Flexible packaging market to witness moderate growth in the next five years – Market Report
In 2020, global flexible packaging market reached a value of US$ 119.3 Billion, according to market research report. With a wide range of applications, including packaging of ready-to-eat food items, boil-in-bag pouches, and foods that are often transferred from freezer-to-microwave and in other sectors such as cosmetics, healthcare and pharmaceutical is driving growth of the flexible packaging market. The market is growing rapidly owing to several advantages of using flexible packaging such as food safety, enhanced value of food products, extended shelf-life, heating and moisture barrier, effective permeability, and ease of use.
End-users are also opting for this packaging owing to convenience, aesthetic appeal and durability. With the latest advancements in technology, global demand of flexible packaging material is also witnessing strong growth. Flexible packaging is a cost-effective solution for storing food items, minimising waste as well as keeping the food safe and healthy. The pharmaceuticals and nutraceuticals industry have also been driving the demand of flexible packaging as it provides such industries with a sustainable and recyclable alternative that are based on polymers.