Study predicts growth and market expansion over the next five years
The North American flexible packaging market is expected to grow to more than $42 billion by 2024, according to the Flexible Packaging Market in North America Industry Outlook and Forecast 2019-2024. The report was issued this month by the market insight organization Research and Markets.
According to the report, the demand for lightweight packaging from food, pharmaceuticals, and other end-users is a major driver for the growth. Additionally, the consumer focus on sustainability is increasing pressure on food and beverage and other consumer goods to reduce their use of plastic and be more environmentally responsible. Both cost considerations and environmental impact are the major factors for the high demand for lightweight, flexible packaging material.
These are some of the factors credited in the study with contributing to the growth of the flexible packaging market:
- Growth in packaging demand from healthcare industry
- Downgauging of packaging
- Increased adoption of pouches across industries
- Overall increase in processed and packaged foods
- Increased focus on sustainable flexible packaging
- Increasing adoption of flexible packaging over rigid
The report covers sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. It includes insights on segmentation by material (flexible plastic, flexible paper, and foils), application (consumer packaging and industrial packaging), end-user (food and beverages, pet food, healthcare, personal care, etc.), product type (bags and sacks, pouches, and others), printing type (flexography, Rotogravure, and others), and geography (United States and Canada).
The study considers the present scenario of the North American flexible packaging market and its market dynamics for current period through 2024.
You can review a full summary of the report on the Research and Markets website here. The complete study is available for purchase on their site, as well.
AMGRAPH is growing every day, and we’re pleased to be a part of such a vibrant and important industry. We bring years of expertise to every flexible packaging project, so if you are looking for guidance in expanding your use of sustainable packaging, give us a call!