Luton, Bedfordshire, United Kingdom, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Flexible packaging Market.
Flexible packaging Market Overview
The global flexible packaging market is projected to reach USD 216.70 billion by 2029 from USD 216.4 billion in 2021, at a CAGR of 4.1% from 2022 to 2029.
Exactitude Consultancy explores the current market and explores the key trends in the growing Flexible packaging market. Due to strict governmental regulations, shifting consumer preferences, and environmental pressures, manufacturers are shifting their strategies toward circularity and utilizing new plastic technologies to develop recyclable and sustainable solutions which are impacting the flexible packaging market globally. Read more to get answers and insights for such and other key questions from the report.
Any package or component of a package that may easily change shape while filled or while being used is considered flexible packaging. Bags, pouches, liners, wraps, roll stock, and other flexible items are, created from paper, plastic, film, aluminum foil, or any combination of those materials. Flexible packaging is often in the form of a bag, film, lidding, liner, overwrap, pouch, roll stock, sleeve, or wrap and is made from any combination of paper, plastic film, and foil.
Objectives of the study:
- To quantitatively analyze the flexible packaging market from 2022-2029. To define, classify, and forecast the global flexible packaging market based on type, material, technology, and application.
- To assess and project the size of the global flexible packaging market in terms of value.
- To analyze the influence of the elements, such as drivers, constraints, opportunities, key trends, and challenges, influencing market dynamics.
- The report analyzes the bargaining power of buyers & suppliers, the threat of substitute products & new entrants, and the competitive scenario of the market based on Porter’s five forces model.
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Key Market Segments: Flexible Packaging Market
Flexible Packaging Market by Type, 2020-2029, (USD Million)
- Bags
- Wraps
- Pouches
- Rollstock
- Others
- Labels
- Stick Packs
- Sachets
Flexible Packaging Market by Material, 2020-2029, (USD Million)
- Plastic
- Aluminum Foil
- Others
Flexible Packaging Market by Technology, 2020-2029, (USD Million)
- Flexography
- Rotogravure
- Digital Printing
- Others
- Screen
- Offset
- Letterpress Printing
Flexible Packaging Market by Application, 2020-2029, (USD Million)
- Food & Beverages
- Pharma & Healthcare
- Personal Care & Cosmetics
- Others
- Consumer Goods
- Oil & Lubricants
- Agriculture
- Automotive
- Household Products
- Tobacco & Sporting Goods
Flexible Packaging Market by Region, 2020-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Important countries in all regions are covered
Regional Growth Insights:
North America, Asia-Pacific, Europe, and the rest of the world are the divisions of the market by region. The flexible packaging sector is heavily dominated by the North American region. Government regulations, guidelines, and supportive policies in North America have encouraged the expansion of new manufacturing facilities across the continent.
During the projection period, the Asia-Pacific region is expected to lead the market. India and China, two developing nations, have seen tremendous growth. Population growth, rising economic value, and the rate of industrialization expansion are a few of the main causes. Consumers now value packaging that is lightweight and effective because they are more cognizant of food safety.
After the Asia-Pacific, the European region is ranked second. The value of the flexible packaging market is rising thanks to several pharmaceutical companies. Additionally, the market is being fueled by the makeup and cosmetics industries in nations like Italy, France, Germany, and the UK.
The rest of the world's nations are also anticipated to have significant growth during the projection period. The governments of nations like Saudi Arabia have been spending money on R&D. Due to these supportive regulations, pharmaceutical businesses have dramatically increased in size in recent years.
Key growth Countries:
- The demand for flexible plastic packaging has increased in India due to the country's growing understanding of the advantages of recycling and bioplastics. Key market drivers will be the abundance of raw materials and the quickening pace of technical development in the flexible plastic packaging industry.
- Due to its low cost and environmental friendliness, flexible plastic packaging is becoming more and more popular in the food, pharmaceutical, and personal care industries. Over the course of the projection period, it is anticipated that government initiatives to ban single-use plastics and increase investment in the nation's recycling infrastructure will significantly increase demand for flexible packaging materials.
- Germany will see a rise in demand for flexible plastic packaging solutions due to rising consumer demand for quickly moving goods and a thriving e-commerce sector. The healthcare industry's growing need for the general barrier, long-lasting, and robust plastics is anticipated to support the country's market expansion. The development of biodegradable plastic packaging solutions and bio-plastic generated from sustainable sources will be accelerated by increasing international pressure to eliminate non-biodegradable plastics and the enforcement of strict government controls on the use of plastic.
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Business Drivers for the Flexible Packaging Market:
- The market for flexible packaging is expanding due to the rise in demand for snack and convenience foods in single-serving or small-portion sizes.
- Manufacturers have created sustainable packaging choices that are safe and secure in response to growing environmental concerns about the use of biodegradable polymers for flexible packaging.
- Flexible packaging stops corrosion by preventing moisture from getting inside the packages. These benefits of flexible packaging will fuel market expansion over the upcoming years.
- The traditional methods of cooking food at home have gradually given way to the purchase of packaged goods. Flexible plastic packaging utilizes less energy, less natural resources, and emits fewer greenhouse gases during production.
- Flexible packaging allows for the least amount of packing while still maintaining or improving product protection, which lowers costs associated with product warehousing and delivery.
- Packaging shapes can be more inventive and noticeable thanks to flexible packaging materials. This, along with our top-notch printing and design services, guarantees noticeable and eye-catching packaging for the best marketing value.
Restraints for the Flexible Packaging Market:
- Modern infrastructure is necessary for the difficult process of recycling plastic packaging waste. It takes a lot of time and requires skilled workers. The market for flexible packaging may suffer as a result.
