The Flexible Packaging Market is estimated to be valued at US$ 74.95 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible packaging materials are lightweight packaging materials that allow easy storage and transport of products. They are made from films, foil and paper and can be easily customized into different shapes according to product requirements. Flexible packaging provides protection, convenience and enhances shelf life of products like food, beverages, personal care and pharmaceutical products. Their lightweight and re-sealability properties have made them popular for on-the-go and take-away foods.
Market Dynamics:
The growth of the e-commerce sector has increased the demand for flexible packaging materials worldwide. Flexible packaging plays a vital role in ensuring the safety and integrity of products during transport and storage. The rising online shopping trend has necessitated innovative flexible packaging solutions that provide protection during shipping and also appeal to customers. Moreover, changing consumer lifestyles and increased demand for convenient and portable packaged food has boosted the adoption of flexible packaging over rigid solutions. However, stringent regulations around plastic waste disposal and recycling may hamper market growth. Manufacturers are increasingly focusing on developing sustainable and eco-friendly flexible packaging using materials like paper and bioplastics to capitalize on growth opportunities in the green packaging space.
Segment Analysis:
The Flexible Packaging Market Size can be segmented into pouches, bags & sacks, and other segments. The pouches segment dominated the market in 2022 with over 40% share and is expected to maintain its dominance during the forecast period. Pouches provide excellent barrier properties against moisture, oxygen, and other contaminants. They are lightweight and take up less space – making them ideal for packaging of various foods, beverages and homecare products.
PEST Analysis:
Political: Packaging regulations around the use of plastics and recyclability are becoming stricter globally. Shift towards sustainable packaging materials may influence market dynamics.
Economic: Emerging economies provide growth opportunities due to rising spends on food, beverages and homecare goods. Inflation may negatively impact discretionary consumption.
Social: Rising health consciousness and busy lifestyles drive demand for convenient packaged foods and beverages. Social media influence trends around eco-friendly and sustainable packaging.
Technological: Advances in material science and production technologies improve barrier properties, design versatility and lower costs. Digital printing enables enhanced product information and branding.
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 demand for convenience foods and beverages. The Asia Pacific region is expected to be the fastest growing as well as largest regional market owing to rapid urbanization, rising incomes and expanding retail sector in countries such as China, India. Regional analysis The Asia Pacific region is expected to dominate the market and grow the fastest during the forecast period. This can be attributed to population growth, rising incomes, and expanding middle class in the region which is driving demand for packaged foods, beverages, and homecare products. Countries like China, India are poised to become major markets in the region.
Key players operating in the flexible packaging 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. Key players are focusing on expanding their production capacity, investing in innovations around sustainable packaging materials, and providing smart packaging solutions through digital printing and product traceability.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
