Global Converted Flexible Packaging Market Information: By Material (Plastic, Paper, and Aluminium Foil), Product (Pouches, Bags, and Others), Application (Food & Beverages, Pharmaceuticals, Consumer Goods and Others), and Region - Forecast till 2023
According to Market Research Future (MRFR), in its latest “Converted Flexible Packaging Market” report, the worldwide converted flexible packaging market 2020 can witness a sharp rise. The converted flexible packaging can surge at 5.31% CAGR through the estimated period (2017-2023). MRFR estimates the world converted flexible packaging market to value at USD 104,999.8 MN by 2023.
The packaging type that combines raw materials, such as adhesives, polyesters, paper & paperboard, and plastics to produce new packages, such as bags and pouches is called convert flexible packaging.
Their growing food & beverages, pharmaceuticals, personal care, and consumer goods applications can prompt the convertible flexible packaging market growth.
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The global market of converted flexible packaging can be driven by rise in the consumption of packaged and processed foods and beverages. The eco-friendly benefits of converted flexible packaging can fuel the expansion of the market. The use of low raw material, reduced low carbon emission, and relatively low waste production over conventional packaging formats can spur the expansion of the converted flexible market growth.
MRFR listed reputed players in the world converted flexible packaging market. They are; Amcor Limited (Australia), Bemis Company Inc. (U.S.), Sonoco Products Company (U.S.), Sealed Air Corporation (U.S.), Graphics Packaging Holding Company (U.S.), Ampac Packaging LLC (U.S.), Constantia Flexibles Group GmbH (Austria), Honeywell International Incorporated (U.S.), Bischof + Klein SE & Co. KG (Germany), and Oracle Packaging Inc. (U.S.). Mergers, strategic partnership, and new product launches can favour the converted flexible packaging global market in the years to come.
The convert flexible packaging market study is based on product and application. The product-based segments of the convert flexible packaging market are bags, pouches, and others. The rise in the expansion of the convert flexible packaging market account on high sales of pouches. Pouches accounted for 39.62% share of the market, and the value estimated for the market is USD 29,152.4 MN.
The application-based segments of the convert flexible packaging market are pharmaceuticals, food & beverages, consumer goods and others. Segment accounted for 39.10% share of the market, and USD 28,769.8 MN was the estimated value for the market. The rise in demand for on-the-go and ready-to-eat foods and drinks can boost the converted flexible packaging market growth. In addition, the rise in the disposable income in China, Brazil, and India resulting in the high demand for good quality packaged food can cause the food & beverages segment to surge at 5.80% CAGR during the estimated period.
Asia Pacific convert flexible packaging market share can USD 23,876.7 MN at 5.62% CAGR through during the review period. The high growth of APCA packaging sector can fuel the rise of the expansion of the convert flexible packaging market. The rise in supermarkets count in the region can boost the expansion of the regional market. Plus, the growing demand for multipacks of grocery products can rise the need for converted flexible packaging products. Thus, can spur the expansion of the convert flexible packaging market across Japan, China, Thailand, and India. China can head the regional flexible packaging market due to industrial development and urbanization.
In North America, the growing utility of converted flexible packaging market can prompt the expansion of the market. The rise in the adoption of converted flexible packaging the retail sector can spur the market growth in the North American region. The Middle East and Africa converted flexible packaging market can thrive at 4.23% CAGR through the review period 2017-2023.
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