New York, United States , July 26, 2023 (GLOBE NEWSWIRE) -- The Global Flexible Packaging Market Size is to grow from USD 255.8 billion in 2022 to USD 397.39 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the projected period. The increased demand for instant meals, fast food, and other consumable items is driving the global flexible packaging industry. Some of the factors that are boosting the development of the worldwide flexible packaging market throughout the forecast period include cost-effectiveness and higher product shelf-life, shrinking packaging material utilization, rising demand from the food and beverage end-use industry, and expanding e-commerce sales.
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Flexible packaging is a type of packaging that uses non-rigid materials to provide more cost-effective and flexible solutions. It is a freshly created solution in the packaging business that has gained favor because of its high productivity and low cost. Flexible packaging consumes less energy than standard packaging. Many flexible packaging materials have also been designed to be recyclable and biodegradable. The rising need for low-cost, convenient, shelf attractive, and lightweight packaging by application sectors such as food & drinks, pharmaceuticals, personal care & cosmetics, and home care, among others, are driving the expansion of the flexible packaging market. Furthermore, the increased demand for environmentally friendly packaging has created a new opportunity for the flexible packaging market. Because of the various economic and environmental benefits of flexible packaging, the majority of the packaging industry is transitioning toward it. Flexible packaging is frequently used to package food items such as beverages, dairy products, and smoothies, among other things. Changes in consumer purchasing habits and advances in food manufacturing processes have boosted the worldwide packaged food business, which is expected to raise consumer demand for flexible packaging.
Browse key industry insights spread across 215 pages with 137 Market data tables and figures & charts from the report on the, "Global Flexible Packaging Market Size, Share, and COVID-19 Impact Analysis, By Type (Pouches, Rollstock, Bags, Films & Wraps, Others), By Material (Plastic, Paper, Metal, Bioplastic, Others), By End-Use Application (Food & Beverages, Pharmaceutical & Healthcare, Personal Care & Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Here:
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The pouches segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global flexible packaging market is segmented into the pouches, rollstock, bags, films & wraps, and others. Among these, the pouches segment is dominating the market with the largest revenue share of 48.6% over the forecast period. Pouches are tiny bags comprised of two flexible side sheets of material that are sealed along the outside borders to create an interior chamber whose volume is dictated by the position of the walls. They are also simple to use, heat-sealable, and available in a range of sizes and shapes.
The food & beverages segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use application, the global flexible packaging market is segmented into food & beverages, pharmaceutical, healthcare, personal care & cosmetics, and others. Among these, the food & beverages segment is dominating the market with the largest revenue share of 57.2% over the forecast period. The key drivers of the flexible packaging industry include increased cleanliness and dependability awareness, accelerated urbanization, changing habits, and high buying power.
The plastic segment is witnessing significant CAGR growth over the forecast period.
On the basis of Material, the global flexible packaging market is segmented into plastic, paper, metal, bioplastic, and others. Among these, the plastic segment is witnessing significant CAGR growth over the forecast period. The increased demand for new products likes as flexitanks and retort pouches, which are utilized for large volume delivery and long-term storage of beverages and semi-solid food products, is expected to drive the plastic packaging market in the food and beverage industries. Furthermore, the bioplastic material category is predicted to grow moderately over the forecast period. Furthermore, growing plastic packaging limitations and public awareness of environmental issues are expected to boost market growth throughout the research period.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. With expanded development ambitions and rapid economic expansion, countries such as India, China, and Japan are expected to make major strides in the flexible packaging industry. On the other hand, North America is predicted to expand the fastest during the forecast period. This is most likely due to a growing preference for packaged beverages and small-sized packs, as well as a rising need for flexible packaging. Furthermore, the United States is home to some of the world's most successful e-commerce businesses, making it a valuable market for flexible plastic packaging makers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Flexible Packaging Market include Sealed Air Corporation, Berry Global Group Inc., Constantia Flexibles, Mondi plc, Amcor Ltd., Wipak Group, Huhtamaki Oyj, Ukrplastic, Sonoco Products Company, Transcontinental Inc., Bemis Company, Inc, Huhtamaki, Coveris Holding SA, Bischof + KleinInternational, Sudpack Verpackungen, DS Smith, Westrock Company, and among others.
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Recent Developments
On June 2023, ePac Flexible Packaging, a custom flexible packaging industry leader, has announced the launch of a new Grade A, 2,200 square meter production factory on the Spintex Road in Accra, Ghana. With the commissioning of the new factory, ePac West Africa is now in a unique position to offer CPG businesses of all sizes across the area with competitively priced flexible packaging and industry-leading turnaround times.
On April 2023, Constantia Flexibles, a flexible packaging industry leader, has announced the acquisition of Lászlópack Kft., a Hungarian flexible packaging manufacturer specializing in flexo printing. Constantia will be able to expand its European flexo printing platform as a result of the move.
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