The latest market research report by Technavio on the flexible packaging market in Europe predicts a CAGR of around 5% during the period 2018-2022.
The report segments the flexible packaging market in Europe by end-user (food products, confectionery products, and healthcare) and by geography (western Europe and eastern Europe). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the flexible packaging market in Europe, according to Technavio transportation and logistics researchers:
Reduction of weight in flexible packaging in comparison with rigid packaging: a major market driver
The reduction of weight in flexible packaging in comparison with rigid packaging is one of the major factors driving the flexible packaging market in Europe. The increasing focus on sustainability has been promoting the need for companies to adopt strategies to lower the plastic waste generated by them. The increased concentration on sustainability is encouraging the demand for flexible packaging.
Growing emphasis on biopolymers: emerging market trend
In 2017, packaging accounted for a major share of more than 30% of the global plastic market. Also, flexible packaging accounted for a considerable share of more than 20% of the market. The increasing environmental concerns among people and government organizations have been contributing to the growing focus on biopolymers, a renewable plastic material manufactured from biomass.
According to a senior analyst at Technavio for research on packaging, “The rising use of bioplastic packaging will compel flexible packaging manufacturers to shift toward bioplastics slowly. But, the adoption of bioplastic packaging will be slow and will take time to completely replace the conventional plastic due to the higher beneficial characteristics of conventional plastic over bioplastics.”
Global market opportunities
In terms of regional dominance, the flexible packaging market in Western Europe held the highest share of more than 58% of the market in 2017. This was because of the extensive use of flexible packaging in developed nations such as Germany along with the high consumption of packaged food and confectionery products in Western Europe. However, Eastern Europe is expected to grow at a faster rate owing to the growing consumption of products such as personal care items