(EMAILWIRE.COM, October 01, 2018 ) Overview:

In the year 2018, Flexible Packaging market was valued at USD 42.64 Billion. By the year 2023, it is expected to reach USD 56.26 Billion at pace of 5.20% CAGR.

The package or material made of flexible and easily yielding materials, that has the ability to change into multiple shapes when filled or closed is known as Flexible Packaging. Bags, envelopes, pouches, sachets, wraps are some of the flexible packaging products which are prepared from paper sheet, laminated paper, plastic layers and foils.

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Underlying Causes

The growth for Flexible Packaging market is driven due to factors like increasing usage of flexible packaging in various application which includes, household products, food & beverages, healthcare, toiletries, sporting goods, cosmetics, and other industries, lightweight and ease of use characteristics, growing adoption of flexible packaging by logistics companies, changing preferences of manufacturers towards flexible packaging as it requires less storage and easy transport. In addition, advancement of technologies in packaging industries, introduction of eco-friendly packages, and improving quality of packaging are impacting the growth for flexible packaging market. However, stringent government policies and recyclability of packaging material are expected to restrain the market growth during the forecast period.

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Geographic Segmentation:

Based on geography the Flexible Packaging market has been primarily divided into Asia Pacific, Middle East and Africa, North America and Latin America. Asia-Pacific holds the largest market share in the global Flexible Packaging market due to increasing number of pharmaceuticals, food & beverages industries, increasing population, growing demand for cosmetics and processed food, technological advancement in barrier materials, and rising disposable incomes are the important factors in this region. Europe and Latin America are rapidly growing due to increasing demand for processed food, rising confectionery, dairy and medical industry, technological advancement and rising retail business is expected to contribute high growth rate for Flexible Packaging market during the forecast period.

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Key Players:

Leading companies for Global Flexible Packaging market are Sealed Air Corporation, Huhtamäki Oyj, Coveris Holdings S.A., Sonoco Products Company, Berry Plastics Group Inc., Mondi Group, Reynolds Group Holdings, Constantia Flexibles Group GmbH, Amcor Limited, and Bemis Company Inc.

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