FLEXIBLE FOIL PACKAGING MARKET ANALYSIS

Flexible Foil Packaging MarketSize and Trends

Market Outlook:-

Among regions, North America held a dominant position in the global flexible foil packaging market in 2018. This is attributed to growing demand for flexible packaging in the U.S. and Canada. For instance, according to Flexible Packaging Association (FPA), flexible packaging is the second largest packaging segment in the U.S. and the industry had sales accounted for US$ 31.1 billion in 2014.

Moreover, Asia Pacific is expected to be a lucrative region in the global flexible foil packaging market by 2020, owing to growing demand for eco-friendly packaging products among consumers that has encouraged packaging manufacturers to manufacture sustainable packaging solutions. For instance, according to Coherent Market Insights’ Analysis, Asia Pacific is expected to exhibit a CAGR of 8.85% during the forecast period (2016-2025) and is expected to hold a dominant position in the market.

Growing fast-moving consumer goods (FMCG) sector in India and China is further expected to drive growth of the flexible foil packaging market over the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), fast-moving consumer goods (FMCG) sector is the fourth largest sector in Indian economy. Moreover, in 2018, the revenue of FMCG sector was valued at US$ 52.75 billion and is estimated to reach US$ 103.7 billion by 2020, according to the same source.

Market Dynamics:-

Increasing demand for aluminum foil, owing to its barrier properties and ban on the usage of plastic from food and beverages industry are the major factors that are expected to drive growth of flexible foil packaging market over the forecast period. For instance, according to the U.S. International Trade Commission (ITC), consumption of aluminum foil increased by 3.7% during 2014 to 2016 in the U.S.

Furthermore, various manufacturers are engaged on launching new products, in order to enhance their global product portfolio. For instance, in December 2018, Uflex, one of the leading flexible packaging players in India, launched pharmaceutical packaging products, which include child resistant and senior friendly foil, fast tear strip foil and PET-based cold form blister. Fast tear strip foil is manufactured to impart easy tear-ability of the laminate without any effort.