Albany, NY, June 2, 2015 (GLOBE NEWSWIRE) -- In the last couple of years, flexible packaging has led the food packaging industry from the forefront. Touted by leading analysts to be the fastest growing segment in the packaging industry, flexible packaging is poised to develop at a steady 4.4% CAGR, reveals a recent report published by Transparency Market Research. The report is titled "Flexible Packaging - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" and it has identified Asia Pacific as the most lucrative regional market for flexible packaging. Other key regional segments of the global flexible packaging market include Europe, North America, and Rest of the World.
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According to the report, the global flexible packaging market will reach an estimated value of US$99.10 billion by 2019. Based on volume, the demand for flexible packaging stood at 18,666.0 kilotons in 2012 and is expected to reach 24,728.7 kilo tons by the end of 2019, developing at a 4.1% CAGR during the forecast period.
The flexible packaging market is aided by the continuously increasing demand from end-use industries such as personal care, healthcare, pharmaceuticals, and food and beverages. According to the report, the healthcare industry accounts for the maximum demand from the flexible packaging market in the last couple of years. Furthermore, the food and beverages industry will significantly contribute to the expansion of the market in the foreseeable future. Initiatives adopted by the pharmaceutical industry for the maintenance of hygiene and retention of medical properties in drugs will give an incredible thrust to the flexible packaging market in the pharmaceutical industry, which is expected to reach US$11.09 billion in 2019, as per the study.
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The key materials used in flexible packaging, such as PVC, paper, aluminum, polyamide, polypropylene, and polyethylene, makes it durable and lightweight. It is due to such aesthetic packaging materials that flexible packaging has created a niche market, which is helped massively by steadily rising consumer demand.
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Owing to durability and cost-effectiveness, the use of plastics has been dominant in the flexible packaging industry. Plastic accounted for an extensive 70% of the global flexible packaging market in 2012. However, intensifying environmental concerns and government initiatives to curb carbon emissions have propagated increased demand for biodegradable packaging instead, which is likely to boost the demand for cellulose in forthcoming years. Cellulose packaging delivers high durability and protection against external factors such as sunlight. Such factors will significantly aid the development of the flexible packaging market in the next four to five years.
Other Reports Published by Transparency Market Research :
- Plastic Packaging Market: http://www.transparencymarketresearch.com/plastic-packaging.html
- Personal Care Packaging Market: http://www.transparencymarketresearch.com/personal-care-packaging-market.html
Based on geography, the market for flexible packaging in Asia Pacific will expand at a 4.4% CAGR between 2013 and 2019. Rapid development of personal care, pharmaceuticals, and food and beverages industries in the region is likely to help Asia Pacific sustain its leading position in the market over the forecast period as well. Meanwhile, the report identifies lucrative prospects for the flexible packaging market in Rest of the World, based on the increasing consumption of packaging in emerging economies such as Brazil.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.