NEW YORK, Jan. 31, 2022 /PRNewswire/ -- The flexible packaging market in Latin America is expected to witness substantial growth in the coming years. Technavio estimates the market to grow by USD 3.12 billion between 2021 and 2026, accelerating at a CAGR of 3.95% during the forecast period.
The market is driven by factors such as the rising focus on improving the shelf life of products, the shift toward flexible packaging from rigid packaging, and the growing popularity of flexible bioplastic packaging. However, the increasing environmental focus on reducing the use of plastic packaging will reduce the growth potential in the market.
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Key Flexible Packaging Market Report Highlights:
Flexible Packaging Market in Latin America: Segmentation Analysis
By product, the market witnessed significant growth in the pouches segment in 2021. The segment is driven by the increasing use of pouches to pack a variety of dry foods, candies, confectioneries, agriculture products, and liquids. Also, factors such as shelf appeal, better airtight closure, and easy packability of pouches are contributing to the growth of the segment.
By end-user, the food and beverage segment is exhibiting high demand for flexible packaging in Latin America. The segment is driven by increased agricultural production, improvements in food processing technology, and changing consumer food consumption patterns. In addition, rising urbanization and increased focus on convenience and sustainability are fostering the growth of the food and beverage end-user segment.
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Key Vendors and Vendor Strategies
Some of the major vendors of the flexible packaging market in Latin America include Amcor Plc, Berry Global Inc., Cascades Inc., Coveris Management GmbH, FlexPak Services, Mondi Group, Novolex Holdings LLC, Printpack Inc., Sealed Air Corp., and Sonoco Products Co. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market.
The market is fragmented owing to the presence of several regional and international players offering differentiated products.
Amcor Plc: The company offers flexible packaging solutions that are innovative, attractive, and more sustainable.
Berry Global Inc.: The company offers flexible packaging which is in stock and custom-printed bags are available for a variety of applications.
Cascades Inc.: The company offers w wide range of flexible plastic packaging products.
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Flexible Packaging Market in Latin America: Key Driver
Our analysts have extensively outlined the information on the key market drivers and their impact on the flexible packaging market.
Increasing the shelf life of perishable products helps manufacturers reduce wastage. It also keeps products for sale for a longer time and aids in the transportation of products such as food, beverages, medicines, and other products to different locations without damage. The growing demand for such packaging solutions is driving vendors to offer new products that have extended shelf life. All these factors are driving the growth of the flexible packaging market in Latin America.
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Flexible Packaging Market In Latin America Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.95% |
Market growth 2022-2026 |
USD 3.12 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.35 |
Performing market contribution |
Latin America at 100% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Amcor Plc, Berry Global Inc., Cascades Inc., Coveris Management GmbH, FlexPak Services, Mondi Group, Novolex Holdings LLC, Printpack Inc., Sealed Air Corp., and Sonoco Products Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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