New York (US), April 07, 2023 (GLOBE NEWSWIRE) -- Flexible Packaging Market Overview
The MRFR analysis reports predict that the "Flexible Packaging Market Research Report, by Product Type, Material, Region, Application, and Printing Technology - Forecast Till 2030", the global market for Flexible packaging is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 4.9%. The reports anticipate the market acquiring a valuation of around USD 230.78 billion by the end of 2030. As per these reports, the market was worth around USD 150.04 billion in 2021.
Market Scope
The global market for Flexible packaging has displayed massive development in recent times. The main parameter supporting the market's development is the escalating demand for packaged food. Furthermore, the convenience of use & cost-effectiveness of flexible packaging is crucial parameters supporting the global market expansion.
The market trends for flexible packaging are anticipated to rise during the anticipated period due to a number of variables. The significant shift in consumer preference for processed meals is one of the main motivators. The parts are stylish and portable. Today's consumers are aware of the negative effects of non-degradable products. The flexible packaging ensures that the items are wrapped effectively and responsibly. Plastic, paper, metal, and foil all require less storage than other types of packaging. In addition, the price of packaging for bakery, candy, and other goods is much lower.
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Competitive Analysis
The listing of the prominent leaders across the global market for Flexible packaging includes players such as:
- Clondalkin Group (Netherlands)
- Mondi Group (Austria)
- Reynolds (New Zealand)
- CONSTANTIA (Austria)
- Berry Inc. (U.S.)
- Amcor Limited (Australia)
- Sealed Air Corporation (U.S.)
- HUHTAMAKI Group (Finland)
- Sonoco Products Company (U.S.)
- Coveris Holdings S.A.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 230.78 billion |
| CAGR | 4.9% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, Product Type ,Printing Technology, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technological development in the sachets and pouches used in the cosmetic industry. Increased consumer preference towards flexible materials. |
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Market USP Covered
Market Drivers
The global market for Flexible packaging has displayed massive development in recent times. The main parameter supporting the market's development is the escalating demand for packaged food. Furthermore, the convenience of use & cost-effectiveness of flexible packaging is crucial parameters supporting the expansion of the global market. Moreover, the rising consumer preference for convenience products will positively influence market performance over the review era. Consumer preferences are changing due to smaller households and busy lifestyles, needing simple products to open, carry, use, store, dispose of and serve their on-the-go lifestyles. Consequently, product packaging that complements modern lifestyles is becoming more popular. In addition, the growing consumer purchasing power is also likely to catalyze the performance of the market over the review era.
The factors such as changing consumer lifestyles & consumption habits, adoption of flexible packaging in a variety of end user industries, high market penetration of ready-to-eat meals, a high number of working-class professionals, advancements in food processing techniques, and highlighting the benefits are also projected to boost-up the performance of the market over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the lack of awareness about the benefits of flexible packaging.
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Flexible packaging market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the materials, the Plastic segment is anticipated to secure the leading position across the global market for flexible packaging over the assessment era. The main parameter supporting the development of the segment is its distinctive attributes such as being lightweight, sustainable, and flexible; highly economical and can be utilized by all the industry sectors irrespective of their scale of operations; and ease of reuse & recyclability.
Among all the product types, the Pouches segment secured the top spot across the global market for flexible packaging in the year 2021, given mainly to the rising demand for lighter and more convenient packaging solutions. Furthermore, the rising applications of pouches product type implants will likely boost the market's development over the coming years.
Among all the technologies, the Flexography segment secured the top spot across the global market for flexible packaging in the year 2021, given mainly to brands promoting products as diverse as food, grass seed, motor oil, and wine.
Among all the application areas, the Food & Beverage segment held the top spot across the global market for flexible packaging in the year 2021, given mainly to the demand for snack and convenience foods, increased spending on bakery and cereal bars, and dehydrated and instant food snack foods & nuts.
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Regional Analysis
The global awning market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggesting that the Asia-Pacific region ensured the top spot across the global market for Flexible packaging in 2021, with the largest contribution of around USD 58.51 billion. The main parameter supporting the development of the regional market is the growing organized retail and e-commerce sectors, along with the ease in availability of raw materials. The reports by MRFR predict that the regional market will likely showcase a CAGR of around 2.78% during the assessment era.
The North American regional market for flexible packaging will likely showcase considerable development over the coming years, given factors such as the popularity of flexible packaging among consumers, increasing advancements in packaging technology, cost-effective alternative to storage issues, and customizing ability.
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