Technological innovation, sustainability trepidations, and attractive economics are among the reasons for the remarkable growth of flexible packaging in the last two decades, globally. - Owing to the rising focus on sustainability, traditional rigid packaging solutions are being substituted by innovative and more sustainable flexible packaging.
New York, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flexible Packaging Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05954266/?utm_source=GNW
The growing market demand for customer-friendly packages and heightened product protection is expected to boost flexible packaging as a viable and cost-effective substitute.
- E-commerce, digital printing, and sustainability are driving market development and growth. Customers are increasingly becoming more eager to pay extra for certain product attributes boosted by flexible packaging. For instance, according to the Flexible Packaging Association, more than 60% of consumers in North America are keen to pay more for tangible and functional packaging benefits, such as product protection, shipping friendly, and supply chain efficacy, among others.
- Flexible packaging is mainly used for food, which contributes to more than 60% of the total market, according to the Flexible Packaging Association. According to the Flexible Packaging Association, brand owners are taking on films, pouches, and bags as a go-to packaging solution, acknowledgments in part to extensive acceptance by American consumers.
- Beauty products manufacturers, like L’Oréal and Unilever, are also investing in eco-friendly packaging approaches to make more sustainable usage of plastics in the personal care industry. For instance, in June 2019, L’Oréal has participated in the capital increase conducted by Carbios, which develops new, bio-industrial solutions to reinvent the lifecycle of plastics.
- With the recent outbreak of COVID 19, the flexible packaging manufacturer is facing supply chain disruption along with decreasing manufacturing at the site in many parts of the world. To ensure the smooth flow of supply chain, the global food safety initiative (GFSI) certification programs are providing six-month certificate extensions by conducting a remote audit and risk assessment pertaining to COVID-19 such that the company can approve a new supplier location without an on-site audit to meet the demand.
Key Market Trends
Dairy Products are expected to Hold a Significant Market Share in the Food Segment
- The current market scenario is indicative of an upsurge in demand from diary products as the consumption of dairy products is increasing at a healthy rate. For instance, according to FAO, the consumption of cheese amounted to 20.96 million metric tons in FY2019, globally.
- Pouches are considered to be one of the most convenient packaging solutions for dairy and yogurt for out -of -home consumption. Companies and dairies are, hence, developing and using packaged pouches with creative lidding to gain consumers’ attraction.
- Factors, such as increasing yogurt consumption, advancements in seal and barrier technologies for pouches, and technological advancement for keeping the food fresh for longer times at all stages of the supply chain, are increasing the need for the longer shelf life of dairy products.
- Also, there is considerable traction in the adoption of vacuum pouches with a moderate barrier (PA/PE) or high barrier (PA/EVOH/PE) properties. These film-based vacuum pouches are being incorporated in Modified Atmosphere Packaging (MAP) applications and are majorly used for dairy and protein packaging.
India is Expected to Witness Significant Growth in the Asia-Pacific Region
- The packaging is the fifth largest sector in the Indian economy and is one of the highest growth sectors in the country. According to the Packaging Industry Association of India (PIAI), the sector is growing at 22 -25% per annum.
- With the rising population, increasing income levels, urbanization, changing lifestyles, increasing internet penetration, and growing economy, the demand for packaging has been growing. According to the World Bank, In 2019, approximately a third of the total population in the country lived in cities.
- In recent years, India has witnessed sustainable packaging growth owing to the increase of packaged food consumption and awareness, and demand for quality products. Consumer awareness surrounding packaged food, specifically packaged food deliveries, has heightened.
- The packaging industry in the country is moving towards flexible packaging owing to its multi -fold energy and environmental benefits. Flexible packaging uses the best characteristics of plastic, paper, and aluminum foil, without compromising on the product’s freshness, barrier protection, durability, printability, and ease of use.
The Flexible Packaging Market is highly competitive owing to the presence of multiple vendors in the market. The market appears to be moderately concentrated with the major players adopting strategies such as product innovation, mergers, and acquisitions in order to stay competitive in the market. Some of the major players in the industry are Amron Limited, Mondi Group, Berry Global Inc, Sealed Air Corporation, among others.
- April 2020 - Smurfit Kappa launched a new Bag-in-Box filling solution for organic birch sap drink thus offering a perfect packaging solution for the drink that keeps it fresh for up to 24 months before opening and 8 weeks after opening.
- September 2019 - Amcor opened an e-commerce testing laboratories, one in Manchester, Michigan, US. With this, the company would cater to customers with online sales; particularly in pet food, sauces, beauty, and personal care, and home cleaning products. This laboratory is certified to test packaged products for ISTA 6A.
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