Digital printing is among the factors contributing to a boom in the global market for flexible packaging, which is forecast to reach a value of $269bn USD in five years.
The latest Smithers Pira market report, The Future of Flexible Packaging to 2024, reveals that the flexible packaging market worldwide is currently valued at $228bn USD, and predicts it will grow by 3.3 per cent per year to 2024.
“Flexible packaging is replacing more traditional packaging, such as glass jars and metal cans, more and more each year as its benefits are acknowledged. These benefits include extended shelf life, improved cost economics, lower pack weights and lower transport costs.
“Flexible packaging also allows improved cost economics due to requiring less energy and resources than other packaging types, which means that the cost of production per packaging unit is less,” said Smithers Pira.
According to the report, digital printing is one of seven key drivers and trends for the flexible packaging industry. The other six are sustainability; e-commerce; product protection; supply chain efficiency; economics, and lifestyle influences.
“Global urbanisation has increased the demand for flexible packaging along with e-commence and technological advancements in barrier protection, active packaging and digital printing. At the same time, sustainability is also a major concern for the market.
“The benefits of digital printing for flexible packaging are widespread, including more economic short runs and an increased number of printable substrates,” said Smithers Pira.
The Future of Flexible Packaging to 2024 report is available online.