Flexible Packaging Market Size to Reach USD 216.4 billion by 2029, With 4.1% CAGR Report by Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Flexible Packaging Market.
The global flexible packaging market is projected to reach USD 216.70 billion by 2029 from USD 216.4 billion in 2022, at a CAGR of 4.1% from 2023 to 2029. Flexible packaging refers to a type of packaging that is made from flexible or easily malleable materials such as plastic, paper, aluminum foil, and other materials. This type of packaging can be easily shaped or molded to fit the product’s specific shape and size.
Flexible packaging is used to package a wide range of products, including food and beverages, personal care products, pharmaceuticals, pet food, and other consumer goods. It can be produced in various forms such as pouches, bags, films, wraps, sachets, and other formats.
- In October 2022, For the relaunch of its premium Appetitt brand, Mondi Group worked with renowned Norwegian pet food company Felleskjøpet to transition to recyclable high-barrier packaging.
- In September 2022, Huhtamaki Oyj invested in the sustainable packaging fund run by Emerald Technology Ventures AG, which focuses on cutting-edge sustainable packaging technologies.
- In September 2022, Sonoco Products Company has acquired. S.P. Holding, Skjern A/S, a leading producer of high-grade paperboard from 100% recycled paper for rigid paper containers, tubes and cores, and other applications.
- In September 2022, New research and development (R&D) facility is being built at Mondi Steinfeld in Germany with an estimated €5 million investment by Mondi Group.
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Flexible Packaging Market Overview:
The flexible packaging market is a rapidly growing industry that involves the production of packaging materials that can be easily shaped or molded to fit a product’s specific shape and size. Flexible packaging offers numerous benefits, such as lightweight, cost-effectiveness, and ease of transportation and storage.
The global flexible packaging market is projected to reach USD 216.70 billion by 2029, growing at a CAGR of 4.1% during the forecast period (2023-2029). This growth is driven by factors such as the increasing demand for convenience and sustainable packaging solutions, the growth of the food and beverage industry, and the rising popularity of e-commerce.
The food and beverage industry are the largest end-use segment of the flexible packaging market, followed by the pharmaceutical and personal care industries. The demand for flexible packaging solutions in the food and beverage industry is driven by factors such as the need for longer shelf life, convenience, and easy-to-use packaging formats.
In terms of materials, plastic dominates the flexible packaging market, accounting for the largest share of the market. However, there is a growing demand for sustainable and eco-friendly packaging materials, such as paper and biodegradable plastics.
Geographically, the Asia Pacific region dominates the flexible packaging market, followed by North America and Europe. The growth in the Asia Pacific region can be attributed to the increasing demand for packaged food products and the growth of the e-commerce industry.
Overall, the flexible packaging market is expected to continue to grow in the coming years, driven by the increasing demand for sustainable and convenient packaging solutions in various industries.
|Flexible Packaging Market size value in 2022||USD 216.70 billion|
|Revenue forecast in 2029||USD 216.4 billion|
|Market Growth rate||CAGR of 4.1% from 2023 to 2029|
|Base year for estimation||2022|
|Historical data||2018 – 2020|
|Forecast period||2023 – 2029|
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Companies Covered in Flexible Packaging Market Report:
- Sealed Air Corporation
- Berry Global Inc.
- Transcontinental Inc.
- Clondalkin Group.
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- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Flexible Packaging Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Flexible Packaging Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
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Flexible Packaging Market Segmentation:
By Material Type, the Paper segment accounted for the highest growth during the forecast period
One of the significant trends that is expected to affect the flexible packaging industry in the future is the move towards paper-based flexible packaging options. This shift aligns with the growing preference for sustainable and eco-friendly packaging solutions. Paper-based packaging offers practical advantages since it is both recyclable and biodegradable, making it a more environmentally responsible choice. Consequently, the demand for paper-based packaging products is likely to increase as more manufacturers opt for sustainable packaging alternatives.
By Packaging Type, the Pouches segment accounted for the highest CAGR during the forecast period
Pouches are small, flexible bags created by sealing two flat sheets along their edges to form a compartment whose size is determined by the position of the walls. There are two primary types of pouches: stand-up pouches (SUPs) and flat or pillow pouches. Stand-up pouches come in two variations, standard and retort, and can remain upright on their own.
Pouches are particularly suitable for bulk coffee packaging and food items like smoked or dried meats. They are user-friendly, sealable, and available in a variety of sizes and formats for convenient packaging.
By Application Insights, in 2021, the food and beverages sector held the largest market share of 56.0%, making it the dominant segment. This can be attributed to the product’s sustainability, cost-effectiveness, non-fragile nature, and lightweight, which make it ideal for packaging food and beverages. These factors are expected to contribute to the high market share during the forecast period. As the specification trend continues to grow, characterized by a busy lifestyle and the desire for convenient consumption, flexible packaging manufacturers are expected to benefit from significant opportunities. Pouches, in particular, are gaining popularity for packaging snack items because they can be easily filled with nitrogen to preserve color, flavor, and texture.
Asia Pacific dominated the flexible packaging market and accounted for the largest income share of 38.0% in 2021. Countries of Asia Pacific including China and India are further expected to offer potential growth opportunities for market players due to growing organized retail and e-commerce sectors coupled with ease in availability of raw materials. Rising spending power in China, India, and Indonesia is expected to boost the demand for packaged food products, which in turn will drive market growth.
Furthermore, flexible packaging is expected to be in high demand in the region due to the rising consumption of packaged beverages and the preference for small-sized packs due to their affordability and convenience. According to Flexible Packaging Association, more than 46% of Americans are willing to pay more for flexible packaging that stores food and beverages owed to its sustainability profile. Additionally, increasing preference for flexible packaging by manufacturers due to marketing advantages is expected to favor the product demand in the region.
|By Material||By Type||By Application|
Frequently Asked Questions About This Report
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- What are the factors driving the Flexible Packaging Market?
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