Packaging has become a vital constituent of modern life due to the ease of transportation, storage and inclination of the consumer towards a wide usage of bags. Moreover, food products, health supplements and electronic components are some of the things that have witnessed improvements in terms of demand over the last few years and are more easily available due to an effective packaging solution. Converted flexible packaging minimizes the amount of material used creating a package. In addition to being lighter in weight, further converted flexible packaging results in the least amount of plastic waste after. Converted flexible packaging is highly regarded by those with green sensibilities. With expansion in production of FMCG and other consumable items and subsequent urge for innovated packing material for such items will make the Converted Flexible Packaging market to grow over the forecast period.
Converted Flexible Packaging Market: Drivers & Restraints, Segmentation, Regional Outlook and Key Players
The growth of global Converted Flexible Packaging market is driven by the demand for innovative packaging techniques, changing preferences, improved standard of living is expected to boost the demand for converted flexible packaging. Characteristics such as longer shelf life and protection from other contaminants as well as various advantage over rigid packaging are some of the key factors which will trigger the demand for such packaging market. Moreover, growth will be driven by the ongoing investment by various companies in specialty film and advanced materials for providing innovated product. Latest trends exhibits that pouches to be the fastest growing product segment for converted flexible packaging market. Also, product differentiation as well as product convenience will further boost the converted flexible [packaging market. Apart from above mentioned factors, rising investment in retail sectors and establishment of modern retail store format will further fuel the demand of converted flexible packaging market.
Converted Flexible Packaging market has been gaining pace owing to shift in consumer behavior as well as awareness about the advantage associated with such packaging. There is no such possible restraint for Converted Flexible Packaging market but however Converted Flexible Packaging can only be utilized mostly for packaging of dry food products but limited usage in packaging of liquid items.
The global Converted Flexible Packaging market is segmented on the basis of Converted Flexible Packaging types, applications and region. On the basis of Converted Flexible Packaging types, the global Converted Flexible Packaging market is segmented into: Paper, Plastic, Metal, Glass; On the basis of applications, the global Converted Flexible Packaging market is segmented into: Food & Beverages, Pharmaceutical, Chemical, Agriculture, Others
Based on the geographies, global Converted Flexible Packaging market is segmented into five key regions — North America, Latin America, Western Europe, Eastern Europe, APEJ, and Middle East & Africa, Japan. Among the aforementioned regions, North America accounts for significant share for Converted Flexible Packaging market, owing to the demand for innovated packaging materials for consumable goods. Furthermore, North America packaging industry’s position in the global packaging market is bolstering growth for Converted Flexible Packaging in the region. Moreover the large chain of F&B industries and various other FMCG industry in country such as in U.S. & Canada in North America is acting as catalyst for the growth of Converted Flexible Packaging market in North America. Western Europe market for Converted Flexible Packaging is next to that of North America for similar trends, which is followed by APEJ and Middle East & Africa for Converted Flexible Packaging market. Latin America market for Converted Flexible Packaging market is anticipated to register a sluggish growth over the forecast period. Overall, the global Converted Flexible Packaging market is anticipated to register a healthy growth rate by the end of forecast period.
Some of the major players identified in the global Converted Flexible Packaging market include;- Amcor Flexibles, Ampac Packaging LLC (U.S.), Honeywell International Incorporated (U.S.), Oracle Packaging (U.S.), Graphic Packaging Holding Company (U.S.), Bemis Company, Inc (U.S.), Sonoco Products Company (U.S., Constantia Flexibles International GmbH (Austria), Bischof + Klein SE & Co. KG(Germany)
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