Flexible packaging market to grow at a CAGR of 4% during 2020-2026 - Market Report
Flexible packaging market is on the rise owing to the growth driven by end-user industries such as food, beverage and pharmaceutical. Globally, the market is likely to expand due to the increased adoption of blister plastic films, aluminum foils, and pouches in the pharma sector.
Wider adoption of blister material which is replacing the glass and rigid plastics, has yielded in the high application of lidding films. Paper and plastic films are widely used in blister packs, followed by aluminum foil because of their cost-efficiency.
Pouches are known to have the highest demand in flexible plastic packaging; stand-up pouches are growing at an annual rate of around 5%, as they use 60% less plastic and are convenient to use.
Consumer packaging is expected to grow faster compared to industrial packaging owing to high percentage of industries adopting flexible solutions, especially non-food and beverage industries. Range of products categories which cater to the consumer market are pouches, blister packs and strip packs. In addition, in the personal care and wellness segment, rigid packaging is being replaced by flexible materials further anticipated to drive market growth during the forecast period.
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