Flexible Packaging is About to Rise
The latest market report on packaging by Smithers Pira claims that flexible packaging is forecast for strong growth from 2019 to 2024.
Flexible packaging is commonly used for food items, and describes bags, pouches, and any other type of non-solid packaging.
Flexible packaging is currently the largest segment in the global specialty papers industry, which includes printing labels, security material such as postage stamps, gift wrap, and retail and food containerboard.
However, Smithers Pira predicts that its growth will continue to rise, gaining a CAGR of 2.4% in the next five years – pushing overall consumption in flexible packaging from 4.72 million metric tons to 5.32 million metric tons.
According to the report, part of the reason for flexible packaging’s growth is the increase in demand in the Asia-Pacific region, particularly China and India.