Global Converted Flexible Packaging Market is Expected to Reach a CAGR of 5.79% During the Forecast Period 2021-2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Converted Flexible Packaging Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

Converted Flexible Packaging Market is expected to reach a CAGR of 5.79% during the forecast period 2021-2026.

Innovative packaging solutions with advancements in numerous critical fields of product performance, along with growing utilization in end-use sectors, including food & beverage, pharmaceuticals and, health & beauty, are expected to encourage market forecasts.

The ongoing conversion from rigid to flexible formats and consumer interest in single-use packaging will continue to drive gains.

Key Highlights

• Besides, increasing demand for further-processed food products such as convenience-oriented foods that generally use high-barrier, premium packaging materials for higher shelf life is also poised to encourage the need for converted flexible packaging. The industry is also witnessing an increasing trend towards Eco-friendly formats. Innovative products such as self-venting films, which allow frozen as well as other foods to be steam cooked within their packaging, are likely to take significant strides in terms of technology enhancements and development.
• The converted flexible packaging industry is being challenged by rising material costs and higher demand for products such as low-fat snacks, which require innovative technologies and substrate combinations to meet packager needs for freshness. Technological advances encompass controlled-atmosphere and modified-atmosphere packaging (CAP/MAP), which result in much longer shelf life for produce, meats, and other products; novel resins such as metallocenes that are stronger and more breathable than traditional films; and convenience features such as zippered bags and specialized closures.
• During and after the lockdown due to COVID-19, a large number of consumers opted to online grocery shopping, a trend that will undoubtedly continue. For 2020, due to pandemic, online grocery’s percentage of the USD 1.04 trillion grocery market is pegged at 10.2%, or about USD 106 billion, up from 3.4%. Further, Online grocery will swell to 21.5% of total U.S. grocery sales by 2025, more than doubling its current share of the overall grocery market, a new study by grocery e-commerce specialist Mercatus. Such stats clearly indicates that the pandemic has catered the market growth in the online sector.

Key Market Trends

Seafood to Drive Growth in the Converted Flexible Packaging Market

• Seafood will continue to be one of the leading food markets driving growth in the converted flexible packaging sector. Seafood will continue to lead the market as against meat and poultry over the next coming years and will be supported by ongoing consumer demand for individually wrapped portions as well as case-ready and pre-seasoned proteins.
• Pouches and bags used in the meat, poultry, and seafood markets are typically high-barrier products that help extend the shelf life of these products, which tend to be highly perishable. Additionally, a wide range of value-added features is used in this market to add convenience or marketability.
• Value-added uses for converted flexible packaging in the perishable proteins market include easy-peel films, cook-in bags and films, improved leak and puncture resistance, odor control and freshness extending components, films that allow for high-quality printing, and resealable bags and pouches (using zippers or peel and reseal films).
• Indian seafood exporters expect demand from the US and Europe to rise in 2021. Apart from US, the Chinese buyers were also making enquiries on prices and availability for shrimps and other seafoods. In 2020, the sales value of processed meat and seafood in the Indian packaged foods market amounted to USD 239.6 million. This was a significant rise from the sales value of about USD 120 million in 2012 in this packaged food segment (source: USDA Foreign Agricultural Service).

Asia-Pacific Holds a Dominant Position in the Market

• Asia-Pacific represents the most significant and fastest-growing regional market. Given the vast potential in developing markets such as China and India, the global converted flexible packaging industry has recently been witnessing heightened strategic partnerships, asset exchanges, capacity expansions, mergers and acquisitions, and the establishment of modern manufacturing facilities.
• Seafood is one of the major reasons for the growth of the converted flexible packaging market. According to the Food and Agriculture Organization (FAO), an additional 40 million tonnes of seafood, or a nearly 30% increase, will be required by 2030 to fulfill rising demand. The consumption of frozen and processed seafood is expected to rise steadily as China’s processing, distribution, and cold chain systems improve. Furthermore, the growing popularity of high-end supermarkets and consumer desire for a more diverse and nutritious diet that includes seafood considered expanding sales of frozen and processed fish.

Companies Mentioned

• ProAmpac
• Amcor Plc
• Sealed Air Corporation
• Sonoco Products Company
• Constantia Flexibles Group GmbH
• Graphics Packaging Holding Company
• Bischof + Klein SE & Co. KG
• Honeywell International Incorporated
• Oracle Packaging Inc. (Tekni-Plex Inc.)
• Transcontinental Inc.

For more information about this report visit https://www.researchandmarkets.com/r/y1ysgp

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