How will medical and pharmaceutical sector emerge as potential industry leaders for flexible packaging market?
Pune, Maharashtra, India, September 3 2020 (Wiredrelease) Global Market Insights Research Pvt. Ltd –: Global Market Insights, Inc., reports suggest that the global flexible packaging market would account for USD 250 billion by 2024, subject to its notable applications across various industries like food and beverages, medical, personal care, and others.
Tagged as one of the fastest growing segments of the packaging industry, flexible packaging has attained widespread acclamation for adding value and marketability to food and non-food items in a similar manner while blending the best qualities of plastic, paper, film, and aluminum foil to present an expansive range of protective properties.
The flexible packaging market is constantly advancing at an unprecedented pace with innovation and advancements in technology being at the forefront. These have ultimately led to the emergence of lighter weight packaging solutions that improve flexible packaging’s shelf appeal, ability to be sealed, robust strength, and product protection.
Flexible packaging: Adding value to the food and beverages industry
One of the thriving business verticals across the globe, the food and beverages industry has positioned itself as a remunerative sector for the overall flexible packaging market. In fact, as per estimates, flexible packaging business space emerged as an indispensable resource in the F&B industry. Thanks to the product’s ability to afford a lighter, simpler, durable, and eco-friendly alternative to the conventional packaging options.
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Some of the additional features that have been adding an advantage to the increasing adoption of this packaging in the industry are:
Ease of use and convenience
Owing to its ability of being extremely lightweight and boasting of ease in opening, carrying, and storing properties, flexible packaging makes food products more appealing to the consumers, which eventually translates to higher sales opportunities for the brands.
Food safety assurance
Flexible packaging often incorporates barrier material that possess the ability to block harmful UV rays from sun, contamination, moisture, grease, oxygen, keeping the food inside the packet fresh and fit for consumption for a longer duration of time.
This packaging requires relatively less energy to produce and transport and is also responsible for generating smaller quantities of GHG on its way to the niche market. The sustainability and recyclability of some flexible packaging options also add to the product appeal for consumers who have been preferring to buy from companies that implement measures to reduce the environmental impact and ecological footprint.
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Healthcare sector- a developing application sector across flexible packaging industry
The profusely expanding healthcare sector has been witnessing substantial growth rate across the market owing to the rising geriatric population. A dramatic increase in the spending power of senior population is likely to stimulate the growth prospects of pharmaceutical industry, consequently boosting the flexible packaging market dynamics.
The use of flexible packaging solutions enables production of senior friendly healthcare packaging that are easy to open and seal which adds to the benefits for seniors as well as the caregivers. Furthermore, rising consumption of over the counter products is one of the major trends that is anticipated to drive flexible packaging market over the forecast period.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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