North American Flexible Packaging Market Revenue Forecast to Reach USD 30 Billion in 2016
In recent years, shifting lifestyles have reshaped consumer spending habits. Compared with conventional rigid packaging, flexible packaging has gained wider acceptance due to benefits such as low weight and effective barrier protection.
A report titled North American Flexible Packaging Market Analysis by business research and consulting firm Frost & Sullivan shows that total revenue in the North American flexible packaging market reached USD 25.4 billion in 2011. By 2016, that figure is expected to climb to USD 30 billion, reflecting a compound annual growth rate of 3.8%.
Tridisha Goswami, a research analyst at Frost & Sullivan, noted: “Food and beverage is currently the leading application market for flexible packaging, while healthcare has become the fastest-growing segment in this market at present.” She added that innovation in flexible packaging means efficiency, personalization and sustainable development, which are essential drivers of success.
According to the report, polymers have long held a dominant position in flexible packaging materials because of advantages including light weight. Polymer-based flexible packaging also offers strong barrier properties, high clarity and transparency, and high mechanical strength, keeping it attractive to the market. The report further notes that flexible packaging with strong visual appeal, easy use and portability, and environmentally friendly attributes will draw greater market attention.
The report also states that intense competition from flexible packaging products originating in other countries has gradually reduced flexible packaging production costs, slowing its growth pace in North America. Nevertheless, flexible packaging companies committed to innovation, personalization and environmental responsibility can still uncover new opportunities in the evolving market and achieve sustained business growth.
Source note: This content is adapted from China Packaging Network (news.pack.cn); original link: http://news.pack.cn/show-371057.html. Copyright remains with the original author; this item is provided for industry exchange and learning.
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