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Converted Flexible Packaging Market Set To Rise in the Period from 2016-2023
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Global Converted Flexible Packaging Market Information: By Material (Plastic, Paper, and Aluminum Foil), Product (Pouches, Bags, and Others), Application (Food & Beverages, Pharmaceuticals, Consumer Goods and Others), and Region - Forecast till 2023
On the basis of region, Asia-Pacific region dominates the converted flexible packaging market. It accounted for the largest market share of 32.45% in 2016, and is projected to grow at the highest CAGR of 5.62% during the forecast period. The increasing number of supermarkets in the Asia-Pacific region and the growing demand for multipacks of various grocery products, are expected to boost the demand for converted flexible packaging products. North America was the second-largest market in 2016. Growing demand for packaged food driving the demand of the market in this region.
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The market has been segmented based on material, product and application. On the basis of material, the market is segmented into plastic, paper, and aluminum foil. Plastic accounted for the largest market share in 2016. Plastic in the form of PVC, PE, PP, and others are used extensively in plastic converted flexible packaging segment. The material offers high barriers, cost efficiency, temperature resistance and durable packaging options. These are the factors driving the demand of the plastic material. On the basis of product, Pouches accounted for the largest market share of 39.62% in 2016. Pouches are available in different types such as stand-up pouches, retort pouches, and pillow pouches. Stand-up pouches are largely used for the packaging of snacks, baked goods, and pourable materials such as beverages, soaps, sauces and condiments, and baby food. On the basis of application, Food & Beverages accounted for the largest market size in 2016. Demand for ready-to-eat and on-the-go foods and drinks continues to grow. With an increase in the consumption of food, increase the consumption of converted flexible packaged products. This packaging is also used to package dairy products, sauce, honey, and others. Hence, food & beverages application segment is expected to grow at a CAGR of 5.80% during the forecast period.
By Material - Plastic Film, Paper, Aluminum Foil, Others
By Application - Food & Beverages, Retail, Non-Food, Pharmaceutical, Other
By Product – Bags, Pouches, Others
By Region – North America, Europe, APAC, RoW
The prominent players in the converted flexible packaging include Bemis Company Inc. (U.S.), Amcor Limited (Australia), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), Constantia Flexibles Group GmbH (Austria), Graphics Packaging Holding Company (U.S.), Bischof + Klein SE & Co. KG (Germany), Honeywell International Incorporated (U.S.), Ampac Packaging LLC (U.S.), and Oracle Packaging Inc. (U.S.).
Hence, global converted flexible packaging market is expected to reach a market size of USD 1,04,999.8 million by the end of the forecast period at CAGR of 5.31%.
The report for Global Converted Flexible Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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