360 MARKET UPDATES Report provides a 360-degree overview of the global North America Flexible Packaging Market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Report Title: “North America Flexible Packaging Market – Growth, Trends, and Forecasts (2019 – 2024)“
North America Flexible Packaging Market Report (2019 – 2024) Provides the Leading Manufactures of North America Flexible Packaging market, market overview, scope of the market and Reasons to purchase this report. Also Report provides a 360-degree overview of the global North America Flexible Packaging market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
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North America Flexible Packaging Market Report Covers Leading Manufacturers: Bemis Company Inc. , Sealed Air Corp. , Tetra Pak , Constantia Flexibles , Winpak Ltd. , Amcor Limited , Mondi PLC , Transcontinental Inc. , American Packaging Corporation , Sit Group SpA , Toppan Printing Co. Ltd , Printpack Inc. , Sigma Plastics Group Inc. , Novolex Holdings Inc. , Berry Global Inc.
The North America Flexible Packaging Market Overview:
North America Plastic Bottles and Containers Market is expected to register a CAGR of over 3.16% during the forecast period 2019 – 2024. Owing to the aforementioned exceptional benefits, companies are rigorously investing in flexible packaging technology. For instance, in July 2018, PPC Flexible Packaging, an Illinois-based consumer packaging company invested over USD 2 million in upgrading its equipment and facilities, which is expected to positively impact the United States market.
The consumers enjoy the capability of carrying their favorite food with them wherever they travel. As a result, innovation and demand for flexible packaging are highly correlated with the consumers lifestyle and behavior. For instance, the hectic lifestyle of a modern family, owing to both parents being working professionals, requires eating on-the-go. Moreover, consumers with the utilization of flexible packaging tend to reduce food waste, which further fuels market growth over the estimated period.
According to Bureau of Labor Statistics, in the United States, the monthly full-time employees from June 2017 to June 2018 has increased about over 2%, owing to expansions and introduction of existing businesses, which is likely to boost the market growth.
The primary raw materials required for flexible packaging are plastic, paperboard, and laminates. The plastic processing industry emits an enormous amount of greenhouse gas, which is a major component of global warming.
The increasing production of plastic for various industries, including flexible packaging has led to the ascending release of harmful gas, owing to which the region is defining emission standards, which may hinder the market studied over the forecast period. Additionally, plastic being one of the major raw material for flexible packaging, it is subject to price volatility, owing to fluctuating oil prices. Since last few years, the prices of crude oil has been volatile, which adversely affects the profit margins for the manufacturers.
The end-product prices cannot frequently be altered, whereas the crude oil prices are subject to trade. For instance, if the prices for crude oil increases, the plastic prices subsequently increases, however, the company cannot alter the end products price, which negatively affects the companyâs growth, thereby, hampering the market growth over the forecast period.
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Plastic is expected to Register a Significant Growth
Plastics are the most preferred materials, in terms of packaging applications, due to factors, such as performance, durability, and cost-effectiveness. Plastic packaging material ensures product safety and a smooth delivery from the manufacturer to the consumer. Moreover, plastic packaging is required to comply with strict regulatory requirements, particularly for the food, beverage, pharmaceutical, and drug-packaging sectors.
Plastic packaging is prominently used in the food & beverage industry, from airtight wraps to shelf stable bottles and containers. In this industry, plastics have also driven innovations in packaging design. For instance, modified atmosphere packaging (MAP) helps preserve food freshness by capturing a reduced-oxygen air mixture in a plastic package. These advanced and intelligence packaging techniques play a critical role in ensuring not to compromise the integrity of the product while increasing their shelf life drastically.
In the United States, the Food and Drug Administration regulates the safety of food-contact packaging, including plastics used in contact with food. All food-contact packaging materials must pass FDAâs stringent approval process.In the medical and healthcare packaging industry, plastics are uniquely suited to meet the stringent standards and requirements. Their ability to remain inert to the products contained within the package plays a vital role in propelling the growth of the market.
Beverage Product type is Expected to hold a Major Share
There is a high demand for flexible packaging in the beverage sector, due to factors, such as ease of handling and reduced production and shipment costs. However, the quality of beverages is affected by pH, storage temperature, pressure, and presence of contaminants; any changes in the levels can alter the composition of the beverage. Companies are increasingly employing flexible packaging products with properties, such as barrier resistance (to heat, moisture, and bacteria), to eliminate possible oxidation.
Lightweight packaging material has become essential in beverages, particularly, in pouches. The ever-improving design of pouches has led to an increase in their applications, attracting more consumers toward purchasing fruit drinks, nutraceuticals, meal replacement shakes, fiber supplements, and cold-pressed juices.
The shift of milk packaging format – from glass to carton-based packaging, coupled with the demand for longer shelf life, has led to an increase in the demand for aseptic carton containers. Further, the need for brand recognition is leading to high investments in developing attractive and convenient packaging formats. With beverage companies focusing on building a brand image to attract consumers, and new companies trying to differentiate their products, the consumption of flexible pouches in the beverages sector is expected to increase, over the forecast period.
The Scope of North America Flexible Packaging Market:
Flexible packaging is one of the most prominent packaging technique used by major vendors across a diverse range of end-user verticals, owing to its superior quality, such as ascended shelf life. Moreover, it is the most economical packaging method to distribute and preserve food, pharmaceutical products, and other consumables.
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