The US market has forecasted that its converted flexible packaging will reach about $18 billion this year. This report is according to Freedonia. The market growth in the industry will be fuelled by the recovery of the economy along with performance and cost advantage over rigid packaging and also in rising demand for processed food materials which necessitates that packaging should maximize the shelf life of the product. Converted flexible packaging has become a favorite as governments and consumers go green in protecting the environment.
On the other hand, the world tin packaging market is forecasted to reach an estimated almost $32 billion four years ago according to a research coming from Visiongain. The increasing demand for convenience foods that are in the format of ready to eat with accompanying demand for aesthetically and lightweight pleasing packaging are fueling the growth for the tin packaging market. Advantages which are afforded by this particular type of packaging include re-sealable containers, sustainable packaging as well as the convenience of single serve food items.
The market outlook
The global market when it comes to packaging materials is highly competitive and is comprised mostly of medium sized and large companies. The future industry renovation is deemed to likely come from overall consolidation and restructuring. The industry is also expected to see a continuous growth which is fuelled by demand for films that are more expensive in order to extend the shelf life of perishable or food products. There is also a growing move away from the bulky formats in the food industry in favor for products which are single-serve and which calls for more packaging. According to Freedonia, snack foods, beverages and meat products usually lead to food packaging market increase. Packaging for both pharmaceutical and medical products will also contribute in the growth of the packaging industry. The demand for tin packaging has also grown in a much faster rate recently in highly developed countries compared to developed nations. There are also different emerging players in the industry like Paper Mart. Though the tin packaging is leading the industry, it is without a doubt that other niches will also be doing great.