Rising demand for packaged foods, convenient packaging and substitutes for rigid packaging materials to drive global flexible packaging market through 2024
According to TechSci Research report, “Global Flexible Packaging Market By Product Type, By Material Type, By Printing Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global flexible packaging market is projected to reach $ 129 billion by 2024. Flexible packaging is basically a package or container made of flexible or easily yielding materials that, when closed or filled, can be readily changed in shape. The material for flexible packaging is generally plastic film, paper, foil or any of these combinations. Growing requirement for food and packaging and development of numerous production technologies are some of the major factors boosting global flexible packaging market. This increase in demand can be attributed to factors such as shifting lifestyle, technological improvements, modern retail trades and growing popularity of quick-service restaurants.
Browse 124 market data Figures and Tables spread through 110 Pages and an in-depth TOC on “Global Flexible Packaging Market“
Considering the application segments in global flexible packaging market, the market has been segmented into food & beverages, healthcare, cosmetics & toiletries and others. Of these sub-segments, food & beverages sector is the largest application segment, accounting for nearly one-third of the market in 2018. Increasing demand for packaged food including ready-to-eat food, frozen food, snacks and cake mixtures is expected to prompt manufacturers to enhance their production capacity, thereby expanding the demand for flexible packaging in the sector during the forecast period. As a result, food & beverages segment is likely to maintain its market dominance in coming years. Owing to rapidly growing food & beverages sector in Asia-Pacific, the region accounted for the largest market share in 2018 and is expected to continue its market dominance through 2024.
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“One of the significant trends propelling the demand for flexible packaging is global expansion of the pharmaceutical industry, which is register strong growth due to advancements in science and technology. In coming years, this trend is anticipated to continue, especially in developing Asian countries such as India and China. Such market developments would aid global flexible packaging market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Flexible Packaging Market By Product Type, By Material Type, By Printing Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global flexible packaging market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global flexible packaging market.
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