DUBLIN–(BUSINESS WIRE)–The “Flexible Packaging Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The flexible packaging market (henceforth referred to as the market studied) was valued at USD 233.32 billion in 2020. It is projected to be worth USD 300.18 billion by 2026, registering a CAGR of 4.37% during the period 2021-2026.
Companies Mentioned
- Amcor Plc
- Berry Global Inc.
- Mondi Group
- Sealed Air Corporation
- Coveris Holdings SA
- UFlex Limited
- Huhtamaki Group
- Proampac LLC
- WIPF Doypak (Wipf AG)
- FlexPak Services LLC
- Laser Packaging Manufacturing PTE Limited
- KM Packaging Services Ltd
- Sonoco Products Company
Key Market Trends
Dairy Products are expected to Hold a Significant Market Share in the Food Segment
- The current market scenario is indicative of an upsurge in demand from dairy products, as the consumption of dairy products is increasing at a healthy rate. For instance, according to the US Department of Agriculture, the per capita consumption of cheese amounted to 40.2 pounds in 2020. Moreover, the annual cheese consumption in 2020 was recorded higher in the European Union than the United States, as the consumption accounted for 9,482 metric tons in the EU as compared to 5,766 metric tons in the United States according to USDA Foreign Agricultural Service.
- Among all the dairy products, milk is a primary staple food and an essential part of a balanced diet containing a high percentage of calcium and other vital nutrients. According to the FAO (Food and Agriculture Organization of the United Nations) and the US department of agriculture, worldwide milk production in the year 2020 amounted to around 532.25 million metric tons. In 2020, the European Union was the leading producer of cow milk and produced about 157.5 million metric tons of cow milk, followed by the United States and India.
- Carton packaging has conventionally been associated with milk, as it protects food and is also good for the environment. Paperboard is a frequently used material for making cartons for milk packaging. Also known as gable-top cartons, milk cartons are a common form of poly-coated paper packaging. By weight, milk cartons are 80% paper and 20% polyethylene. Paper milk cartons substituted refillable glass bottles in the 1950s, offering consumers a convenient, lightweight alternative.
- Steady growth in the dairy beverage market, especially in Asia-Pacific, has led to the growth of flexible packaging of dairy products. Advantages such as long-shelf-life and no refrigeration are needed to aid the growth of flexible packaging over traditional packaging methods.
Asia Pacific is Expected to Witness Significant Growth
- In the food industry, beyond convenience, other characteristics, such as sustainability, transparency, food safety, and reduction in food waste, influence the flexible packaging choice for meat, poultry, and seafood. According to the Ministry of Industry and Information Technology and National Bureau of Statistics of China, in 2020, the food industry in the country generated total profits of around CNY 620.66 billion.
- According to the Ministry of Health, Labor and Welfare (MHLW Japan), the volume share of generics in the Japanese prescription drugs market stood at around 78.3% in 2020. Over 35% of prescription drugs in the country are imported from the United States, and this demand is anticipated to increase as the country has a rapidly aging population demanding new medicines for associated conditions. Hence, such trends are expected to contribute to the market’s growth positively.
- According to the USDA Foreign Agricultural Service, the sales volume of dairy food within the Indian packaged foods market amounted to about 26.45 million metric tons in 2020. This was a significant increase from about 22.03 million metric tons in 2019. The expansion and diversification of India’s food retail are expected to act as catalysts for dairy packaged foods, with urban areas accounting for more than 75% of the sales.
- Australia has witnessed a significant increase in population in the last decade. For instance, according to the Australian Bureau of Statistics, the country’s population increased from 22 million in 2010 to more than 25.6 million in 2020. This is anticipated to drive the demand for more consumables, like packaged meals, convenience packages, among others.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Industry
4.5 Market Drivers
4.5.1 Increased Demand for Convenient Packaging
4.5.2 Demand for Longer Shelf Life and Changing Lifestyles
4.6 Market Restraints
4.6.1 Concerns Regarding the Environment and Recycling
5 MARKET SEGMENTATION
5.1 Material Type
5.2 Product Type
5.3 End-User Industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/i1c1jj
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