Flexible Packaging Market is expected to grow at 5.92% CAGR 2023

Market Research Future Published a Cooked Research “Global Flexible packaging Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023.    

Flexible Packaging Market – Market Overview

Flexible packaging is essentially a package or container made of flexible or materials that, when filled or closed, can bend while still holding the shape. The materials used can be paper, plastic film, foil or any combination of these. Flexible packages are used for consumer and in industrial applications, to protect, market, and distribute a vast array of products. Flexible products include rollstock, bags, pouches, labels/wraps, lidding, shrink sleeves and stretch film.

The market is driven by various factors such as increased consumption of processed foods & beverages, innovation in flexible packaging, and environmental advantage of flexible packaging. However, Flexible packaging has various restraints that hinder the market growth such as fluctuating raw material prices and stringent regulations on packaging material waste and recycling.

Technological advancements in packaging plays a vital role in driving the growth of flexible packaging market. Advanced technology in packaging has allowed companies for innovation in products instead of sticking to traditional methods of packaging. Due to this, many companies are investing in R&D and are coming up with advanced flexible packaging products with barrier resistance properties that offer resistance against heat and moisture and eliminates oxidation of foods. Such properties prove effective in maintaining the quality and consistency of food products while extending their shelf life without the use preservatives. For example, the shelf life of cucumbers is extended from three days to fourteen days when wrapped in polyethylene shrink wrap. Recent advancements in materials and production processes have reduced the weight of some flexible packages up to 50%, subsequently lowering product shipping costs while maintaining or improving product protection.

Flexible packaging offers various environmental advantages. It includes low raw material consumption, low carbon footprint, and relatively low waste produced as compared to conventional packaging formats. It also reduces energy usage, e.g. producing a flexible food service pouch requires 75% less energy and generates just 1 /10 of CO2 emissions during production than a metal can for the equivalent amount of product. Additionally, it uses around 60% less plastic than rigid plastics. These environmental advantages of flexible packaging are expected to drive its demand over the forecast period.

Accrediting the colossal growth the flexible packaging market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published  a meticulous study report giving out the complete market insight up till 2023. According to which, continuing with the same trends the global flexible packaging market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).