The global flexible packaging market size was valued at USD 258.67 billion in 2022. The market is anticipated to expand from USD 272.10 billion in 2023 to USD 402.79 billion by 2030, exhibiting a CAGR of 5.76% during the forecast period.
Flexible packaging, composed of non-rigid materials, serves diverse industries including fast-moving consumer goods (FMCG), retail, and industrial sectors.
The integration of personalized features and advanced technologies, including QR codes and AR/VR, through digital printing enhances the user experience and builds brand loyalty. This adoption aligns packaging with the demands of today's interconnected world, as a result driving flexible packaging market growth.
Fortune Business Insights™ provides this information in its research report, titled “Flexible Packaging Market Size, 2024-2032”.
List of Key Players Mentioned in the Report:
Amcor (Switzerland), Constantia Flexibles (Austria), Sonoco Product Company (U.S.), Berry Global (U.S.), Aluflexpack AG (Switzerland), Bak Ambalaj Sanayi (Turkey), Transcontinental Inc. (Canada), B&A Packaging India Ltd. (India), UFlex Limited (India), SCG Packaging (Thailand), Mondi (U.K.), Huhtamaki (Finland)
Flexible Packaging Market Segmentation:
Plastic Segment Leads the Market due to Customizability and Printability
In terms of material, the market is fragmented into paper & paperboard, aluminum, and plastic. The plastic segment dominates the market. The high molding capacity of plastic allows for easy customization and printability, meeting the increasing demand for customizable packaging. This feature enhances the visual appearance of products, attracting consumers and further propelling the growth of the plastic segment.
Bags Segment Holds the Largest Market Share Owing to Effective Breakage Prevention
In terms of product type, the market is divided into bags, films & wraps, tubes, tapes & labels, pouches & sachets, and others. Bags segment captures the largest market share. The use of bags, especially FIBCs, proves effective in preventing breakage during storage and transportation, making them a preferred choice for items prone to damage.
Food & Beverage Segment Leads the Market Owing to Surge in Online Food Outlets
On the basis of end-use industry, the market is fragmented into food & beverage, pharmaceutical, personal care & cosmetics, homecare, industrial, e-commerce, and others. The food & beverage segment dominates the market. The proliferation of online food outlets and the widespread adoption of door-to-door delivery systems are contributing to the escalating demand for these products in the food & beverage industry, consolidating the segment's growth.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.
Flexible Packaging Market Report Coverage:
The market research report offers a comprehensive analysis, emphasizing crucial aspects such as the competitive landscape, Porter’s five forces analysis, leading companies and their product launches. Furthermore, the report highlights key industry developments and provides insights into market trends.
Source- https://www.fortunebusinessinsights.com/flexible-packaging-market-104897
Drivers and Restraints:
Growing CircularFlexible Packaging Initiativesto Propel Market Growth
The growing emphasis on environmental sustainability is driving the demand for flexible packaging. Initiatives such as CEFLEX, which aims to collect and recycle flexible packaging, highlights the industry's commitment to a circular economy. This focus resonates with environmentally conscious consumers and contributes to the market's growth.
However, films with lower tear strength in flexible packaging are prone to damage, quickly fail under stress, and have susceptibility to tearing, kinking, or puncturing, making the products vulnerable to contamination and thereby impeding the market growth.
Regional Insights:
Asia Pacific Leads the Market Owing to Expansion of E-commerce Industry
The Asia Pacific leads the global flexible packaging market share. The escalating number of smartphone users and widespread internet access fuel the demand for the e-commerce industry, propelling the overall growth of the Asia Pacific region.
In Latin America, the presence of major players along with rising innovations in flexible packaging, is contributing to the growth of the region.
Competitive Landscape:
Key Players are Focusing on Product Innovation to Expand their Customer Base
The global market is marked by a competitive landscape and significant fragmentation. Market dominance is concentrated among a few major players, distinguished by their commitment to innovative packaging solutions. These leading players continuously strive to expand their customer base across regions through a strong focus on innovation.
Flexible Packaging Industry Development:
February 2023- ProAmpac introduced ProActive Recyclable Paper-1000, a paper-based packaging solution with an effective moisture barrier and directional tear properties. The RP-1000 series is accessible in stand-up, roll stock, and three-sided seal pouch formats.