The Future of Flexible Packaging
Flexible packaging accounts for 19 percent of the overall packaging market and is expected to grow at a rate of 3.9 percent CAGR by 2023, according to the 2019 Flexible Packaging Marketing Assessment by PMMI, The Association for Packaging and Processing Technologies. Convenient packaging, excellent barrier properties, sustainable materials and growing customer base for fast-moving consumer products and consumer durables in emerging countries are driving this expansion.
Food is the largest end-use industry for
flexible packaging, accounting for nearly half of all flexible packaging used.
The food industry was an early adopter of flexible packaging and has seen
continued, strong growth due to a rise in convenient packaging for ready-to-eat
foods, snacks, frozen meals and cake mixes. Two segments—processed fruits and
vegetables and baby food—are expected to outperform the overall food market for
flexible packaging, achieving over two percent growth through 2023. Global
demand for consumer flexible packaging will continue its upward growth trend
especially as developing economies continue to expand.
Within the flexible market, plastic pouches
will witness the largest growth (20 percent) among flexible packaging types
through 2022. Pouch demand is driven by their flexibility, ease of use and light
weight, as well as rising popularity of ready-to-eat foods. Advances in pouch
characteristics — convenience features such as resealable closures, spouts and
tear notches—and pouch manufacturing technology — machinery with increased line
speeds — will continue to lower production costs, making pouches more
competitive with other forms of packaging, like cartons and cans.
Source from: Packaging Strategies
Comments
Post a Comment