A Wood Mackenzie Chemicals report has found that Europe flexible packaging market is predicted to achieve an annual compound growth rate of two per cent of the next five years.
This will mean it will reach over €16 billion in 2023, according to the Flexible Packaging Europe Supply Demand Report.
Paul Gaster, Wood Mackenzie Chemicals Principal Analyst, said: “The European market for converted flexible packaging showed modest growth in 2018, increasing by just over two per cent to reach €14.5 billion last year.”
“Sales in the European region, comprising 28 countries across Western and Eastern Europe, including Russia and Turkey, accounted for 16 per cent of total global sales in 2018.”
“There are still a number of smaller markets, largely in Eastern Europe, showing dynamism in the region. The European region as a whole exports nearly ten per cent of total production to non-European destinations.”