LONDON--(BUSINESS WIRE)--The flexible food packaging market size is set to grow by USD 2.64 billion, accelerating at a CAGR of over 4%, during the period 2020-2024. One of the key factors driving growth is the lower cost of production and less plastic waste in flexible packaging. Flexible packaging produces less waste due to the use of less material when compared with other types of packaging. Increasing consumer preference for packaged food is a major trend that will further stimulate market growth. Changing lifestyles and growing health awareness among consumers has increased the preference for packaged foods.
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Parent Market Analysis
Technavio categorizes the flexible food packaging market in North America as a part of the global metal and glass containers market within the overall global containers and packaging market. The global metal and glass containers market includes products of metal, glass, or plastic containers, including corks and caps. Growth in the global metal and glass containers market will be driven by the growth in the packaging industry.
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Flexible Food Packaging Market in North America: Geographic Segmentation
The report segments the market by geography: The US, Canada, and Mexico. About 80% of the market’s growth will originate from the US during the forecast period. The retail industry in the US is highly competitive due to the presence of established food retailers such as Walmart, Kroger, and Albertsons. In addition, the increasing demand for on-the-go and ready-to-eat (RTE) foods will fuel the growth of the flexible food packaging market in the US during the forecast period.
Flexible Food Packaging Market in North America: Segmentation by Material
The plastic segment was leading the market in 2019. Plastics are widely used in flexible packaging owing to their low cost and less weight. In addition, the rising demand for bag-in-box packaging is driving the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the flexible food packaging market size.
Flexible Food Packaging Market in North America: Growth Drivers
The market is driven by the lower production cost and less wastage associated with flexible packaging. Flexible packaging solutions leave a lesser carbon footprint when compared to rigid packaging. This is because flexible packaging solutions require less plastic, which significantly reduces plastic waste as well as the overall production cost. Moreover, the lightweight nature of flexible packaging helps to lower transportation and storage costs in the supply chain. These factors are increasing the preference for flexible packaging solutions across end-user industries such as food and beverage, which is driving the growth of the market.
Flexible Food Packaging Market in North America: Challenges to Overcome
Growing concerns over the harmful impact of plastic on the environment have led governments across the world to introduce stricter regulations to limit the use of plastics. This is expected to pose a challenge to the growth of market vendors during the forecast period.
Flexible Food Packaging Market in North America: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading flexible food packaging companies, including:
- Amcor Plc
- Berry Global Group Inc.
- CCL Industries Inc.
- Constantia Flexibles Group GmbH
- FLAIR Flexible Packaging Corp.
- Mondi Group
- ProAmpac Intermediate Inc.
- Reynolds Group Holdings Ltd.
- Sealed Air Corp.
- Sonoco Products Co.
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Technavio reports cover the following key research areas:
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Customer Landscape
- Analysis of drivers of price sensitivity
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- Customer purchase basket
- Impact of Drivers and Challenges
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Vendor landscape
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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