Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global flexible packaging market is projected to flourish at a CAGR of 4.9% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 651.0 billion is anticipated for the market in 2031. As of 2023, the market for flexible packaging is expected to close at US$ 443.7 billion.
The usage of flexible packaging not only enhances the look of the product but also provides a barrier against moisture and air, which helps to extend the shelf life of products. Flexible packaging offers convenience features such as resealable zippers, spouts, and easy-open seals, making it popular among consumers who value convenience and ease of use.
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Competitive Landscape
The global flexible packaging market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global flexible packaging market report:
- Amcor plc
- Sealed Air Corporation
- Berry Global Group, Inc.
- Mondi Group
- Sonoco Products Company
- Huhtamäki Oyj
- Constantia Flexibles GmbH
- Winpak Ltd.
- ProAmpac LLC
- Coveris Holdings S.A.
- Schur Flexibles Group
Key Developments in the Flexible Packaging Market
- In 2020, Amcor introduced a new recyclable high-barrier flexible packaging solution called AmLite Ultra Recyclable. This innovation is designed to address the demand for sustainable packaging in the food and beverage industry.
- Sealed Air has been focusing on sustainability efforts, including the launch of its "Pack Promise" program, which aims to eliminate waste and ensure a more circular economy in the packaging industry.
- Berry Global has been expanding its sustainable packaging portfolio. In 2021, the company launched a line of monomaterial, recyclable packaging solutions under the name Recycle Ready.
- Mondi has been actively working on sustainable packaging solutions and in 2020 introduced the "paper where possible, plastic when useful" approach, emphasizing the importance of responsible packaging choices.
- Sonoco has been investing in research and development to create innovative sustainable packaging solutions. They have launched products like EnviroSense™, which focuses on reducing environmental impact.
Flexible packaging is lightweight and requires less material compared to rigid alternatives, reducing transportation costs and environmental impact. Many flexible packaging materials are recyclable and contribute to sustainability efforts.
The pharmaceutical and healthcare sectors are increasingly using flexible packaging for drug delivery systems, unit-dose packaging, and child-resistant solutions.
Key Takeaways from the Market Study
- As of 2022, the flexible packaging market was valued at US$ 423.2 billion
- By material, the plastic segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product, the pouches segment is anticipated to dominate the industry during the forecast period
- Based on end-use, the food segment is expected to generate high revenue during the forecast period.
Flexible Packaging Market: Key Trends and Opportunistic Frontiers
- Ongoing product innovation in flexible packaging includes the development of materials with enhanced barrier properties, improved printing techniques, and advanced resealable closures, meeting the evolving needs of different industries.
- The development of eco-friendly and recyclable materials, such as biodegradable films and bio-based plastics, is driving sustainability in flexible packaging and attracting environmentally conscious consumers.
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Flexible Packaging Market: Regional Analysis
- North America is anticipated to hold a significant share in the flexible packaging market the growing emphasis on sustainability and a growing preference for flexible packaging in various industries drives the market demand in the region. Flexible packaging with recyclable or biodegradable materials is gaining popularity in the United States and Canada.
- Asia Pacific is expected to dominate the flexible packaging industry. Rising disposable incomes and urbanization have increased the demand for packaged goods, boosting the flexible packaging market.
Flexible Packaging Market – Key Segments
Product
- Pouches
- Bags & Sacks
- Tubes
- Liners
- Sachets & Stick Packs
- Labels
- Tapes
- Films & Wraps
- Wrapping & Lamination
- Lidding Films
Material
- Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Ethyl Vinyl Alcohol (EVOH)
- Polyvinylidene Chloride (PVDC)
- Bioplastics
- PLA
- PHA
- Starch-Based Plastic
- Cellulose Fibers
- Other plastics
- Paper
- Virgin Paper
- Recycled Paper
- Metal
- Inorganic Oxides
- Adhesives & Coatings
- Others (fabrics, non-wood pulp, etc.)
End-use
- Food
- Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Electrical & Electronics
- Home Care
- Building & Construction
- Automotive
- Chemical & Lubricants
- Other Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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