The market will grow due to the surging demand from various end-use sectors such as food and beverage, healthcare, personal care, and industrial. Shifting trends toward convenient packing are influencing the manufacturers to adopt flexible packaging techniques, driven by its lightweight characteristic.
The flexible packaging market in Asia Pacific was worth $35 billion in 2015 and projected to register a 6.5% CAGR through 2024.
Emerging economies along with expanding processed food and pharmaceutical industry are the major factors driving the regional demand. The market is dominated by China and India.
In terms of products, the flexible packaging industry is segmented into standup pouches, pillow pouches, and four side seal pouches. The standup pouch is the most preferred product, owing to its versatility in various end-use applications. The standup pouches market size is estimated to account for a revenue share of $75 billion by 2024 owing to its attributing features such as high barrier properties against oxygen and moisture, low material consumption, and reasonable costs.
The pillow pouch packaging market is also linearly growing with the rising consumption of the product from diary and processed food and beverage industry. It is projected to register an annual growth rate of more than 4% between 2016-2024.
Food and beverage is one of the most prominent sectors partaking in the flexible packaging market. It accounted for more than 50% of the total volume in 2015 and is projected to exhibit a substantial growth in the years to come. Upgraded living standards along with shifting consumer preference toward hygiene and food safety are positively influencing the flexible packaging industry share in this sector.
Owing to the growing consumer demand for cosmetics and functional food, the European flexible packaging industry led by Germany and Russia is also forecasted to attain heavy gains at a CAGR of 3.5% over the period 2016-2024.