24 September, 2019
RALEIGH, North Carolina, September 24, 2019 - The global flexible packaging market value is expected to grow at a moderate CAGR of 4-4.5 percent until 2022, according to Beroe Inc, a procurement intelligence firm. Based on end-user segments, the highest growth in demand for flexible packaging till 2021 is expected from the pharmaceutical industry, growing at a CAGR of 6.20 percent, followed by beverages, growing at a CAGR of 5.15 percent in the same period.
At a regional level, APAC has the highest demand growth forecast of 10-10.5 percent, followed by MEA at 6.5 percent and North America and LATAM at 3-3.5 percent each. Asia is the largest regional market for flexible packaging in terms of volume and is expected to increase to a size of 33 million tons by 2021, growing at a CAGR of 4-4.5 percent.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Growing consumer preference for flexible packaging products and rising demand from various end-uses, due to cost and convenience, are the driving factors for the market. Food, beverages, pharmaceutical, and cosmetic industries support the growth for flexible packaging alternatives, like pouches, sachets, and stick-packs as opposed to traditional packaging formats, like containers, jars, cans, and bottles.
The flexible packaging industry faces challenges in the form of regulations, substitute products, economic conditions, and recyclability. Although many countries are fast adapting to the growing need for recyclability, it is a complex process to recycle the laminate structures, as there are multiple materials involved.
The research methodology adopted for the report included:
Growing consumer awareness for sustainable and environmental-friendly alternatives have bolstered the growth of flexible packaging formats made of bio-degradable material like corn, and starch/potato-based resins to petroleum alternatives, which reduces carbon footprint by 10 percent or more.
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
Product Demo: Minimize Risk, Maximize Opportunity with Beroe LiVE.Ai, 8 September