Westford, USA, July 10, 2024 (GLOBE NEWSWIRE) -- Global Flexible Packaging Market size was valued at USD 261.05 billion in 2022 and is poised to grow from USD 273.58 billion in 2023 to USD 398.08 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).
SkyQuest projects that the global flexible packaging market will attain a value of USD 398.08 Billion by 2031, with a CAGR of 4.8% during the forecast period (2024-2031). The market for flexible packaging is expanding due to the growing demand for packaged food. These types of packaging’s are also affordable and convenient. The benefits of plastic, paper, and aluminum foil are combined in flexible packaging without sacrificing printability, sturdiness, barrier protection, freshness, or convenience of use. Additionally, as it consumes less water, energy, and materials in production and takes up less room in landfills, flexible packaging has become more and more popular because of its positive environmental effects. The market for pouches and flexible bags has grown due to the need for small packaging, drawing in new competitors. The growth in demand for flexible packaging can also be attributed to the development in sustainable packaging solutions brought about by regulatory requirements.
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Browse in-depth TOC on the "Global Flexible Packaging Market"
- Pages - 184
- Tables - 59
- Figures – 75
Flexible Packaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 273.58 Billion |
| Estimated Value by 2031 | USD 398.08 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Packaging Type, Technology and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Flexible packaging is adopting digital printing as it is cost-efficient and offers high quality printing |
| Key Opportunities | The increasing demand for customized and personalized packaging solutions is creating more market opportunities for the flexible packaging market |
| Key Market Drivers | Demand for sustainable packaging due to regulatory requirements drives the flexible packaging market. |
Regulatory Pressures for Sustainable Packaging Solutions is Increasing the demand for Flexible Packaging
One of the primary drivers of the flexible packaging industry is the growing need for sustainable packaging solutions because of governmental regulations. The emphasis on sustainability has resulted in the creation of environmentally friendly and biodegradable flexible packaging materials that consume less material, energy, and water during manufacture and take up minimal landfill space. As a result, more businesses are turning to flexible packaging solutions since they are affordable, but also convenient, and environmentally friendly, which is helping to drive the global flexible packaging market.
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Digital Printing is Driving the Growth of the Global Flexible Packaging Market Due to its High-Quality Printing
The global flexible packaging market is rapidly embracing digital printing technologies. Digital printing provides high-quality printing and is cost-efficient. It also has the ability to personalize packaging designs based on consumer preferences. It also enables for shorter production times and lowers waste by eliminating the requirement for printing plates. With the growing demand for customized and personalized packaging solutions, many businesses are embracing digital printing technology, which is projected to boost the global flexible packaging market.
Popularity of Ready-To-Eat Meals is Boosting the Flexible Packaging Market in North America
North America dominates flexible packaging market, with the United States serving as the region's largest market and home to some of the sector's largest companies. The high market penetration of ready-to-eat meals, along with the fast-paced lives of working-class persons have aided the expansion of the country's flexible packaging sector. Furthermore, regulatory pressures have increased demand for sustainable packaging solutions boosting the market's growth.
Flexible Packaging Market Insights
Drivers:
- Increasing demand for packaged food due to its convenience is driving the market
- The environmental benefits of using less material, water, and energy during manufacturing
- Flexible packaging materials are used in the packaging of capsules, tablets, and medical devices, driving the market growth
Restraints:
- Availability of raw materials like plastic resins, aluminium, and paper as they are sourced from various suppliers
- Disruption of supply chain can impact production and cause price fluctuation hindering the market
- Increasing environmental concerns can restrict production and usage of plastic-based flexible packaging materials
Prominent Market Players in the Flexible Packaging Market
The following are the Top Flexible Packaging Companies
- Amcor Limited (Australia)
- Berry Global Inc. (US)
- Constantia Flexibles Group GmbH (Austria)
- Coveris Holdings S.A. (Luxembourg)
- Huhtamaki Oyj (Finland)
- Sealed Air Corporation (US)
- Mondi Group (Austria)
- UFlex Limited (India)
- ProAmpac Holdings Inc. (US)
- Glenroy Inc (US)
Key Questions Answered in the Global Flexible Packaging Market
- What are the primary market trends in the flexible packaging market?
- What is the primary reason for the flexible packaging market of North America to grow rapidly?
- How digital printing the boosting the flexible packaging market?
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This report provides the following insights:
- Analysis of key drivers (Increased demand for packaged food, environmental benefits, flexible packaging materials, and used in healthcare sector), restraints (Availability of raw materials from different suppliers, disruption of supply chain can impact production, and restriction on plastic-based flexible packaging), opportunities (High demand for sustainable packaging sue to regulatory needs and adoption of digital printing), and challenges (High competition in the market and strict regulations from governments related to materials) influencing the growth of flexible packaging market
- Market Penetration: Comprehensive information on the product offered by the top players in the flexible packaging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the flexible packaging market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Pharmaceutical Packaging Market
Sustainable Packaging Market
Plastic Packaging Market
Food Packaging Market
Rigid Plastic Packaging Market
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