Europe Flexible Packaging Market to witness 3.5% CAGR up to 2024
May 23, 2018U.S. Flexible Packaging Market from food & beverages was worth above USD 15 billion in 2015. Increase in disposable income, confectionary & dairy product portfolio expansion along with technological advancement in barrier materials are the key factors influencing the industry growth.
Latin America, driven by Brazil and Argentina will witness CAGR over 4% by 2024. Increase in urban population, expanding e-commerce industry has fostered regional demand. Global flexible packaging market share is fragmented with the presence of numerous regional companies. Amcor Limited, Sonoco Products Company, Constantia Flexibles Group, Huhtamaki Group and Bemis Company are the key industry participants.
Flexible Packaging Marketsize is estimated to surpass USD 250 billion by 2024; according to a new research report by Global Market Insights, Inc. Improved barrier properties, technological advancement in thin elastic material along with reduced wastage are key trending factors driving the flexible packaging market growth. Superior sealing, heat insulation and barrier against moisture makes the product more attractive for end user industry. Flexible packaging shares a major portion in the packaging industry size, shift in consumer preference towards convenient packing and ease to store & transport properties supported the product growth.
Food & beverages flexible packaging market generated over USD 85 billion revenue in 2015. Changing lifestyle and eating habits along with increase in consumer affordability leading to the industry growth in this segment. Rising preference for packaged & processed food owing to its extended shelf life properties and prevention from contamination will create notable opportunities for flexible packaging market growth.
Increasing application scope in healthcare, cosmetics and consumer goods industry owing to export trading expansion and e-commerce industry will fuel flexible packaging demand. Healthcare application will observe gains over 5% up to 2024. Regulatory support for sustainable healthcare product along with increasing consumer health consciousness will support industry growth.
