Flexible Packaging Market

Market Synopsis:

The Global Flexible Packaging Market was valued at USD 248.5 Billion in 2021 and is expected to reach a value of USD 319.9 Billion by 2028. In the projection period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.20%.

In Flexible Packaging, the best qualities of films and plastics are combined. These Flexible Packaging options offer practical solutions with low material ion costs. Flexible Packaging plays a significant role in the supply chain of many different industries and materials, from cosmetics to medical supplies and consumer items to electronics. Combining the best attributes of Film, Paper, Plastic, and Aluminum Foils to provide a variety of span of shielding capabilities with the least amount of material, Flexible Packaging increases the value and marketability of non-food and food materials. Growing consumer preference for convenience materials, rising usages of the material as a substitute for rigid packaging materials, and expanding growth of the cosmetics industry worldwide are some of the primary and significant facts. Rising packaged food demand, changing consumer preferences due to busy lifestyles and smaller household units, increasing usage of the material as a substitute for rigid packaging materials, and growing inclination of consumers towards convenience materials are some of the primary and significant facts.

In contrast, rising consumer demand for goods with longer shelf lives and increased use of biodegradable plastics due to consumers' increased awareness of eco-friendly materials will further contribute by creating enormous opportunities to fuel the expansion of the Flexible Packaging Market during the period covered by the forecast. On the other hand, in the aforementioned predicted timeframe, market restraining factors for the growth of Flexible Packaging are likely to be the volatility of raw material prices and the rising number of environmental and recycling issues. In addition, growing processing costs will provide the biggest obstacle to the markets expansion.

Market Segmentation:

The Flexible Packaging Market is segmented based on Materials, Packaging Types, End Users, and Region. Based on the Materials, the market is further segmented into Paperboards, Plastics, Aluminum Foils, and Other Materials. Furthermore, based on the Packaging Types, the market is further divided into Stand-up Pouch, Films, Bag-in-Box, and Other Packaging Types. In addition, based on the End Users, the market is further segmented into Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, and Other End Users.

Based on Materials:

The Plastics category dominated the market in 2021 and is expected to continue its dominance in the forecast period. In a variety of industry verticals, including food and beverage, cosmetics, medicines, tobacco goods, and the personal care industry, plastic has been employed as the most sustainable material for packaging. Plastics (polypropylene, PVC, polyethylene terephthalate, and polystyrene) are becoming more widely used due to their distinctive qualities, including sustainability, flexibility, and lightweight.

Based on End Use Industry:

The Food & Beverage category dominated the market in 2021 and is forecast to continue its dominance in the projection period. Increased spending on bakery and cereal bars, coffee or hot chocolate sticks and pouches, ready-to-cook meals, snack foods & nuts, chocolates & sweets, ice cream novelty items, spice foods, and other items are all examples of the growth in demand for snack and convenience foods in small or single serving portions. This trend is expected to favor the market for Flexible Packaging, further boosting segment growth.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific (APAC) is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to their large populations, rising packaged food consumption, expanding organized retail industry, booming e-commerce, and increasing per capita income, China and India provide significant growth possibilities for the packaging market players. These elements will also guarantee that China and India will continue to dominate the industry in the years to come. Another essential element boosting the Flexible Packaging Market in this region is the growing demand to boost pharmaceutical output. Furthermore, market upscaling will be aided by favorable government initiatives and public awareness campaigns that support the expansion of high quality and increased productivity in the Asia Pacific region.

Recent Developments:

• In April 2022, Amcor stated that its pharmaceutical packaging line now includes innovative, environmentally friendly High Shield laminates. This innovative product meets the industrys high performance and high barrier demands with reduced carbon footprint packaging.
• In April 2021, Constantia Flexibles agreed to purchase Propak, a competitor in the European packaging market. Constantia Flexibles is helped by this strategy to become one of the major players in the European snack sector.

Competitive Landscape:

The key players in the Global Flexible Packaging Market include- Berry Global Inc. and others.

Segmentation of the Global Flexible Packaging Market: