LONDON--(BUSINESS WIRE)--The flexible packaging market is expected to grow by USD 59.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The growing focus on improving the shelf life of food products in the F&B industry is one of the key factors driving the demand for flexible packaging. Flexible packaging helps manufacturers keep their products safe for a longer time, thereby reducing the wastage. For instance, bananas packed in flexible plastic packaging ripen slowly and have a prolonged shelf life. Similarly, coffee products are packed in pouches for protection from oxygen and moisture and to ensure longer shelf life. The growing demand for flexible packaging in the F&B industry is encouraging market vendors to come up with innovative resealable packaging solutions that allow consumers to reseal or close the packaging after use. These factors are fueling the growth of the global flexible packaging market.
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As per Technavio, the shift from rigid packaging to flexible packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Flexible Packaging Market: Shift from Rigid Packaging to Flexible Packaging
The market is witnessing a shift from the use of rigid to flexible packaging among end-users across industries such as food and beverage, healthcare, personal care, and others. This can be attributed to various benefits offered by flexible packaging such as flexibility, durability, and lightweight nature. Also, products with flexible packaging are easy to open, carry, store, and are resealable. With the growing consumer focus on convenience and sustainability, the demand for flexible packaging is expected to increase during the forecast period.
“Rising development of new products and the growing popularity of flexible bioplastic packaging will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Flexible Packaging Market: Segmentation Analysis
This market research report segments the flexible packaging market by product (Pouches, Bags, Films and wraps, and Others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the flexible packaging market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rapid expansion of end-user industries, such as e-commerce, fast-moving consumer goods (FMCG), and personal care in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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