North America Flexible Packaging Market – Growth, Trends, and Forecasts (2020 – 2025)
April 1, 2020The North America
Flexible Packaging market was valued at USD 38.6 billion in 2019 and is
expected to reach USD 51.2 billion by 2025, at a CAGR of 3.16% over the forecast
period 2020 – 2025. Owing to the aforementioned exceptional benefits, companies
are rigorously investing in flexible packaging technology. For instance, in
July 2018, PPC Flexible Packaging, an Illinois-based consumer packaging company
invested over USD 2 million in upgrading its equipment and facilities, which is
expected to positively impact the United States market.
The consumers enjoy the capability of carrying
their favorite food with them wherever they travel. As a result, innovation and
demand for flexible packaging are highly correlated with the consumer’s
lifestyle and behavior. For instance, the hectic lifestyle of a modern family,
owing to both parents being working professionals, requires eating on-the-go.
Moreover, consumers with the utilization of flexible packaging tend to reduce
food waste, which further fuels market growth over the estimated period.
According to Bureau of Labor Statistics, in the
United States, the monthly full-time employees from June 2017 to June 2018 has
increased about over 2%, owing to expansions and introduction of existing
businesses, which is likely to boost the market growth.
The primary raw materials required for flexible
packaging are plastic, paperboard, and laminates. The plastic processing
industry emits an enormous amount of greenhouse gas, which is a major component
of global warming.