World News: 11:51 GMT Friday 11th January 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global flexible packaging market was worth US$ 102.5 Billion in 2017. Looking forward, the market value is projected to exceed US$ 132.7 Billion by 2023, exhibiting a CAGR of more than 4.4% during 2018-2023.Flexible packaging is one of the rapidly growing segments of the packaging industry, combining the highest qualities of film, paper, and aluminum foil to provide a wide range of protective characteristics. These flexible packages can acquire the shape of a pouch, liner, bag or overwrap and it can resonate with any type of packaging. Various applications of flexible packaging in the food industry include packaging of ready-to-eat food items, boil-in-bag pouches, and foods that are often transferred from freezer-to-microwave. Packaging used for freezer-to-microwave type food is resistant to high temperature extremes and is a good moisture-resistant sealant as well. The non-food product applications of flexible packaging include insulation, cosmetics, and healthcare. The market is growing rapidly with flexible packaging ensuring food safety, enhanced value of food products, extended shelf-life, heating and moisture barrier, effective permeability, and ease of use. Consumers are also preferring this packaging type because of its commitment to convenience, aesthetic appeal and durability.Catalyzed by advancements in packaging technology, the global demand of flexible packaging material is exhibiting strong growth. Moreover, the popularity of flexible packaging among consumers has also increased as it is a cost-effective alternative for storage issues, minimizes product wastage along with keeping the food safe and healthy. The pharmaceuticals and nutraceuticals industry have also been driving the demand of flexible packaging as it provides such industries with a sustainable and recyclable alternative that are based on polymers. Other factors that are currently driving the market include customizing ability, safety assurance, reusability, transparency, reliability, etc.
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Related Topics: Plastic Packaging
Globe Newswire: 11:51 GMT Friday 11th January 2019
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