by The Flexible Packaging Market is estimated to be valued at US$ 68.5 Bn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible packaging is used for various applications including food, beverage, personal care, homecare, and pharmaceuticals. Flexible packaging provides advantages of enhanced shelf life, occupies less storage space, ease of transport, barrier against moisture, and others. Features like lightweight, re-sealability, and customizability make flexible packaging ideal for food and beverage sectors.
Market Dynamics:
The flexible packaging market is expected to witness robust growth over the forecast period owing to factors such as enhanced durability of the products and extended shelf life. Flexible packaging extends the shelf life of products by providing an effective barrier against moisture, oxygen, bacteria, and tampering. This barrier helps reduce food wastage and spoilage of products during transportation. Additionally, flexible packaging is lightweight and easy to transport, store, and distribute. It occupies less warehouse space which helps reduce logistics and storage costs. Changing consumer lifestyles and growing demand for convenient packaging have further propelled the adoption of flexible packaging across various end-use industries over the years. Factors such as rapid urbanization, increasing healthcare and hygiene concerns, and rising disposable income especially in emerging economies are anticipated to drive the market during the forecast period.
Segment Analysis
The flexible packaging market can be segmented into plastic films, paper, aluminum foil, and others. Among these, the plastic films segment dominates the market and accounts for over 60% share due to its high strength-to-weight ratio and resistance to moisture. Plastic films packaging offers durable yet lightweight packaging for various products such as food & beverages.
PEST Analysis
Political: Packaging regulations related to material usage, recycling requirements vary across countries. This impacts product and packaging innovation.
Economic: Global economic growth drives spending on packaged food & beverages. High disposable income in developing nations boost market growth.
Social: Changing consumer lifestyles and rising demand for convenient packaging drive adoption of flexible plastic packaging solutions.
Technological: Advances in printing and material sciences aid development of smart and active packaging with benefits such as product freshness indicators.
Key Takeaways
The global flexible packaging market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing consumption of packaged foods and beverages globally. The market was valued at US$ 68.5 Billion in 2021.
Regional analysis: North America dominates the flexible packaging market currently owing to strong demand from food packaging companies in the US. Asia Pacific is expected to witness fastest growth in the next five years led by China and India. Growing middle class population and changing lifestyles in the region are major drivers.
Key players operating in the flexible packaging market are Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Group, Inc., Mondi Group, Sonoco Products Co., Huhtamäki Oyj, Constantia Flexibles Gmbh, Ampac Holdings, Llc, Bischof + KleinInternational, Wipak Group, AR Packaging, Goglio Group, Schur Flexibles, Clondalkin Group, Flair Flexible Packaging Solution Cellpack Packaging, and Südpack Verpackungen. These players are focusing on new product development and capacity expansions to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
