Product Code: 68736
Converted Flexible Packaging Market is expected to reach a CAGR of 5.79% during the forecast period 2021 -2026. Innovative packaging solutions with advancements in numerous critical fields of product performance, along with growing utilization in end-use sectors, including food & beverage, pharmaceuticals and, health & beauty, are expected to encourage market forecasts. The industry at present sees enormous opportunities for innovation and growth of new products. Need for converted flexible packaging is poised for growth in the following years, motivated by determinants such as a rebound in domestic markets and benefits connected with performance and cost compared to the possible rigid packaging setups.
- Besides, increasing demand for further-processed food products such as convenience-oriented foods that generally use high-barrier, premium packaging materials for higher shelf life is also poised to encourage the need for converted flexible packaging. The industry is also witnessing an increasing trend towards Eco-friendly formats. Innovative products such as self-venting films, which allow frozen as well as other foods to be steam cooked within their packaging, are likely to take significant strides in terms of technology enhancements and development.
- The converted flexible packaging industry is being challenged by rising material costs and higher demand for products such as low-fat snacks, which require innovative technologies and substrate combinations to meet packager needs for freshness. Technological advances encompass controlled-atmosphere and modified-atmosphere packaging (CAP/MAP), which result in much longer shelf life for produce, meats, and other products; novel resins such as metallocenes that are stronger and more breathable than traditional films; and convenience features such as zippered bags and specialized closures.
Key Market Trends
Seafood to Drive Growth in the Converted Flexible Packaging Market
- Seafood will continue to be one of the leading food markets driving growth in the converted flexible packaging sector. Seafood will continue to lead the market as against meat and poultry over the next coming years, and will be supported by ongoing consumer demand for individually wrapped portions as well as case-ready and pre-seasoned proteins.
- Pouches and bags used in the meat, poultry, and seafood markets are typically high-barrier products that help extend the shelf life of these products, which tend to be highly perishable. Additionally, a wide range of value-added features is used in this market to add convenience or marketability.
- Value-added uses for converted flexible packaging in the perishable proteins market include easy-peel films, cook-in bags and films, improved leak and puncture resistance, odor control and freshness extending components, films that allow for high-quality printing, and resealable bags and pouches (using zippers or peel and reseal films).
- Continued expansion to new applications based on advantages over rigid packaging, sustainability concerns prioritizing lighter weight of flexible packaging, and faster gains for pouches, due to increasing use of value-added convenience features are the key trends expected to influence the market.
Asia-Pacific Holds a Dominant Position in the Market
- Asia-Pacific represents the most significant and fastest-growing regional market. Given the vast potential in developing markets such as China and India, the world converted flexible packaging industry has recently been witnessing heightened strategic partnerships, asset exchanges, capacity expansions, mergers and acquisitions, and the establishment of modern manufacturing facilities.
- Healthy economic development, accelerated growth in GDP, an increase in standards of living, and a parallel growth in consumer expense on durable, food, and pharmaceuticals are all determinants responsible for driving the growth of flexible packaging solutions in the region. Also, the need for converted materials in the area is principally centered around pharmaceuticals and food & beverage categories such as baked confectionery, dairy, goods, meat, and fried foods.
- Also, the growth in the region is anticipated to be bolstered by opportunities in printed ream wrap and increased specialized film packaging from meat products. Polyethylene is expected to remain the most regularly used film in the Asia Pacific, owing to its cost-effectiveness, versatility, down-gauging suitability, and excellent barrier characteristics.
The Converted Flexible Packaging Market moderately is competitive and consists of some influential players. In terms of market share, some of these major actors currently dominate the market. The market shows an augmented growth speed due to the constructive power exerted by the market forces from both internally and externally. Specific areas in the market are anticipated to accomplish an absolute lead in the market place owing to improved strategies. The absorbed costs in the market are effortlessly dealt with, unlocking more room for expansion in the market.
- February 2020 - ProAmpac, announced that it will build a Collaboration & Innovation Center (CIC) at its manufacturing facility near Rochester N.Y. The CIC will play an important role in accelerating ProAmpac's product development, application testing and analytical capabilities.
- January 2020 - Amcor announced its partnership with Moda vacuum packaging systems in North America and Latin America. By combining Amcor's shrink bag and rollstock film for meat and cheese with Moda's system, producers can gain operational efficiencies and drive total cost savings.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Augmented Demand for Convenient Packaging
- 4.3.2 Need for Longer Shelf Life and Changing Lifestyles
- 4.4 Market Restraints
- 4.4.1 Concerns about the Environment and Recycling
- 4.5 Value Chain / Supply Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Material
- 5.1.1 Plastic Film
- 5.1.2 Paper
- 5.1.3 Aluminum Foil
- 5.1.4 Other Materials
- 5.2 By Application
- 5.2.1 Retail
- 5.2.2 Food & Beverage
- 5.2.3 Pharmaceutical
- 5.2.4 Non-Food
- 5.2.5 Other Applications
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia Pacific
- 5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 ProAmpac
- 6.1.2 Amcor Plc
- 6.1.3 Sealed Air Corporation
- 6.1.4 Sonoco Products Company
- 6.1.5 Constantia Flexibles Group GmbH
- 6.1.6 Graphics Packaging Holding Company
- 6.1.7 Bischof + Klein SE & Co. KG
- 6.1.8 Honeywell International Incorporated
- 6.1.9 Oracle Packaging Inc. (Tekni-Plex Inc.)
- 6.1.10 Transcontinental Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS