Americans sure do like flexible packaging. At least that's according to a research report from PCI Films Consulting. The North American and European flexible packaging markets is estimated at $20.7 billion and $16.4 billion, together account for approaching half of the global consumer flexible packaging market of around $76 billion in 2013. However, recent research by PCI shows that growth in North America at around 4% p.a. by value is currently twice as fast as that experienced in the last year in Europe.
PCI Films Consulting believes that this situation is likely to continue even while the annual spend per capita is much higher in North America, than in Europe. While demand in Eastern Europe continues to grow by more than 5% p.a. in value terms, underpinned by strong growth in Russia and Poland, growth in the more mature Western Europe is currently running at less than 1.5% p.a.
So what's behind this decline in Europe but growth opportunity in North America? PCI believes there are a number of issues at play.