Demand for Multilayer Flexible Packaging to Soar Steadily Through 2029; Plastic Remains Preferred Material: Future Market Insights
Major multilayer flexible packaging manufacturers are focusing on product innovation to expand their market footprint and consumer base in various end-use industries.
DUBAI, UAE / ACCESSWIRE / February 20, 2020 / The global multilayer flexible packaging market will reach a valuation of US$ 350 Mn in 2029, witnessing a steady growth outlook during the forecast period (2019 – 2029). According to a new study by Future Market Insights (FMI), the market for multilayer flexible packaging is largely influenced by increasing concerns over single use packaging and the thriving trend of sustainability.
"A shift from rigid to flexible packaging is leading prominent trend in the global packaging industry. The subsequently evolving packaging needs enable brand owners to enjoy high profit margins, owing to reduction in transportation and packaging costs," reveals the FMI report.
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Key Research Findings of FMI's Multilayer Flexible Packaging Market Study
Pouches and sachets will account for a major market share owing to the high demand from the food industry.
The 5-layer variant of multilayer flexible packaging is projected to see 1.2X sales growth.
Plastic will remain the preferred material owing to affordability and easy availability.
North America is the key regional market, while East & South Asia are set to generate lucrative growth opportunities.
Key Growth Drivers – Multilayer Flexible Packaging Market
Innovation in sustainable food packaging is a key growth driver for multilayer flexible packaging manufacturers.
The rise in the global retail sector is projected to increase consumption of multilayer flexible packaging.
Low energy consumption and waste generation is increasing preference for multilayer flexible packaging over rigid packaging materials.
Key Impediments – Multilayer Flexible Packaging Market
Environmental impact and waste management concerns are projected to restrain the production and use of plastic multilayer flexible packaging materials.
Difficulties and higher costs involved in in recycling processes would limit adoption of multilayer flexible packaging.
Explore the complete multilayer flexible packaging market report with 52 illustrative figures, 61 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-9718
Competition Structure Analysis – Multilayer Flexible Packaging Market
The competition landscape of multilayer flexible packaging market remains largely fragmented and competitive, as unorganized local players continue to capture a majority of growth opportunities. Key producers are also pushing for the strategic acquisition of smaller businesses in the industry for easier access to raw materials, and product innovations, for higher profit margins and recyclability.
Some of the key players in the multilayer flexible packaging market include, but are not limited to Uflex Ltd., Sealed Air Corp., Scientex Berhad, Mondi Group plc, and Berry Global Group Inc.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the multilayer flexible packaging market. The study provides actionable insights on the multilayer flexible packaging market on the basis of product type (bags, pouches & sachets, wrapping films, laminates, and others), material (plastic, paper, and aluminum foil), layer structure (3 layers, 5 layers, 7 layers, and more than 7 layers), end use industry (food, beverages, pharmaceuticals, automotive, cosmetics & personal care, homecare, electricals & electronics, agriculture & allied industries, and textiles & apparels) across 30 countries spanning seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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Packaging White Paper | February 2020
SOURCE: Future Market Insights