New York, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Flexible packaging is a method of packaging products using non-rigid materials, allowing for more affordable and customizable options. Due to its high efficiency and low cost, its relatively novel packaging method has acquired popularity. Flexible packaging refers to any package or component whose form is easily adjustable during filling and use. Flexible packaging consists of bags, containers, wraps, liners, roll stock, and other products manufactured from plastic, paper, film, aluminum foil, or any combination of these materials.
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Demand for Lightweight Products Drives the Global Market
According to Straits Research, “The global flexible packaging market size was valued at USD 178.12 billion in 2022. It is estimated to reach USD 256.83 billion by 2031, growing at a CAGR of 4.15% during the forecast period (2023–2031).” A flexible refill pouch (1 L) can carry 5% more product than a plastic refill bottle (946 ml) despite weighing 55% less. Utilizing a flexible pouch instead of a glass canister will result in a 70% reduction in weight. There is a constant demand for lightweight packaging materials from the food, pharmaceutical, and other end-user industries to reduce transportation and packaging unit costs. Flexible packaging has effectively replaced rigid packaging on several levels. The increased demand for lightweight, flexible packaging is a primary factor fueling market growth.
Profit Volatility in Asia-Pacific Region Creates Tremendous Opportunities
In the Asia-Pacific region, revenue turnover margins have been on the upper end. Population growth, particularly population migration to urban areas over the past five years, has contributed to a rise in revenue. The consumer products and pharmaceutical industries have generated the most demand in the Asia-Pacific region. Government incentives and the absence of regulatory policy implementation systems have also significantly contributed to revenue growth in these emerging markets.
China's e-commerce market will significantly bring margins into a profitable range for many industry participants. The e-commerce sector is increasing its profit margins by utilizing cutting-edge technology at various points along the value chain. Flexible packaging makes up more than 70% of the equipment the e-commerce sector needs. The e-commerce industry requires more advanced and effective technology to serve consumers efficiently. In turn, this will create numerous market opportunities in the future years.
Regional Analysis
Asia-Pacific flexible packaging market share is anticipated to exhibit a CAGR of 5.02% during the forecast period. This region is the most desirable market for manufacturers of flexible packaging due to its high domestic demand and plentiful, low-cost labor. Therefore, market participants concentrate on this region to increase their market share and profitability. Population growth, urbanization expansion, and rising food expenditures, particularly in China and India, are the primary growth drivers of the flexible packaging market in Asia-Pacific. Moreover, the rising consumption of seafood products such as sushi, a staple food in Japan, is anticipated to bolster the market for flexible packaging over the forecast period.
Europe is estimated to exhibit a CAGR of 4.24% over the forecast period. The market for flexible packaging in Europe is predicted to expand considerably during the forecast period due to accelerating economic growth and rising disposable income among consumers. In addition to aseptic, retort, anti-counterfeit, and child-resistant packaging, vendors with technologically advanced equipment have an advantage on the market. Most end-user markets, such as coffee, pets, and fresh food, have experienced robust growth in recent years. Compact homes demand more single-serve options, and consumer demand for a wider selection of goods is also rising. This supports the transition from rigid to flexible packaging, as flexible packaging is more convenient and better adapted to contemporary lifestyles.
Key Highlights
- Based on material, the global flexible packaging market is divided into flexible plastic, flexible paper, and foil. The flexible plastic segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 4.42% over the forecast period.
- Based on application, the global flexible packaging market is divided into consumer packaging and industrial packaging. The consumer packaging segment dominates the global market and is predicted to exhibit a CAGR of 4.21% over the forecast period.
- Based on end-user, the global flexible packaging market is bifurcated into F&B, healthcare, personal care, pet food, and others. The F&B segment dominates the global market and is projected to exhibit a CAGR of 4.05% over the forecast period.
- Based on product, the global flexible packaging market is segmented into bags and sacks, pouches, and others. The bags and sacks segment is the largest revenue contributor to the market and is predicted to exhibit a CAGR of 2.97% over the forecast period.
- Based on printing, the global flexible packaging market is bifurcated into flexography and rotogravure. The flexography segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 4.73% over the forecast period.
- Asia-Pacific is the most significant global flexible packaging market shareholder and is anticipated to exhibit a CAGR of 5.02% during the forecast period.
Competitive Players
The key players in the global flexible packaging market are Amcor, Berry Global, Mondi, Sealed Air, Sonoco, Huhtamaki, Constantia Flexibles, TC Transcontinental Packaging, ProAmpac, Ahlstrom, Greif, Wipak, WestRock, Smurfit Kappa, Alu Flex Pack, Aptar Group, and others.
Market News
- In May 2023, Huhtamaki unveiled a new sustainable, flexible packaging innovation that offers an unmatched combination of best-in-class protection, complete recyclability, and affordability.
- In June 2023, CCL Industries Inc., a world leader in specialty label, security, and packaging solutions for multinational firms, government institutions, and small businesses and consumers, announced the acquisition of Pouch Partners s.r.l., Italy, from Pouch Partners AG, Switzerland, a subsidiary of Capri-Sun Group with its headquarters in Switzerland.
Global Flexible Packaging Market: Segmentation
By Material
- Flexible Plastic
- Flexible Paper
- Foil
By Applications
- Consumer Packaging
- Industrial Packaging
By End-Users
- F&B
- Healthcare
- Personal Care
- Petfood
- Others
By Product
- Bags and Sacks
- Pouches
- Others
By Printing
- Flexography
- Rotogravure
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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