Pira Forecasts Global Flexible Packaging Market to Reach $71.3B by 2016, Led by Asia and China-India Growth
New research from Pira International, a globally recognized industry consultancy, indicates that global flexible packaging consumption value is expected to reach $58.3 billion in 2011 and climb to $71.3 billion in 2016, representing a compound annual growth rate of 4.1%. Over the same period, global flexible packaging volume is forecast to rise from 18.1 million tonnes in 2011 to 22.5 million tonnes in 2016.
As competition in consumer markets intensifies, brand owners continue to roll out new products, creating clear momentum for flexible packaging. Major retailers are also demanding longer-lasting and more rigorous product protection, which is making sealed flexible packaging increasingly important.
Adam Page, head of research and consulting at Pira International, says brand owners are paying more attention to flexible packaging because of its wide range of applications, low cost and innovation potential. In printing carbon footprint analysis and evaluations of packaging's environmental impact, the lightweight format of flexible packaging is also a key attribute, and its importance is growing.
In developed markets such as North America and Western Europe, flexible packaging has matured and is expected to grow at a moderate pace. Pira, however, predicts stronger expansion in developing countries. Asia was the largest regional market in 2011, accounting for 29.1% of global share, followed by Western Europe at 27% and North America at 20.7%. Asia is also the fastest-growing flexible packaging consumption market, with an expected CAGR of 7.9% from 2011 to 2016. China and India are growing fastest; during this period, their combined growth is expected to represent 44% of global flexible packaging consumption growth.
Source: China Packaging Network (news.pack.cn); original link: http://news.pack.cn/show-375761.html. Copyright belongs to the original author; this article is provided solely for industry exchange and learning.
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