Aided by escalating demand from Asia Pacific and rest of the world, the global flexible packaging market is anticipated to reach $ 99.1 billion by 2019, according to a new Transparency Market Research (TAM) report. Based on volume, the demand for flexible packaging is expected to reach 24,728 kilo tonnes (KT) by 2019 from 18,666 KT in 2012.
In the last couple of years, flexible packaging has led the food packaging industry from the forefront. Touted by leading analysts to be the fastest growing segment in the packaging industry, flexible packaging is poised to develop at a steady 4.4 percent CAGR, added the report.
The report has identified Asia Pacific as the most lucrative regional market for flexible packaging. Other key regional segments of the global flexible packaging market include Europe, North America, and rest of the world.
The flexible packaging market is aided by the continuously increasing demand from end-use industries such as personal care, healthcare, pharmaceuticals, and food and beverages. According to the report, the healthcare industry accounts for the maximum demand from the flexible packaging market in the last couple of years. Furthermore, the food and beverages industry will significantly contribute to the expansion of the market in the foreseeable future. Initiatives adopted by the pharmaceutical industry for the maintenance of hygiene and retention of medical properties in drugs will give an incredible thrust to the flexible packaging market in the pharmaceutical industry, which is expected to reach $11.09 billion in 2019, as per the TAM study.
The key materials used in flexible packaging, such as PVC, paper, aluminium, polyamide, polypropylene, and polyethylene, makes it durable and lightweight. It is due to such aesthetic packaging materials that flexible packaging has created a niche market, which is helped massively by steadily rising consumer demand. Owing to durability and cost-effectiveness, the use of plastics has been dominant in the flexible packaging industry.