharmaceuticals are expected to witness robust growth in the next few years.

Asia Pacific to Witness Robust Growth with Rising Demand for Innovative Packaging Products

From a geographical perspective, Europe is projected to witness substantial growth and offer lucrative opportunities for flexible packaging manufacturers in the next few years. This region is projected to reach a value of US$117.7 bn by the end of 2024. Although the demand for flexible packaging products is expected to witness a downward trend in the next few years, the existing demand is large enough to be a very lucrative market for key players. On the flip side, Asia Pacific is anticipated to witness robust growth due to the rising demand for enhanced packaging products and an expanding consumer goods industry.

Browse the full Global Flexible Packaging Market report at http://www.mrrse.com/global-flexible-packaging-market

Some of the prominent players operating in the flexible packaging market across the globe are Schur Flexibles, Wipak Group, AR Packaging, Amcor Limited, Huhtamäki Oyj, Bemis Company, Sonoco Products Co., Ampac Holdings, Llc, Cellpack Packaging, Goglio Group, Clondalkin Group, Mondi Group, Berry Plastics Group, Inc., Sealed Air Corporation, and Südpack Verpackungen.

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