The global flexible packaging market will grow at a rate of 3.5% with an estimated value of over $231 billion by the year of 2020, according to a major new study by Smithers Pira. The impressive rate of development and market expansion is mainly propelled by rising demand from consumer goods, food and beverage industries in developing economies. The whole Asia Pacific region still constitutes the largest emerging market for flexible packaging with China, Vietnam and India embracing the highest growth rate and greatest market potential through 2018, which is also the reason that recent years have been witnessing increased strategic partnerships, mergers and acquisitions, asset exchanges, capacity expansions and establishment of new manufacturing facilities in Asia Pacific region.
Rapid replacement of rigid containers with flexible packaging, together with the growing applications of converted flexible packaging in end-use sectors, including food & beverage, snacks, baked products, health & beauty and pharmaceuticals, are helping polish up the market's prospects. Flex packs featuring environmental friendly features, convenience, and superior barrier protection properties are expected to witness the highest market gains. Technical advances have also dramatically changed how flexible packaging is viewed. It’s no longer just a low-cost or expedient option for industrial goods and produce, flexible packaging has gained more popularity across a wide variety of consumer products, increasingly replacing metal cans, glass and rigid plastic bottles, and cartons. Product differentiation, technical development and innovation will continue to reign as key growth drivers for the industry.
In addition, new application breakthroughs in the healthcare and pharmaceutical industries are providing ample growth opportunities for flexible packaging raw materials suppliers, chemicals and converters. Packaging design provides the opportunity to maximize consumer appeal and ease of use, but it must incorporate a degree of price awareness, because many markets function with economics as a primary driving force. Sustainable packaging is the ultimate goal closely associated with the whole flexible packaging value chain, including, packaging brand owners, flexible packaging manufacturers & converters, raw materials & check suppliers, etc. Product safety is a top priority particularly for food and pharmaceutical products, which is receiving increasing attention worldwide.
To further address and discuss all these above mentioned issues and points, this upcoming Asia Flexible Packaging Summit 2019 aims at gathering together over 150 flexible packaging industry professionals all across the industry supply chain worldwide and providing the opportunity to share and examine the emerging new developments and expanding markets in the Asia Pacific region. There will be a focused group as well from specific industry and research organizations to discuss all the issues during the event with numerous opportunities for networking with top executives worldwide.