Eagle Flexible Packaging :: Flexible Packaging Market Growth to Exceed 5% Per Year

Flexible Packaging Market Growth to Exceed 5% Per Year

The flexible packaging market is on fire! Not literally, of course, but it is growing at a rapid pace, expected to exceed 5% CAGR (compound annual growth rate) through 2024. What’s behind this success? Several factors account for the increase in flexible packaging sales and are likely to bolster it for years to come.

Improvement in the Economy

The economy has seen significant improvement over the last several months, which also moves the needle on consumer spending. As more products are purchased, more inventory is required—including the packaging those products require to be on store shelves. A healthy economy is great news for the packaging industry.

Adoption Across Numerous Industries

Beyond simple economic growth, flexible packaging is booming because of growing adoption across a variety of industries. From food (snacks, frozen, health, coffee, pet, and much more), to supplements, to cosmetics, to medical devices, and well beyond, flexible packaging is being added to or replacing traditional packaging in established and new markets all the time. Innovation and advancing capabilities have opened up opportunities for flexible packaging to meet—and exceed—manufacturers’ needs in a variety of industries where it previously couldn’t be used. This combination of interest-turned-demand and technological abilities has expanded the reach of flexible packaging.

Consumer Demand for Sustainability

The vast majority of consumers now seek out and reward companies that use responsible, sustainable business practices, supplies, and packaging. In efforts to reduce waste, many manufacturers have also embraced flexible packaging for its lower volume when discarded, but it’s also a great choice because of the recyclable and even compostable plastic options available. Plus, the reduced shipping volume and weight means cost reduction for manufacturers and lower fuel emissions.

Regional Growth

North America is experiencing major growth in flexible packaging due largely to growing consumer and manufacturer demand for packaging solutions that are sustainable and convenient to sell and use.

To learn more, stop by the Eagle Flexible Packaging booth, # N-5080 at the Pack Expo International October 14-17, 2018 at the McCormick Place, Chicago, Il. To register for a FREE badge, go to: https://www.packexpointernational.com/ Click Register and use Comp Code 66V35. You can also contact us sooner by visiting us at www.eagleflexible.com