Published On : 23 Jul 2018
Adequate and impressive packaging of products are of tremendous importance for consumer product manufacturers, particularly those pertaining to the food and beverage industry. Not only from the perspective of making the packages ideal for transportation, ideal mode of packaging can go a long way towards incrementing the shelf-life of the products as well as making an impression over the consumers. Flexible packaging in the recent times has emerged as a method that can serve all three requirements of transportation, shelf-life, and impression, and the demand for the materials and technologies is expanding.
Economics Makes Flexible Packaging a Strong Alternative
Flexible packaging makes for a highly economical mode of packaging, preserving, and distributing food, beverages, and other consumables as well as other end use products including pharmaceuticals and cosmetics. Flexible packaging technologies have the ability to be designed according to diverse requirements, tailored to match the product requirements rather than several alternatives that have to work on one-size-fits-all approach. In the past decade, flexible packaging technologies have improved radically. Now, products have moved beyond monolayer wraps and bags to laminated and coextruded engineered coated and multilayered constructions. With added advantages of high resilience to oxygen contamination, broad range of products, and specific combinations, the demand is expected to expand into other horizons.
According to a recent business intelligence acquired by QYResearchReports, the demand in the global flexible packaging materials market will multiply at a notable compound annual growth rate (CAGR) of 4.7% during the forecast period of 2018 to 2024.
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The analyst of the report has attributed the prosperity of the food and beverage industry for the prosperity of the flexible packaging and materials market. With the advent of flexible films, producers of frozen food, bakery products, dairy products, and other stockholders of the FMCG sector are utilizing paper, polymer, and aluminum materials to cover and protect their products. Cost effectiveness of the procedures, downsizing of packaging, and thriving manufacturing activities in Asia Pacific emerging economies are some of the other drivers of the market for flexible packaging market.
Strong Requirement for Ecofriendly Products
On the other hand, strict regulations against the usage of plastic owing to its implications on the environment, volatility in the prices of raw materials, and challenges pertaining to recyclability are restraining factors that are substantially curtailing the profitability of this market. That being said, shifting trends towards convenient packaging owing to their benefits of lightweight and ease of usage are expected to restructure market scenario in the near future.
On the basis of material type, the market for flexible packaging has been segmented into paper, polymer including polyethylene (PE), polypropylene (PP), and polyethylene terephthalate (PET), bioplastic, and aluminum foil. End users studied under the QYResearchReport.com study are food and beverages, cosmetics, pharmaceuticals, and others.
BEMIS, AMCOR, CONSTANTIA FLEXIBLES, SEALED AIR, WINPAK, and DAI NIPPON PRINTING are some of the notable companies holding prominent positions in the global flexible packaging and materials market.
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