The latest evolution in the packaging industry, Flexible Packaging has gained popularity worldwide for its benefits over rigid packaging. With benefits such as functional convenience in handling & transportation, cost effectiveness and brand protection from counterfeiting, flexible packaging industry worldwide is led by a strong growth.
Today, the flexible packaging industry globally is estimated to be nearly USD 160 billion and is growing at steady pace of 7 – 7.5% annually. The developed world regions of North America, Western Europe and Japan, which boast higher incomes per head, constitute the biggest markets for flexible packaging, accounting to about 70% of the share of the world’s total market. In developed nations the growth of the flexible packaging sector is estimated to be growing at a rate of about 2.5 – 3.5% whereas, in developing countries this growth is in the range of 8 – 12% annually. India in fact, historically is growing at 15-18% p.a.
A recent study by Pira International elucidated that while innovation will be the key driving the growth of the flexible packaging industry, the Asia Pacific region forecasted to lead global luxury packaging market growth with a compound annual growth rate (CAGR) of 7.1 percent in the period to 2015.
With constant technological evolution and a stiff competition to keep up to the demands of the consumers, many international players are not able to sustain themselves. The competition from Asian Countries particularly from India and China is making it hard, even for some of the biggest players.
As far as India is concerned, there are still few companies in the organized sector in Flexible Packaging segment. The small units in India face the heat of stiff competition from the biggest players and fail to keep up to the competition in terms of by deployment state-of-the-art latest technology and focus on providing innovative to meet customers’ needs.
With growing economic prosperity and higher incomes per head, the demand of packaging is significantly high in the developing countries. India alone has the potential to grow at a rate 20 – 25% annually.
In a bid to keep up to the changing consumer demands, FMCG companies, retails chains are constantly revamping the packaging designs to woo customers. Manufactures, too, are continuously focusing on deployment of newer innovative, state-of-the-art technologies and attainment of operational excellence for productivity and efficiency improvements.
Some of the recent flexible packaging innovations by UFlex in plastic film segment, include Green PET Film, PET Film, Special Heat-sealable PET Film, Liquid Packaging PET Film, Direct Emboss able PET Film, Antistatic Twistable PET Film, Extrusion coatable BOPP Film, Retortable CPP Film . The company has also introduced new concepts in the packaging products segment which include Eco-friendly flexi tube for cosmetic & paste, Slider Zipper with diaphragm, 3D Bags, WPP Bags, Non-plastic laminates for mouth freshener industry. Many of these pioneering concepts have been well-acclaimed in India and abroad.
Going forward, UFlex plans to be one of the leading companies in the world in the flexible packaging space. In order to achieve this goal, UFlex, follows the strategy of ‘Growth with Innovation’ and runs its business with “Social and Environmental responsibility”.
