LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the flexible packaging market in North America to grow at a CAGR of close to 3% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the rising market consolidation as one of the key emerging trends in the flexible packaging market in North America. Small players in the market are compelled to combine with the larger ones through mergers and acquisitions owing to the high competitive pressure from large players. This strategy of inorganic growth has been adopted by major players in order to expand their market presence and enter new markets. Small players are able to adopt modern technologies from large players to survive in the competitive market due to mergers and acquisitions.
During 2010-2016, an average of 18 mergers and acquisitions deals took place in the flexible packaging market in the US. Market consolidations in the flexible packaging market in North America have also benefitted flexible packaging end-users as the market witnessed innovations and technological advances due to consolidations. During the forecast period, the growing consolidations are expected to reduce the bargaining power of buyers in the flexible packaging market in North America.
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In this report, Technavio analysts highlight the rising demand for pouch packaging as a key factor contributing to the growth of the flexible packaging market in North America:
Rising demand for pouch packaging
During the forecast period, the pouch packaging market in North America is expected to witness a steady growth rate. In 2017, countries such as the US contributed nearly 23% to the global pouch packaging market. The demand for pouch packaging in various sectors, especially in the baby food and beverage segment, is increasing due to the value-added features such as re-sealability and the incorporation of spout. This packaging technology offers convenience, as well as low cost, which is driving the pouch packaging market in North America.
According to a senior analyst at Technavio for packaging, “Key factors driving the growth of the pouch packaging market in North America are low cost of packaging where end-users focus on quality packaging to protect products from spillage, spoilage, and damage; low transportation and warehouse cost because of its compact size, pouch packaging reduces the space used; and low energy consumption during packaging which leads to a reduction in the carbon emissions.”
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Flexible packaging market in North America – segmentation analysis
This market research report segments the flexible packaging market in North America into the following material types, including plastic, paper, and foil and key regions, including the US, Canada, and Mexico.
The US was the leading region for the flexible packaging market in North America in 2017, accounting for a market share of nearly 80%. By 2022, the US is expected to continue its dominance.
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