Global flexible packaging market to push 5% CAGR by 2024

The global flexible packaging market is projected to expand at a CAGR slightly over 5% during the forecast period (2016-2024) due to various factors, as revealed in Transparency Market Research's (TMR) lastest report, Flexible Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.

Flexible packaging provides all the properties needed for primary as well as secondary packaging such as lightweight, high performance, high barrier and low contamination, and keeps the product completely sealed off from the environment. Flexible packaging products uses more than 70% less plastics than rigid packaging options and also consumes smaller space during packaging and on shelves in retail outlets. Flexible packaging also offers a number of sustainability advantages including low raw material consumption, low carbon footprint, reduced energy usage, and relatively low waste produced as compared to conventional packaging formats and hence, are more preferred. These sustainability advantages offered by flexible packaging are expected to drive its demand over the forecast period. As competition intensifies in consumer products market, product manufacturers and brand owners are identifying as well as capitalize the latent potential in the market.