Flexible Packaging Market: Current Analysis and Forecast (2022-2028)

Flexible Packaging Market: Current Analysis and Forecast (2022-2028)

The Global Flexible Packaging Market is expected to witness a significant CAGR of around 4% during the forecast period owing to the increase in demand for the longer shelf life of products and increasing demand for customer-friendly packaging. Moreover, an increase in consumers’ propensity to eat out and a growing number of innovative fast-food chains are the driving factors for the chain QSRs segment. Thus, growing demand for packaged food coupled with the convenience of use and cost-effectiveness of flexible packaging is expected to drive the market demand. Flexible packaging is the most efficient and cost-effective approach for preserving, distributing, and packaging food products, beverages, pharmaceuticals, and a variety of consumables.

Furthermore, due to its numerous energy and environmental benefits, the packaging industry is shifting toward flexible packaging. Additionally, manufacturers have been compelled to provide environmentally friendly packaging choices that are safe and secure due to growing worries about the usage of biodegradable polymers for flexible packaging and its effects on the environment.

Some of the major players operating in the market include Amcor Plc, Berry Global Inc., Mondi Group, Sealed Air Corporation, Coveris Holdings SA, UFlex Limited, Huhtamaki Group, Proampac LLC, WIPF Doypak (Wipf AG), and FlexPak Services LLC.

Insights Presented in the Report
"Amongst raw material, plastic category accounted for the major share in the global market in 2020”

On the basis of raw material, the market is segmented into paper, plastic, and metal. In 2020, the plastic segment accounted for the largest revenue share. Flexible plastic packaging is widely used in e-commerce industry because it is easy to recycle, waterproof, and sturdy. Plastic is an excellent packing material for perishable goods like fruits, meat, and dairy products because it offers better shock absorption, greater structural and thermal stability, and can act as an insulator. Thus, steady growth of the category is anticipated as a result of rising demand for FMCG goods, household supplies and necessities, and medical essentials. However, the use of plastics is prohibited by strict laws, which is anticipated to impede market expansion.
"Amongst application, pharmaceutical application is expected to witness higher growth rate during the forecast period”

Based on application, the flexible packaging market is divided into food & beverages, pharmaceutical, cosmetics, and others. Food and beverage industry accounted for a major share in the market. However, pharmaceutical application is expected to witness higher growth rate during the forecast period. In addition, major companies are investing heavily for the development of innovative products. For instance, in April 2022, Amcor announced the expansion of the pharmaceutical packaging line with new, environmentally friendly High Shield laminates. These new High Shield technologies provide solutions for more environmentally friendly pharmaceutical sachet, stick pack, and strip pack packaging made of paper- and polyolefin-based materials.
"APAC to hold a significant share in the market”

APAC accounted for a majority share in the market and is expected grow at a significant CAGR during the forecast period. This is mainly ascribed to the explosive growth of end-use industries such as food and beverage, healthcare, and personal care sectors. Furthermore, food industry in the Asia Pacific region is gigantic in size and is therefore a key element in the economic development prospects for the region. Besides, several restaurant and food chain operators are improving their presence on digital platforms to extend their reach and improve revenue. In addition, online portals like UBER Eats, Zomato, and among others are helping players in the restaurant industry increase the number of delivery orders and takeaways. Thus, creating demand for flexible packaging.

In addition, due to stringent government regulations manufacturers are keen on the production of eco-friendly and biodegradable food packaging materials from biodegradable waste.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.