Albany, NY -- (SBWIRE) -- 10/10/2016 -- According to TMR, the global flexible packaging market is expected to report a CAGR of 5.2% between 2016 and 2024. Expanding at this rate, the market is projected to reach US$358.7 bn by the end of 2024. By the end of 2016, the market is expected to be valued US$238.5 bn. Regionally, Europe emerged dominant in the global market and is poised to reach US$117.7 bn by the end of 2024. In terms of materials, the application of polymers in flexible packaging is anticipated to reach US$223.52 bn by the end of the forecast period.

Launch of Innovative Solutions to Ensure Proliferation of Flexible Packaging

Diverse innovative packaging solutions are launched over the past few years. According to the report, over 70% of the commercially available fresh fruit across developed nations are now stored using flexible packaging solutions. "The recent developments in the flexible packaging technologies have expanded their scope of use across the consumer goods sector, especially in the food and beverages industry," said a TMR analyst.

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Flexible packaging offers superior characteristics to a plethora of products. Besides being lighter and difficult to tamper with, the packaging also provides better barrier against germs by sealing the content within. The technology also helps in extending the lifespan of perishable products.

Recycling Limitations Can Inhibit Market's Growth

In today's world, it is absolutely necessary to recycle plastics and polymer products. With consumer industry coming into focus for the large quantity of plastic produced, they are at obligation to recycle the plastic produced after use. While recycling has never been a problem for majority of plastic types, but the presence of multiple layers of materials of different types can complicate the recycling process in case of flexible packaging. This creates obstacles for the market.

Nevertheless, with the increasing use of specialty films and bio-based materials, manufacturers are expected to mitigate the recycling-related concern in the near future. Specialty films can protect the packaged content better, while bio-based materials can help manufacturers forgo acquiring raw materials from petrochemicals.

The review is based on information published by TMR in a report, titled "Flexible Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024."

The global flexible packaging market has witnessed a considerable number of mergers and acquisitions in the last few years, driving consolidation in the market. A significant share of these marketing activities were conducted across Europe and North America, states Transparency Market Research (TMR) in a new study.

Nevertheless, some of the prominent enterprises such as Clondalkin Flexible Packaging Wentus, The Dow Chemical Company, and Amcor Limited are spearheading research and development in flexible packaging, which is projected to increase its scope for use significantly. The market is however fragmented with substantial opportunities for the entry of new players.