Flexible Packaging Market Is Anticipated to Grow at a Cagr over 5% by 2024

Transparency Market Research (TMR) delivers key insights on the global flexible packaging market in its latest report titled ‘Flexible Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.’ In terms of value, the global flexible packaging market is projected to expand at a CAGR slightly over 5% during the forecast period (2016–2024), due to various factors, regarding which TMR offers vital insights in detail in this report.

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Flexible packaging provides all the properties needed for primary as well as secondary packaging such as lightweight, high performance, high barrier, low contamination, and keeps the product completely sealed off from the environment. Flexible packaging products uses over 70% less plastics than rigid packaging options and also consumes smaller space during packaging and on shelves in retail outlets. Flexible packaging also offers a number of sustainability advantages including low raw material consumption, low carbon footprint, reduced energy usage, and relatively low waste produced as compared to conventional packaging formats and hence, are more preferred. These sustainability advantages offered by flexible packaging are expected to drive its demand over the forecast period. As competition intensifies in consumer products market, product manufacturers and brand owners are identifying as well as capitalize the latent potential in the market.

Changing consumer lifestyle has increased dependence on processed, pre-cooked and packed foods, which also mobilized the entire flexible packaging supply chain to sync product offering as per end customer’s requirement. On similar lines, the industry also witnessed introduction of new and efficient films that are used in flexible packaging. Modified Atmosphere Packaging (MAP), vacuum skin packaging are some of the current trending packaging solutions...