LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global flexible packaging market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global flexible packaging market for 2017-2021. APAC is expected to lead the global flexible packaging market, followed by EMEA and the Americas, in the forecast period. The expected rapid growth of the market in APAC will be due to the emerging economies, like China and India.
According to Hitesh Bhatia, a lead analyst at Technavio, “The food and beverages sector is expected to lead the flexible packaging market over the forecast period due to the increased use of flexible packaging by the sector. The market is expected to grow significantly because of certain emerging trends in the market, such as the increasing demand for modified atmosphere packaging, increased use of high-barrier flexible packaging and smart packaging materials, and emergence of bioplastics.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global flexible packaging market:
- Demand for convenience by customers
- Emerging middle-class population
- Growth of the processed-food industry
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Demand for convenience by customers
One of the major factors driving the market is the growing need for convenience of customers. The packaging industry has understood the changing demand of customers and is catering to these changing preferences. The busy life of working professionals urges them to seek convenience in daily-use products, such as food, beverage, and toiletries. They look for products that require the least effort and time to open, store, and carry around. Moreover, manufacturers are considering the disposal of the packaging after use, thereby producing packaging products that can be disposed of quickly.
The prominent flexible packaging designs that contribute to easy convenience and reuse are zippers, pouring spouts, peel-off lids, and microwave pouches. Therefore, the food and beverage industry is increasingly adopting such convenience packaging for its products to attract customers.
Emerging middle-class population
The growing middle-class population is expected to drive the growth of the flexible packaging market. Strong economic growth and increased urbanization are expected to increase the middle-class population. In 2016, APAC accounted for the largest middle-class population across the globe with India and China as the dominant countries. The APAC region is expected to constitute more than 60% of the global middle-class population by 2030
The total expenditure of the middle-class is expected to double by 2030. Therefore, this increase in disposable income is expected to fuel the demand for food and beverages, and pharmaceutical medicines, which in turn, will drive the growth of the flexible packing market.
Growth of the processed-food industry
The change in the pattern of consumer behavior and the growth of the processed-food industry is expected to drive the growth of the global flexible packaging market. The increased demand for convenience foods and fast food, which have a special requirement for lightweight packaging, will exert a positive influence on the global flexible packaging market. The packaging of a product plays an important role in the demand for the product and the life cycle of a product, and processed foods require easy and flexible packaging material, which is convenient for the customer and ensures product safety.
“As consumers look for convenient, easy-to-use, and lightweight packaging, innovative paperboard packaging solutions are being developed by packaging manufacturers to tap into the growing organized retail and processed food markets. It is estimated that North America and Europe will be the major markets for processed fruits and vegetables,” says Hitesh.
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