The flexible packaging market has been gaining traction over the recent years owing to the surge in need for lightweight, affordable and convenient packaging across various end-use industries such as food and beverage, pharmaceuticals, and personal care. Flexible packaging is used to package products ranging from snacks and confectionery to processed food. Flexible packaging helps extend product shelf life while being easy to handle and transport owing to lightweight and compact size.
The Global Flexible Packaging Market is estimated to be valued at US$ 86.35 Bn in 2024 and is expected to exhibit a CAGR of 82% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the flexible packaging market are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (China),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany). The increasing demand for flexible packaging from the food and beverage industry is due to the growing demand for convenience food and on-the-go eating trends. Technological advancements have enabled packaging manufacturers to develop flexible packaging films with high barrier properties preventing leakage and increasing product shelf-life.
Market trends
Rising awareness about sustainability and eco-friendly packaging is fueling demand for bioplastics based flexible packaging. Flexible packaging manufacturers are increasingly adopting bio-based and recyclable materials to offer sustainable packaging solutions to brands. Rapid growth of e-commerce is another major trend augmenting the flexible packaging market. Flexible pouches and bags are preferred for securely packaging products during shipping and deliveries.
Market Opportunities
Growing demand from emerging markets of Asia Pacific and Latin America due to rapid urbanization will open several lucrative opportunities for flexible packaging manufacturers. Development of smart and interactive flexible packaging incorporated with IoT technology will revolutionize the packaging industry in the coming years. This will enable tracking of product authenticity and supply chain movements.
Impact of COVID-19 on Flexible Packaging Market
The COVID-19 pandemic has significantly impacted of the Flexible Packaging Market Growth . During the initial outbreak, mandatory lockdowns imposed across various countries disrupted the supply chain and logistics network. This adversely affected the production and distribution of flexible packages. As people remained confined to their homes, the demand for packaged food and beverages also saw a decline in the short term.
However, as the pandemic progressed, consumers increased their focus on hygiene and safety. There was a rise in demand for flexible packages for food products as they provide optimal barrier protection. Various brands began leveraging flexible packages for food items, snacks and ready-to-eat meals to cater to the changing consumer behaviour. The e-commerce industry also experienced exponential growth during this period. This boosted the use of flexible packages for product packaging and delivery. With restrictions being gradually lifted, the market is regaining momentum. Flexible package manufacturers are innovating their product offerings and leveraging digital platforms to cater to the growing needs of consumers and industries in the post-COVID era.
Geographical Regions with high Flexible Packaging Market value
In terms of value, the flexible packaging market in North America region holds the largest share globally, followed by Europe. This can be attributed to widespread implementation across various end-use industries such as food and beverage, pharmaceutical and personal care in these regions. The growing health consciousness among consumers has increased the sales of packaged foods, snacks and pharmaceutical products, further augmenting market growth. Asia Pacific region is also emerging as a major flexible packaging hub, especially in developing countries such as China and India, driven by rapid industrialization and changing lifestyle patterns.
Fastest Growing Region in the Flexible Packaging Market
The Asia Pacific region is projected to witness the fastest growth in the flexible packaging market during the forecast period. This can be ascribed to increasing disposable incomes, expanding middle-class population and rising food consumption in developing Asian countries. Factors such as urbanization, growing working women population and ease of use are boosting the sales of packed foods and beverages. Furthermore, the regional pharmaceutical industry is flourishing due to supportive government policies and initiatives, thereby positively impacting the market. Flexible package manufacturers are focusing on establishing production facilities in Asia to cater to the rising demand.
Get more insights on Flexible Packaging Market
The flexible packaging is expected to grow rapidly in the upcoming years.
As the world is moving towards sustainability, the novel bio-based and biodegradable packaging materials are expected to create a profitable future in the flexible packaging.
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.
