by Flexible packaging is extensively used across various end-use industries such as food and beverages, pharmaceutical, personal care, and others. Flexible packaging includes pouches, bags, wraps, and sachets made using films, foils, and paper. These packaging solutions offer advantages such as lightweight, compact storage, reusability, and longer shelf life. They are widely adopted for packaging numerous food products including snacks, coffee, pet food, dairy, confectionery, and ready-to-eat meals. The global flexible packaging market is estimated to be valued at US$ 86.35 Bn in 2023 and is expected to exhibit a CAGR of 82 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The flexible packaging market is expected to witness significant growth over the forecast period owing to rising demand from the food and beverage industry. One of the key drivers for the growth of the flexible packaging market is the rising demand for convenient and sustainable packaging from consumers and brand owners. Flexible packaging offers advantages like lightweight, reusability, and efficient usage of packaging materials which fulfill the rising demand for sustainable packaging. Additionally, the growing demand for longer shelf-life and convenient packaging from food producers and retailers is also boosting the adoption of flexible packaging films and pouches. However, stringent government regulations regarding the usage of plastic packaging may hinder market growth during the forecast period.
SWOT Analysis
Strength: The flexible packaging market offers advantages such as lightweight and variable shapes which reduces transportation and logistics costs. Further, flexible packages are more consumer friendly and require lesser effort for carrying and storing.Flexible packaging provides product differentiation through graphics and prints which enhance brand visibility.
Weakness: Flexibility comes with a downside of lower durability in comparison to rigid packaging. Flexible packages have lower barrier protection against moisture, oxygen and other external agents. They also require specialized packaging machinery which increases initial investment costs.
Opportunity: Growing demand for smaller and portable packaging from on-the-go food and snack brands presents an opportunity. Flexible packaging finds increased usage in applications like pouches, bags and wraps. Shift towards sustainable and eco-friendly packaging boosts demand.
Threats: Stringent regulations around the usage of plastics in packages pose a threat. Rise in raw material prices especially of polymers increases production costs. Growing preference for paper over plastic based flexible packages impacts market growth.
Key Takeaways
The Global Flexible Packaging Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by its versatile applications across food, personal care and other sectors. The market size for flexible packaging stood at US$ 86.35 Bn in 2024 and is projected to reach over US$ 1.2 Tn by 2031, exhibiting a robust CAGR of around 82%.
Regional analysis: Asia Pacific dominates the global flexible packaging market holding over 35% share in 2024 led by China, India and other developing nations. The region is poised to continue its dominance through 2031 on account of massive population, growing middle class and their increasing spending on packaged goods. North America stands as the second largest regional market supported by food chains and quick service restaurants demanding flexible packages.
Key players:
Key players operating in the flexible packaging market are Apple, Oculus VR, Sony, Samsung Electronics,X-Celeprint, Nanosys, Jade bird display, aledia, mikro mesa, verlase technologies, and allos semiconductors. Apple (US), Samsung Electronics (South Korea) and Sony (Japan) have established strong presence across virtual reality and augmented reality ecosystem with their head-mounted displays and other compatible devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
