North America Flexible Packaging Market 2022-2028

North America Flexible Packaging Market 2022-2028

MARKET OUTLOOK

According to Triton Market Research, the flexible packaging market in North America is deemed to attain a CAGR of 4.17% in revenue and 3.48% in volume over the forecasting years from 2022 to 2028. The United States and Canada shape the market in the region.

In the US, the rising demand for flexible packaging has compelled market players to invest heavily in product innovation. For instance, in 2020, Kodak announced the launch of Sapphire EVO W, the first flexible packaging press using continuous inkjet technology. Furthermore, the increasing e-commerce industry has boosted the demand for convenient packaging solutions. In this regard, flexible packaging provides comfort over rigid packaging. Therefore, the growing product innovations are expected to widen the scope of the flexible packaging market.

The Canadian flexible packaging market is primarily driven due to the rapidly-developing packaging & frozen food industry. In accordance with the Food & Consumer Products of Canada, the packaged & frozen food industry places a higher emphasis on the quality of ingredients added to the food products, in addition to the convenience of packaging quality. Conversely, as per the Government of Canada, the food & beverage processing industry is the second largest sector in the country, accounting for 17% of the overall manufacturing shipment as well as 2% of Canada’s gross domestic product. Furthermore, the rising adoption of organic food, integrated with the increase in health consciousness and the need for convenient and ready-to-use food, has further influenced the demand and increasing utility of flexible packaging in Canada.

COMPETITIVE OUTLOOK

The renowned firms in the market are Handoo Package Co Ltd, Mondi Group, Amcor Ltd, Solvay S.A., Coveris Management GmbH, KM Packaging Services Ltd, TCL Packaging, and Amerplast.