Market Research Future (MRFR) estimates the global converted flexible packaging market to reach USD 104,999.8 million at a CAGR of 5.31% from 2020 to 2027 (forecast period).
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Numerous Factors Contributing to Market Growth
Various factors, such as the rising use of processed and packaged foods and beverages, are driving the converted flexible packaging industry. The environmental benefits of converted flexible packaging are also driving market expansion. When compared to other standard packaging types, this packaging has a low raw material usage, a low carbon footprint, and produces comparatively little waste. It also reduces energy consumption. For example, making a pouch for food service needs 75% less energy and produces only 1/10 the CO2 emissions of a metal can for the same amount of product.
The global converted flexible packaging market has been segmented based on material, product, and application.
On the basis of the material, the global converted flexible packaging market has been segmented into plastic, paper, and aluminum foil. Plastic held the largest market share of 45.76% in 2016, with a value of USD 33,670.3 million. Plastic in the form of PVC, PE, PP, and others are mainly used in the plastic converted flexible packaging segment. These materials offer high barriers, cost-efficiency, temperature resistance, and durable packaging options. These factors are pouring the demand for plastic material.
On the basis of the product, the global converted flexible packaging market has been segmented into pouches, bags, and others. Pouches captured the largest market share of 39.62% in 2016, with a market value of USD 29,152.4 million. Pouches are available in various types, which include stand-up pouches, retort pouches, and pillow pouches. Stand-up pouches are broadly used for packaging snacks, baked goods, and pourable materials such as beverages, soaps, and baby food.
Based on the application, the global converted flexible packaging market has been segmented into food & beverages, pharmaceuticals, consumer goods, and others. Food & Beverages earned the largest market share of 39.10% in 2016, with a market value of USD 28,769.8 million. Strong demand for ready-to-eat and on-the-go foods and drinks continues to grow. An increase in disposable income and rise in population in countries like China, India, and Brazil, has led to a development in demand for good quality packaged food. Furthermore, this type of packaging is also used for the packaging of dairy products, sauce, and others. Hence, the food & beverages application segment is expected to grow at a CAGR of 5.80% during the forecast period.
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APAC to Lead the Global Market
The extraordinary increase in the packaging sector in the Asia Pacific region is the primary driver driving market growth. The region's growing number of supermarkets, as well as the high demand for multipacks of diverse grocery products, are likely to drive demand for converted flexible packaging products. The Asia Pacific market is dominated by China, Japan, India, and Thailand. China has the greatest market share in the region, owing to rapid urbanization and industrial expansion.
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Notable players in the global converted flexible packaging market are Bemis Company Inc. (U.S.), Sonoco Products Company (U.S.), Amcor Limited (Australia), Sealed Air Corporation (U.S.), Constantia Flexibles Group GmbH (Austria), Honeywell International Incorporated (U.S.), Graphics Packaging Holding Company (U.S.), Bischof + Klein SE & Co. KG (Germany), Ampac Packaging LLC (U.S.), and Oracle Packaging Inc. (U.S.).
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