Packaging is one of the fastest growing markets in the world, according to a study by Transparency Market Research. The rapid growth of the residential, commercial and industrial sectors worldwide is increasing dependence on packaging solutions for better distribution, as consumer goods and products are liable to degradation, biological contamination or damage. The advent of flexible packaging solutions is likely to aid in expansion of the market in the coming years.
Flexible packaging can readily change shape, differs as per the size and content of the object to be packed and varies from coated papers, films, pouches, bags, wraps, aluminum foil, paper and others. The study finds an increasing adoption of latest technology for plastic packaging and rising demand for flexible packaging from various end user industries, such as food and beverage, health and pharmaceuticals and beauty and cosmetic products. Among all these, the food industry is generating the largest revenue on account of the increasing adoption of innovative food and beverage products worldwide.
Government Regulations for Packaging will Propel Growth
The rising concerns regarding environmental degradation and pollution have propelled investors of packaging industries to opt for greener or biodegradable products for packaging. Various governments have issued guidelines when it comes to packaging — for both rigid as well as flexible packaging. Key protocols issued for packaging solutions include the following:
- Energy efficient
- Low carbon footprint
- Environment friendly
Manufacturers of the global flexible packaging industries are focusing on abiding the aforementioned guidelines and investing in research and development of biodegradable and sustainable packaging solutions. Some vendors are also engaging in collaborative efforts, such as mergers and acquisitions, joint ventures and others, including new packaging product launches, geographical expansions and advancements in production technologies. Key players in the global flexible packaging market are Becton Dickinson & Company, Reynolds Group Holdings, Honeywell International, Coveris Holdings S.A., Amcor Plc. and others.
Popularity of E-commerce Platforms and Small-packaging Solutions to Add Boost
The study shows increasing adoption of digital printing and e-commerce platforms are likely to add boost to the overall growth of the market for flexible packaging. The increasing adoption of sustainable packaging solutions is possible with the implementation of biodegradable raw materials. Benefits of using flexible packaging include customization, cost efficiency and product integrity, along with low production and transportation cost.
For materials, paperboard and paper materials are reportedly preferred for rigid packaging. Plastic packaging can be used for one-time use, whereas corrugated boxes can be reused and recycled for multiple times. Packaging solutions made of paper can be burned, recycles, composted and land-filled, leaving minimal degradation to the environment.
Regional analysis of the market for flexible packaging finds Asia Pacific attracted the largest revenues on account of the rise in per capita demand for packaging from nations such as China, India and others. The increasing availability and demand for small packaging solutions, such as stick packets and sachets, will reportedly aid in expansion of the overall market in the coming years.