Flexible Packaging Market Revenue, by Geography, 2013-2018
The global flexible packaging market is estimated to grow from $73,825.3 million in 2012 to $99,621.9 million by 2018 with a CAGR of 5.1% from 2013 to 2018, according to the latest market research report from MarketsandMarkets.
According to the report, which looks at the flexible packaging market by end-use and material, Asia-Pacific led the global market followed by Europe and North America in terms of revenue in the year 2012.
The report suggests that a rise in the consumption of packaged products offers a strong customer base for the global flexible packaging market. Pharmaceutical packaging is expected to be the fastest growing market with a CAGR of 7.1% during the forecast period. Due to the increased awareness for public health, increasing product processing units, convenience packaging, and rising consumption of generic drugs, the pharmaceutical packaging industry is exhibiting strong gains.
Following it, food packaging is estimated to be the second fastest growing market in 2013, due to the rise in consumption of packaged food. Growing health concerns and knowledge about nutrition value is driving the market for packed products to preserve the end products within them.
In terms of growth by location, Asia-Pacific has the highest market share and is estimated to grow with a CAGR of 7.1% during the period under review. Europe is growing with a CAGR of 3.9%, which is driven mainly by the East European markets. ROW is also expected to experience growth in flexible packaging market in the future.
The CAGR for ROW is 6.0% from 2013 to 2018. The four most potential nations for flexible packaging market, according to the report, are India, China, Russia, and Brazil, which are poised to exhibit the fastest growing trend.