- The global converted flexible packaging market is expected to reach a market size of $105 billion by the end of the forecast period at a CAGR of 5.31%.
- The Asia Pacific region was the largest market portion.
- The market shows an intensified growth pace due to the constructive influence exerted by the market forces.
Global Converted Flexible Packaging Market Information: By Material (Plastic, Paper, and Aluminum Foil), Product (Pouches, Bags, and Others), Application (Food & Beverages, Pharmaceuticals, Consumer Goods and Others), and Region – Forecast till 2023.
Converted Flexible Packaging Market – Overview
The progress of the converted flexible packaging is accredited o the rise in consumerism globally. Market reports associated to the packaging and transport technology industry have been put forward by Market Research Future which generates reports on other industry verticals that target the study of recent market scenarios better. The market is expected to touch a CAGR of 5.31 % in the forecast period.
The diversification of the product range and the development of a broad consumer base is motivating the progress of the converted flexible packaging market. The escalated pace of research and development in the market is expected to broaden the scope of development that can be harnessed from converted flexible packaging. The surge in the products of the food & beverages, consumer goods, pharmaceuticals, and personal care sectors are projected to benefit the expansion of the market further.
The analysis of the segments of the converted flexible packaging market are conducted on the basis of product, material, region, and application. Based on material, the converted flexible packaging market is segmented into paper, plastic, and aluminum foil. The segmentation of the the converted flexible packaging market on the basis of product consists of bags, pouches, and others. On the basis of application, the converted flexible packaging market is segmented into pharmaceuticals, food & beverages, consumer goods, and others. The regions covered in the converted flexible packaging market are Europe, Asia Pacific, North America, and the rest of the world.
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Detailed Regional Analysis
The study of the converted flexible packaging market comprises of regions such as Europe, Asia Pacific, North America, and the rest of the world. The Asia Pacific region was the largest market portion of 32.45% in 2016, with a market worth of $23.9 billion and is likely to develop at the highest CAGR of 5.62% through the forecast period. The remarkable growth of the packaging sector in the Asia Pacific region is the foremost factor powering the progress of the market. The mounting number of supermarkets in the region and the elevated demand for multipacks of several grocery products are projected to lift the demand for converted flexible packaging products. Japan, India, China, and Thailand are important contributors to the Asia Pacific market.
The North American observes rapid growth in the retail industry of the North American region. The presence of key converted flexible packaging manufacturers is anticipated to bear positively on the progress of the converted flexible packaging market. The U.S. is identified as the leading country in the North American region. The Middle East & African region is also adding favorably to the overall market growth of converted flexible packaging and is likely to grow at a CAGR of 4.23% over the forecast period.
The market shows an intensified growth pace due to the constructive influence exerted by the market forces from both internally and externally. The accretive nature of a few of the assets in the market is projected to increase the progress capability of the market. Moreover, the alliances being created in the market are projected to additionally encourage the development of the market in the approaching years.
The players are staunchly taking on the obstacles to progress and are building strategies that are expected to lead to a useful effect on the market’s progress. Specific areas in the market are projected to accomplish an absolute lead in the market place owing to improved strategies. The absorbed costs in the market are effortlessly dealt with, unlocking more room for expansion in the market. The promotional and miscellaneous expenses are upgraded chiefly due to the advancement of the market.
The leading firms in the converted flexible packaging market globally are Amcor Limited (Australia), Sealed Air Corporation (U.S.), Bemis Company Inc. (U.S.), Constantia Flexibles Group GmbH (Austria), Sonoco Products Company (U.S.), Ampac Packaging LLC (U.S.), Graphics Packaging Holding Company (U.S.), Bischof + Klein SE & Co. KG (Germany), Honeywell International Incorporated (U.S.), and Oracle Packaging Inc. (U.S.).