February 29, 2024
Flexible Packaging Market

Growing Flexibility and Sustainability Drives Future of Flexible Packaging Market

The Flexible Packaging Market is estimated to be valued at US$ 68.5 Bn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Flexible packaging provides lightweight, durable and easy to use packaging solutions for various products. It is widely used for packaging of food & beverages, pharmaceuticals and other consumer goods.

Market Dynamics:

One of the major drivers propelling the growth of the flexible packaging market is the increasing demand for convenience packaging from food & beverage industry. Flexible pouches and bags offer lightweight and easy to handle packaging solutions and help in maximizing shelf space for retailers. Further, growing focus of packaging manufacturers on developing sustainable and eco-friendly packaging using recycle content is also fueling the demand for flexible packaging over rigid plastic packaging.

Market key trends:

One of the key trends in the flexible packaging market is increasing demand for sustainable and eco-friendly packaging solutions. Consumers are increasingly concerned about the environmental impact of packaging waste. To cater to this demand, flexible packaging manufacturers are developing packaging made from recycled or recyclable materials. They are using renewable and plant-based materials for flexible packaging production. Adoption of bio-plastics made from agricultural waste is also growing. Innovation in packaging formats and materials to reduce usage of plastics is another trend being witnessed in this market.

SWOT Analysis

Strength: Flexible packaging offers low cost of production and material usage. It provides extended shelf life to products and requires less storage space.

Weakness: Developing eco-friendly and recyclable flexible packaging solutions requires high investment in R&D. Flexible packaging produces more packaging waste.

Opportunity: Growing demand for sustainable and eco-friendly packaging from FMCG and retail industries presents an opportunity. Rapid urbanization and changing consumer lifestyle in developing countries also support market growth.

Threats: Stringent government regulations pertaining to usage of plastics and packaging waste management can restraint market growth. Volatile raw material prices also pose challenge for flexible packaging manufacturers.

Key Takeaways

The global flexible packaging market size was valued at US$ 68.5 Billion in 2021 and is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food and beverage industry for packaging convenience food.

Regionally, Asia Pacific dominated the global market in 2021 and is expected to maintain its leading position during the forecast period driven by growing demand from India, China, Indonesia, and other developing countries. Increasing disposable incomes and changing lifestyles are some key factors propelling market growth in the region.

Key players operating in the flexible packaging market 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 + Klein International, Wipak Group, AR Packaging, Goglio Group, Schur Flexibles, Clondalkin Group, and Flair Flexible Packaging Solution Cellpack Packaging, and Südpack Verpackungen. Innovation in materials and increasing focus on sustainable packaging development are the key focus areas of these players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it