Study reveals continued growth in flexible packaging
The food industry remains the largest user of flexible packaging, accounting for nearly 50% of the circulation.
Increasing consumer demands for convenient packages coupled with an industry-wide push for sustainable shelf-ready designs has the global flexible packaging market poised to eclipse the $290 billion mark by 2023, according to “Flexible Packaging Market Assessment,” a report presented by PMMI, The Association for Packaging and Processing Technologies, Reston, Va. With an estimated 3.9% CAGR, the U.S. and Canada markets are projected to achieve $44 billion.
The food industry remains the largest user of flexible packaging, accounting for nearly 50% of the circulation. With convenience as a noted driver, food figures to remain the dominant segment due to the overall rise in ready-to-eat foods, snacks and frozen meals. Two segments called out by the report as expected to grow the largest by 2023 are processed fruits and vegetables and baby food, each in flexible pouches.