New York City, 12 February 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.
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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