New York
City, 29 January 2019: The global Flexible Packaging Market is anticipated to reach $335 billion by
2026 according to a new research published by Polaris Market Research. In 2017,
the food and beverage segment accounted for the highest market share in terms
of revenue. Asia-Pacific is expected to be the leading contributor to the
global Flexible Packaging market revenue in 2017.
The increasing disposable incomes and
growing demand for fast moving consumer goods drives the growth of the flexible
packaging market. Growing urbanization has resulted in urban citizens spending
most of their time at work and everyday commute, which has increased the demand
for convenient packaging for on-the-go consumption, thereby supporting the
flexible packaging market growth. Brand owners are taking initiatives to
optimize packaging operations to meet the global competition, increase
productivity, enhance shelf life of products, improve overall efficiency, and
create brand differentiation in the market. The demand for new and unique
packaging sizes, shapes and configurations has increased from industries such
as food and beverages, cosmetics, and healthcare among others. The increasing
need to offer convenient packaging solutions while also addressing
environmental concerns has boosted the flexible packaging market growth.
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Numerous key players have adopted
partnership and acquisition strategies to increase their market share in the
global flexible packaging market. For instance, In December 2015, Mondi Group
signed an agreement for the acquisition of 95% of the outstanding share capital
in KSP, Co. KSP is a flexible packaging company based in South Korea with
strong focus on production of high-quality spouted and retort stand-up pouches
for food, pet food and beverage industries. The acquisition of KSP compliments
Mondi’s stand-up pouch operations in Korneuburg, Austria and Jackson, US while
expanding its presence in U.S. and Asia. In July 2016, Mondi Group also signed
an agreement to acquire Uralplastic. Uralplastic manufactures a range of
consumer flexible packaging products for food, hygiene, homecare and other
applications. The acquisition of Uralplastic supports the development of
Mondi’s consumer packaging business, strengthens its presence in the Russian
consumer packaging market, and expands its offerings in the flexible packaging
market.
Competitive Landscape and Key Vendors:
Asia-Pacific generated
the highest market share in terms of revenue in 2018 in the flexible packaging
industry, and is expected to lead the global Flexible Packaging market
throughout the forecast period. The growing population, rising disposable
incomes, and increasing living standards support the growth of flexible
packaging industry in the region. The increasing demand from the food and
beverage, and retail industry is expected to generate numerous opportunities
for the Flexible Packaging industry.
The well-known companies profiled in
the Flexible Packaging report include Amcor Limited, Mondi Group, Berry
Plastics Corporation, Sonoco Products Company, American Packaging Corporation,
Novolex Holding Inc., Bemis Company, Inc, Constantia Flexibles International
GmbH, Ampac Holding, and Sigma Plastics Group. These companies launch new
products and collaborate with other market leaders to innovate and launch new
products to meet the increasing needs and requirements of consumers.
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