SAN FRANCISCO, CA--(Marketwired - Mar 3, 2016) - Worldwide flexible packaging industry was valued at 19,800 kilo tons in 2014. Furthermore, rising population in countries like china and India is augmenting the food requirement in the region. This is anticipated to impact the overall market over the forecast period.
Several advantages of flexible packaging are less raw material required, container variety, it's light weight and easily disposable. These advantages are further anticipated to fuel the market growth. Although, price unpredictability of raw materials involving plastic is the major factor expected to pose a threat to the market growth.
Augmenting demand for compact packaging has provided impetus to pouch segment and flexible segment encouraging access of new market players over the forecast period.
In 2014, food & beverage application segment contributed for over 80% of the total share. Besides, rising demand for packaged food such as cake mixes, ready-to eat meals, and snack foods is likely to encourage manufactures to boost the production capacity hence increasing the flexible packaging demand over the coming years.
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Second biggest application for flexible packaging market was pharmaceutical and contributed over USD 16,000 million in 2014. Expanding occurrences of lifestyle associated diseases such as diabetes, high blood pressure and obesity among the working population mainly in developing economies of BRICS is likely to increase pharmaceutical products demand. This will impact the demand for flexible packaging over the forecast period.
In 2014, Asia pacific market for flexible packaging contributed over 35% of the total volume share in 2014. Rapid industrialization resulting in establishment of several food & beverage and cosmetics manufacturing units mainly in China and India is projected to impact the market growth positively over the forecast period.
In 2014, Europe was the second major segment for flexible packing. This region contributed for over USD 54,700 million in 2014. On addition, rising healthcare sector in Europe is likely to boost pharmaceutical demand.
Major firms operating in the flexible packaging market are Sufpack, Amcor, Coveris, Bischof & klein, toppan printing, Bemis sealed air and Fujimori kogyo. The worldwide industry is highly segmented on account of existence of several players. Key firms are expected to shift manufacturing base to emerging regions like India and China owing to the low labor cost and production in the region.