Growing at a 3% average annual rate, the flexible packaging market is predicted to reach $248 billion by 2020, according to Smithers Pira. With increasingly popular use among consumers worldwide, take a look at how they impact the market and drive trends.
As consumers gravitate toward convenient, on-the-go products, flexible packaging has evolved to become handy, lightweight and durable.
For example, this has included creating many single serve packages that offer additional functionality, resealability and ease-of-use designs.
- Taste Preference
Millennials’ changing taste preferences are also a megatrend impacting the flexible packaging market. In particular, they are shifting away from processed foods with additives and preservatives, favoring fresh produce and meat instead.
This has caused the packaging market to develop packaging that keeps food fresher for longer. In particular, it has included developing technology such as multi-layer barrier films that block oxygen and prevent food spoilage.
Consumers also now prefer to purchase products that stem from sustainable, environmentally friendly manufacturing processes. In terms of packaging, they look for it to be:
As a result, PET has become one of the primary materials used in flexible packaging designs. A clear, strong and lightweight material, PET is also fully recyclable and very energy-efficient. In particular, PET allows for more product to be delivered in less packaging, using less fuel for transport.
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