Selbyville, Delaware, May 25, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Flexible Packaging Market was estimated at USD 260 billion in 2021 and is estimated to be valued at about USD 390 billion by 2028, progressing at a CAGR of 5.5% from 2022 to 2028. The report provides an in-depth evaluation of the competitive scenario, market size & estimations, wavering market trends, top winning strategies, drivers & opportunities, and major investment pockets.
Flexible packaging offers several benefits like reduced environmental impact and better maintenance of product quality. In the transportation sector, it protects products against strenuous handling practices, extreme temperatures, and various geological factors, while supporting smooth supply chain operations. Moreover, notable advancements in packaging and processing technologies, such as multilayer materials and biodegradable packaging films, are fueling product adoption. Additionally, high demand for the product on account of its properties viz., enhanced product adaptability, excellent durability, and cost-effectiveness, is likely to foster market outlook over the forecast period.
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Aluminum-based flexible packaging finds extensive usage in processed food products and nutraceuticals sector due to its ability to increase shelf life. It also serves as a barrier against external hazard. Government regulations that aim to augment food safety and quality standards have increased the demand for retail/household aluminum foil industry, prompting manufacturers to develop efficient packaging solutions that can prevent food contamination.
Aluminum foil has emerged as a viable alternative to conventional plastic packaging as it has superior recycling properties and has registered notable adoption in fast-moving consumer goods as well as in creating lightweight packaging for processed seafood, coffee, pet food, and RTE food products. Propelled by soaring consumer awareness pertaining to its advantages in food packaging and mounting consumer interest in recyclable and sustainable food packaging, the aluminum material segment is speculated to expand at a growth rate of roughly 5% to reach a valuation of about USD 55 billion by 2028.
On the other hand, the flexible packaging market share from the stand-up pouches product segment is slated to grow at above 5.5% CAGR to record sales of nearly USD 120 billion by the end of the review timespan. Rising demand for packaged food, coupled with the ease of handling and cost-efficacy of these pouches, is bolstering product uptake. Furthermore, aesthetic appeal and escalating demand from end-use sectors namely, personal care, pharmaceuticals, and food & beverage, among other factors, are also poised to support segmental progress.
Key reasons for flexible packaging market growth:
- Surging consumption of stand-up pouches.
- Growing utilization in personal care industry.
- Increasing prevalence in nutraceuticals products.
- High usage in packaging of processed food products.
- Prominent demand for aluminum foil flexible packaging.
2028 forecasts show the ‘personal care’ segment retaining its dominance:
By application, the personal care segment is anticipated to exceed USD 78 billion in revenue, growing at approximately 5% CAGR through the assessment timeframe. Personal care packaging is a crucial component in product marketing since it adds to the visual appeal and indicates relevant product information. Rapid economic growth and rising disposable income of consumers have boosted consumption of personal care products, thereby impelling product uptake. Surging production of personal care products, such as cosmetics, have also propelled the demand for flexible product packaging to adapt easily with artistic product designs and provide structural strength to fragile items, which is set to facilitate segmental development.
North America to maintain top status in terms of revenue:
From the regional perspective, the North America flexible packaging industry is projected to attain a significant share of more than 18% in the overall industry revenue by 2028. Flexible packaging has gained massive popularity in the region owing to its benefits in pharmaceutical, food, and healthcare industries. Flexible packaging promotes adaptability, cost-effectiveness, and sustainability, which has further aided product adoption in varied sectors.
According to the Flexible Packaging Association, over 60% of consumers in North America are willing to pay more for functional and tangible packaging benefits, including shipping friendliness, product protection, and supply chain efficacy.
Impact of COVID-19 pandemic on flexible packaging market:
The onset of COVID-19 amplified consumer requirement for various consumer goods. Government and healthcare agencies emphasized the importance of maintaining hygiene in order to curb the spread of the novel coronavirus, which also fueled the demand for cleaning and disinfecting products. As a result, prevalent utilization of flexible packaging in healthcare, food & beverage, personal care, and other industries has played a vital role in flexible packaging market growth during the pandemic.
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Leading market players:
Some key manufacturers in the global flexible packaging market include Bemis, Südpack Verpackungen, Ampac Holdings LLC, Mondi Group, Sonoco Products Company, Amcor Limited, Schur Flexibles, Flair Flexible Packaging Solution, Cellpack Packaging, Constantia Flexibles GROUP Gmbh, and Berry Plastic Group, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
