There are geographical differences in flexible packaging’s appeal: North America and Europe desire packaging that is light with aesthetic appeal, while Asia and Mexico look to convenience in single-serve and snack-size packaging.
Flexible packaging comprises 39% market share of global packaging types. According to a new report by PMMI business intelligence: Flexible Packaging Market Assessment 2019, “the global upsurge in flexible packaging is spurred by swift technological development and continuous product improvement –particularly US and EU technology developments for preservation packaging to boost product shelf life.”
The US and Asia-Pacific have the largest market shares. In the United States, market size is expected to be $44 billon by 2022 with a CAGR of 3.9%. Asia-Pacific anticipates a 6% CAGR resulting in $49 billion by 2023. Europe’s estimated market growth is $4.1 billion by 2021 with a 7.8% CAGR. And, the Mexican flexible packaging market is expected to reach $4 billion with a 12.6% CAGR by 2023.
What are the driving factors for this global growth?
US: Consumer demand for “consumer-friendly” packages with improved product protection.
Asia-Pacific: Rising populations – particularly in India and China, mean a growing food industry. There is also an increase in single-person households, with a resulting demand for single-serve and convenience packaging.
Europe: Improved designs to extend shelf life, improved sustainability, and convenience are increasing consumer demand.
Mexico: A greater reliance on ready-to-eat nutritious foods, particularly in the snack segment. There is also an emerging trend toward convenient, on-the-go packaging of children’s fruit snacks and nuts with attractive and portable packaging.
Source: PMMI Business Intelligence, 2019 Flexible Packaging Assessment Report. Download the free Executive Summary below. PMMI Members can download the entire report here.