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The Global Flexible Packaging Market Size is valued at 269.70 billion in 2023 and is predicted to reach 407.18 billion by the year 2031 at a 5.50% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The demand for flexible packaging products is being driven by the growing use of these products in the pharmaceutical and medical industries.
- The consistent expansion of the food and beverage, personal care, and healthcare sectors is what propels this industry. Demographic and lifestyle factors are also anticipated to fuel the market for cosmetics, thus boosting the demand for flexible packaging.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Flexible packaging's recycling problems are a significant element that is predicted to impede market expansion. It is difficult to recycle the flexible post-consumer materials' several layers.
Flexible packaging has gained substantial demand over the past few years as innovation in the packaging industry has seen a significant impetus owing to changing consumer preferences and requirements in multiple end-use applications. Flexible packaging has emerged as a popular choice due to its cost-effectiveness and longer shelf life than other packaging options.
Furthermore, the rising use of biodegradable plastics due to increased awareness about eco-friendly products among consumers; and transcultural eating habits have led to the growing demand for packaged fast foods, therefore driving the adoption of plastic in the packaging of food products. Besides that, the changing demand for more elegant and delicate packaging in an affordable manner has fostered the demand for Flexible packaging products during the forecast period.
However, recycling plastic packaging waste is a complex process requiring state-of-the-art infrastructure. It is a time-consuming process that needs personnel expertise which hampers the market's growth.
Recent Developments:
- In June 2021, Coveris created a brand-new cereal liner solution using its technical expertise. To improve shelf life and packer performance, the Cereal+ liner was developed. For cereals and dry goods packaged in bag-in-box films, the Coveris Cereal+ liner offers product protection, freshness, and shelf life created from entirely recyclable polyethylene.
- In October 2021-Berry Global and LyondellBasell worked together to pursue the objective of procuring all its packaging's for customers responsibly by the year 2026. The partnership encourages consumers to switch from single-substrate, transparent plastic drink cups that are easier for them to recycle to plastic-lined paper cups with limited recycling potential.
Competitive Landscape:
Some of the flexible packaging market players are:
- Ahlstrom
- Aluflexpack Ag
- Amcor Limited
- Berry Global Group, Inc.
- Bischof + Klein Se & Co. Kg
- Constantia Flexibles
- Cosmo Films Limited
- Coveris
- C-P Flexible Packaging
- Ds Smith
- Goglio Spa
- Guala Pack S.P.A.
- Huhtamaki Oyj
- Linear Plastics and Packaging
- Mondi Group
- Novolex-Carlyle Group
- Novus Holdings Ltd.
- Ppc Flexible Packaging Llc
- Printpack, Inc.
- Proampac
- Sealed Air Corporation
- Silafrica
- Smurfit Kappa
- Sonoco Products Company
- Transcontinental Inc.
- Uflex Limited
- Westrock Company
- Wihuri Group
Market Segmentation:
The flexible packaging market is divided into packaging type, material, printing technology, and end user. Based on packaging type, the flexible packaging market is segmented as pouches, roll stock, bags, films & wraps and others. The flexible packaging market is segmented by material: plastic, paper and metal. By printing technology, the market is segmented into rotogravure, flexography, digital printing and others. By end users, the flexible packaging market is segmented into food, beverage, pharmaceutical & healthcare, personal care & cosmetics and others.
Based On Raw Materials, The Plastic Segment Is A Major Contributor To The Flexible Packaging Market
The plastic category will hold a major global market share. The need for plastic packaging in food and beverage applications is anticipated to rise in response to the rising demand for novel products such as flex tanks and retort pouches for bulk transportation and storage of beverages and semi-solid food goods. Plastic is an excellent packing material for perishable goods like fruits, meat, and dairy products because it offers better pressure relief, greater structural and thermal integrity, and can act as an insulator. Globally high product consumption levels help the product have a large market share.
The Food Segment Witnessed Growth At A Rapid Rate
The food segment is projected to grow rapidly in the global flexible packaging market. Food can be transported more easily and successfully with proper packing. The expansion of advanced packaging in the food industry is also fueled by rising demand in emerging countries due to the rising consumption of packaged food items and raised awareness about nutrition and well-being. Additionally, the increasing prevalence of automated food manufacturing facilities necessitates employing cutting-edge packaging techniques for barrier-free packaging of completed goods, which spurs market expansion.
The North American Flexible Packaging Market Holds A Significant Regional Revenue Share
The North American region's flexible packaging market is expected to record the highest market share in revenue soon. This is majorly due to population growth, urbanization, changes in lifestyles, rise in income levels, increase in internet penetration and surge in development of the economy. In Addition, rising sales of products, increasing e-commerce activity, the presence of key flexible packaging manufacturers, and rapid industrialization are some of the major factors that govern the flexible packaging market in this region. Besides, the Asia-Pacific region will hold the most noteworthy market share in the upcoming years. The market will have better prospects for expansion thanks to the existence of the organized retail sector and the growing e-commerce sectors. The availability of inexpensive labor and readily accessible raw materials in this area will fuel market expansion. In the upcoming year, rising demand for snacks and drinks in developing countries in the Asia Pacific region will fuel market expansion.
Flexible Packaging Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 269.70 Bn |
|
Revenue forecast in 2031 |
USD 407.18 Bn |
|
Growth rate CAGR |
CAGR of 5.50% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Packaging Type, Material, Printing Technology, And End User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Sealed Air, Corporation (US), Coveris (Austria), Transcontinental Inc. (Canada), Amcor (Australia), Sonoco (US), Huhtamaki (Finland), Berry Global Inc. (US), Mondi (South Africa) and Clondalkin Group. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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