- The main reasons for over-packing include inefficient e-commerce packaging and the splitting of single packages into several individual ones from the distribution center to delivery. The market for flexible plastic packaging will suffer as a result.
Opportunities for the growth of the Flexible Packaging Market:
- Manufacturers have been compelled to create environmentally friendly packaging choices that are safe and secure due to growing worries about the usage of biodegradable polymers for flexible packaging and its effects on the environment. Manufacturers are looking for environmentally friendly packaging options in order to ease the financial strain and preserve the integrity of product packages.
- The creation of substitute bioplastics such as polybutylene succinate and bio polypropylene, as well as the cost and disposal of bioplastics, which must be evaluated to enable successful use, are major areas of attention for manufacturers. To reduce trash, governments all over the world are promoting the use of sustainable packaging.
Challenge for Flexible Packaging Market:
- In the flexible plastic packaging sector, which offers reusability and reduces waste, recycling poses a significant challenge.
Impact of the COVID-19 pandemic on the Flexible packaging market:
- Many individuals turned to buy food online during and after the lockdown, and this tendency will undoubtedly continue. Packaging solutions are in high demand, with e-commerce today being one of the most extensively used channels globally. The demand for e-commerce packaging solutions including corrugated boxes, flexible packaging wraps, and others is being fueled by more physical shops moving to online sales channels. Many nations' economies have suffered as a result of the suspension of numerous industries, particularly transportation and supply chains.
- Due to the lockout, there has been no development, which has hampered demand for the product. Resources being scarce in various parts of the world has had a severe influence on the manufacturing and industrial sectors as a result of the COVID-19 outbreak. The leading companies in the sector are re-evaluating their strategy to tackle the challenge since they are worried about the market's prospects.
- The businesses are using a variety of methods to boost production volume while also working to create cost-effective, innovative solutions that can satisfy customer needs and support the overall innovation needed for higher flexible packaging penetration sustainability.
- The Covid-19 epidemic had a mixed effect on the packaging business, with some end-markets—like food and healthcare—experiencing a spike in demand. Long-term, sustainable packaging is expected to continue to be the main priority of packaging companies, although right now, plastics are the main focus. Since these categories are currently regarded as essentials and consumers are stocking up on these items, packaging manufacturers are observing increased demand from sectors such as food and beverage, pharmaceuticals, and other essential commodities such as hand sanitizers, soaps, and disinfectants during and after the Covid-19 pandemic.
Key Trends in the flexible packaging market:
- The environmentally friendly packaging includes seeds for wildflowers so they can be thrown away and grown in a garden.
- In June 2020, global packaging giant Amcor partnered with the brand to develop more sustainable packaging and introduce a new bio-based polymer package in response to Espoma Organic's mission to "develop the finest organic gardening products that work in harmony with nature, grow beautiful gardens, and make a greener world for the future." 25% of the POLYETHYLENE (PE) film is bio-based and, in this case, comes from sugar cane.
- Berry Global Group, Inc. announced in March 2020 that it would invest USD 30 million to improve its capacity for manufacturing ultra-high-performance stretch films. The money will go into adding new production lines and improving current equipment in nine of the company's North American manufacturing facilities for stretch film.
- Amcor joined the Healthcare Plastics Recycling Council (HPRC), a group of industry peers from the healthcare, recycling, and waste management sectors, in February 2020. The business will assist the alliance by utilizing its knowledge of applications for medical device packaging in hospitals and other healthcare facilities. The industry group's focus is on all facets of the packaging value chain, from packaging design through end markets and collection systems.
- The partnership between Berry Global Group, Inc. and its steadfast client, Mondelez International, to provide packaging made of recycled plastic for Philadelphia, the most well-known cream cheese in the world, was announced in May 2020. The plastic material in the package was collected using cutting-edge recycling technology as a result of Berry's and SABIC's relationship, which was announced earlier this year.
Competitive landscape and companies covered:
Some of the major players in this industry have taken leadership positions, while others are trying to keep up with their innovations.
There are a lot of players in each region who are trying to penetrate the market. Amcor Ltd., Constantia Flexibles Group GmbH, Berry Global Group, Inc., Huhtamäki Oyj, Sonoco Products Company, Bemis Company, Inc., Sealed Air CorporationAR Packaging Group AB, Mondi Group, DS Smith Plc, CCL Industries Inc., Uflex Ltd., Winpak Ltd., Rengo Co. Ltd., Transcontinental Inc., Epac LLC, Emerald Packaging Inc., Glenroy, Inc., Schur Flexibles Group, ProAmpac LLC, Goglio Group, Bischof & Klein GmbH & Co. KG, Clondalkin Group Holdings B.V., BBC Cellpack Packaging, Bryce Corporation, Printpack, Inc., Parkside Flexibles (Europe) Limited, Lindopharm GmbH, Flair Flexible Packaging Corporation, American Packaging Corporation, Coveris Holdings S.A., Interflex Group Inc., and Other Prominent Players are the major market players in the global Clinical decision support systems coatings market.
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The key questions answered in the report are:
- - What was the market size of the flexible packaging market before Covid-19 and what is the forecast from 2022 onwards?
- - Who are the key manufacturers in the market and what are their product offerings?
- - Which are the highest-growing countries in the market and what is their growth rate?
- - What are the key factors driving the market in countries like the USA, Germany, India, China, and other major countries?
- - What are the restraints for the growth of the flexible packaging market?
- - What are the challenges for the growth of the flexible packaging market?
- - What are the key trends in the flexible packaging market?
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