The global Flexible Packaging Market is anticipated to reach $335 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the food and beverage segment accounted for the highest market share in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global Flexible Packaging market revenue in 2017.
The increasing
disposable incomes and growing demand for fast moving consumer goods drives the
growth of the flexible packaging market. Growing urbanization has resulted in
urban citizens spending most of their time at work and everyday commute, which
has increased the demand for convenient packaging for on-the-go consumption,
thereby supporting the flexible packaging market growth. Brand owners are
taking initiatives to optimize packaging operations to meet the global
competition, increase productivity, enhance shelf life of products, improve
overall efficiency, and create brand differentiation in the market. The demand
for new and unique packaging sizes, shapes and configurations has increased
from industries such as food and beverages, cosmetics, and healthcare among
others. The increasing need to offer convenient packaging solutions while also
addressing environmental concerns has boosted the flexible packaging market
growth.
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Numerous key
players have adopted partnership and acquisition strategies to increase their
market share in the global flexible packaging market. For instance, In December
2015, Mondi Group signed an agreement for the acquisition of 95% of the
outstanding share capital in KSP, Co. KSP is a flexible packaging company based
in South Korea with strong focus on production of high-quality spouted and retort
stand-up pouches for food, pet food and beverage industries. The acquisition of
KSP compliments Mondi’s stand-up pouch operations in Korneuburg, Austria and
Jackson, US while expanding its presence in U.S. and Asia. In July 2016, Mondi
Group also signed an agreement to acquire Uralplastic. Uralplastic manufactures
a range of consumer flexible packaging products for food, hygiene, homecare and
other applications. The acquisition of Uralplastic supports the development of
Mondi’s consumer packaging business, strengthens its presence in the Russian
consumer packaging market, and expands its offerings in the flexible packaging
market.
Asia-Pacific
generated the highest market share in terms of revenue in 2018 in the flexible
packaging industry, and is expected to lead the global Flexible Packaging
market throughout the forecast period. The growing population, rising
disposable incomes, and increasing living standards support the growth of
flexible packaging industry in the region. The increasing demand from the food
and beverage, and retail industry is expected to generate numerous
opportunities for the Flexible Packaging industry.
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The well-known
companies profiled in the Flexible Packaging report include Amcor Limited,
Mondi Group, Berry Plastics Corporation, Sonoco Products Company, American
Packaging Corporation, Novolex Holding Inc., Bemis Company, Inc, Constantia
Flexibles International GmbH, Ampac Holding, and Sigma Plastics Group.
These companies launch new products and collaborate with other market leaders
to innovate and launch new products to meet the increasing needs and
requirements of consumers.
