The Flexible Packaging Association has released a comprehensive report named the “2018 State of the Flexible Packaging Industry Report” which provides an extensive insight into the state of the American flexible packaging industry in the past year.
The report gives numbers and statistics which relay the performance of the industry and touches on the aspects of the industry such as the performance, materials and process, structure and consolidation, imports and exports and the industry’s vision and aspirations.
The report revealed the humongous size of the flexible packaging industry. The entire industry is estimated to be worth $31 billion in terms of total sales.
The report also included the value addition industry that is involved in creation of flexible packages such as the printing, laminating, coating and bag manufacturing.
The packaging industry is big in America with a worth of approximately $161 billion in the last year alone. Flexible packaging alone accounts for almost 20% of the packaging industry. Corrugated paper is the largest sector in the packaging world followed closely by flexible packaging.
Flexible packaging has maintained to stand strong due to its adaptation in many industries ranging from food processors to medical production. A vast array of companies uses flexible packaging to put their products in the market. That is why the sector is seeing rapid growth. Flexible packaging used to account for 17% of the packaging world compared to the current 19% currently.
Other than releasing this report, the FPA also highlights six Life Cycle Assessment (LCA) case studies using EcoImpact-COMPASS LCA software. This study allows for the quick comparison of the life cycles of flexible packaging in order to asses which one is durable than the other forms of packaging. Flexible packaging has been found to be environmentally safer, cleaner, easily recyclable and has a larger product to package ratio than any other type of packaging.
The future of packaging lies with flexible packaging and the statistics released by the FPA are in full support of this. The information provided in this report was acquired from the U.S Department of Labor and Commerce, industry analysts, investment banking reports and other relevant sources across the flexible packaging industry.
The key players in the flexible packaging industry have vowed to work together to put more products in the market in the coming years and let us wait and see how this trend goes.