The Flexible Packaging Market is estimated to be valued at US$ 68.5 Bn or Billion in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible packaging refers to packaging that uses materials with high elasticity and can be easily compressed or stretched without tearing or cracking. It includes packaging materials such as plastic films, paper, aluminum foil, tapes etc. Flexible packaging offers advantages such as lightweight, convenience, durability and cost-effectiveness. It maintains the freshness and quality of packaged food items. Flexible packaging finds extensive application in food & beverage industry for packaging snack foods, sauces & dressings, frozen foods, fresh foods etc.
Market Dynamics:
The key drivers boosting the growth of the flexible packaging market are increasing use of flexible packaging in food & beverage industry and growing e-commerce industry. Flexible packaging is widely used in the food & beverage industry as it provides optimum protection to packaged products. Changing lifestyle and increasing consumption of packaged and processed foods has augmented the demand for flexible packaging solutions. Further, expansion of the e-commerce industry has been a major growth driver as flexible packaging suits the needs of the e-commerce sector by providing impact and leak resistant packaging. Also, flexible packaging allows room temperature storage and transportation of products driving its preference. Flexible materials like plastic films, laminates used in flexible packaging provides excellent barrier properties to moisture, oxygen which helps in extending shelf life of food products resulting in reduced food wastage spur
SWOT Analysis
Strength: Flexible packaging market has high growth potential. It is lightweight, affordable, and provides effective product protection and promotion opportunities. Manufacturers offer various material options to suit different product and environmental needs. Sustainable packaging solutions help reduce carbon footprint.
Weakness: Flexible packaging has lower barrier properties compared to rigid packaging. It needs careful handling and transportation to avoid damage. Raw material price volatility impacts production costs. Investment in recycling infrastructure still requires expansion.
Opportunity: Growing demand for protective and tamper-proof packaging from food & beverage sector boosts market. E-commerce growth increases packaging requirements. Innovation in bio-based and recyclable materials present business potential. Developing economies exhibit rising consumer purchasing power.
Threats: Stringent regulations on plastics usage in several nations pose challenges. Shift towards eco-friendly alternatives like paper-based packaging poses competition. Economic slowdowns impact consumer spending on packaged goods. Supply chain disruptions due to health crises affect production.
Key Takeaways
The global flexible packaging market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing consumer demand for packaged and convenience foods.
Regional analysis: North America dominates currently due to large food processing industry. Asia Pacific exhibits fastest growth led by China and India with rising middle-class population demanding packaged goods. Europe and Latin America also present business opportunities.
Key players: Key players operating in the flexible packaging market are Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Group, Inc., Mondi Group, Sonoco Products Co., Huhtamäki Oyj, Constantia Flexibles Gmbh, Ampac Holdings, Llc, Bischof + KleinInternational, Wipak Group, AR Packaging, Goglio Group, Schur Flexibles, Clondalkin Group, Flair Flexible Packaging Solution Cellpack Packaging, and Südpack Verpackungen.
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The flexible packaging is expected to grow rapidly in the upcoming years.
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The report provides in-depth analysis from the technology perspective which is segmented based upon application, material, printing technology and region.Cost-effectiveness and increased shelf life of the products is stroking the demand for flexible plastic packaging.
Moreover, due to busy lifestyles, the demand for convenient products has increased, which has led to a rise in demand for flexible packs.
Flexible plastic packaging requires less resources and energy for packaging; thus, flexible packs are accessible at low costs.
Flexible plastic packaging enables to pack the product in the least amount of packaging material, thereby lowering product warehousing and shipping expenses while maintaining or improving product protection.
