February 7, 2017
The future is looking bright for the flexible packaging industry, as the market is forecast to grow over 5 percent in the next seven years. By the end of 2024, the consumer goods industry alone will likely generate a demand of 260.49 billion EUR for flexible packaging, concludes Flexible Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024; a report by Transparency Market Research.
Surprising? Not reallyIn 2015, consumer goods already accounted for 80 percent of the flexible packaging’s market value share. Food and beverage led the way, closely followed by the pharma industry and cosmetics. The growing popularity of flexible packaging is driven by an increase in disposable income – both in developed and developing countries – and a significant rise of single-person households. Along similar lines, consumers in general are increasingly dependent on pre-cooked meals, boosting the flexible packaging industry even more.
The many benefits of flexible packagingHowever, changing demographics are not the only reason why the flexible packaging industry is booming. More and more brands and packaging manufacturers are consciously opting for flexible packaging for the following reasons:
- It’s lightweight, significantly reducing transportation costs
- It’s easy to stock and display in retail
- It acts as a high-performance barrier against contamination
- It offers endless possibilities in terms of creative packaging design
- It’s sustainable: compared to other packaging methods, flexible packaging requires less raw materials and energy to produce, and has a smaller carbon footprint