Flexible Packaging Market size is set to grow by USD 45.1 billion from 2024-2028, rising focus on improving shelf life of products boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global flexible packaging market size is estimated to grow by USD 45.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.93%  during the forecast period. Rising focus on improving shelf life of products is driving market growth, with a trend towards growing developments in the flexible packaging industry. However, high cost involved in manufacturing flexible packaging  poses a challenge. Key market players include Aluflexpack AG, Amcor Plc, Berry Global Inc., Bischof Klein SE and Co. KG, CCL Industries Inc., Clondalkin Group Holdings BV, Constantia Flexibles Group GmbH, Coveris Management GmbH, DS Smith Plc, DuPont de Nemours Inc., Glenroy Inc., Huhtamaki Oyj, Mondi Plc, Parkside Flexibles Ltd., Printpack Inc., ProAmpac Holdings Inc., Reynolds Packaging, Sealed Air Corp., Sonoco Products Co., and UFlex Ltd..

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Market Driver

The flexible packaging market is experiencing significant growth due to trends prioritizing sustainability, innovation, and enhanced functionality. Notable developments include the increased use of recyclable and compostable materials, such as bio-based plastics derived from renewable sources. For instance, Berry Global introduced a high-performance film with 50% recycled content, while Constantia Flexibles unveiled a recycle-ready laminate for the pharmaceutical industry. These advancements contribute to the market's expansion during the forecast period. 

The flexible packaging market is currently experiencing significant growth, driven by the increasing demand for lightweight, convenient, and sustainable packaging solutions. Key players in this industry include producers of plastic, paper, and aluminum materials. Trends in this market include the use of biodegradable and recyclable materials, such as bioplastics and plant-based films. Additionally, advancements in printing technology have led to the production of high-quality graphics and designs on flexible packaging. Producers are also focusing on improving the durability and functionality of their products through the use of coatings and laminates. Overall, the flexible packaging market is poised for continued expansion due to its versatility and ability to meet the evolving needs of consumers and businesses alike. 

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Market Challenges

•         The cost increase of raw materials, primarily plastic like PE and PP, significantly impacts the flexible packaging market. Prices surged in Asia, with PP rising by 6.2% in Q1 2022. This leads to reduced profit margins for vendors due to higher production costs. Consequently, they pass on these expenses to consumers through price hikes. Additionally, ink and coating prices escalated due to oil, solvent, and PU resin price rises. The tight titanium dioxide supply further boosts ink prices, potentially dampening demand for flexible packaging. To remain competitive, vendors explore cheaper alternatives. This trend may restrain the growth of the global flexible packaging market.

•         The Flexible Packaging market faces several challenges. FOOD and SHELF LIFE are key considerations, requiring effective use of FILMs and ALUMINUM for protection. The need for PRODUCTS that are lightweight and easy to transport increases the demand for this packaging solution. However, ensuring CONSUMER safety and reducing WASTAGE are ongoing challenges. The use of PAPER and BOXES in conjunction with flexible packaging is a trend. Sustainability is also a concern, with the need to produce COSMETIC and other packaging that is RECYCLABLE and environmentally friendly. The market must also address the challenge of producing cost-effective and efficient PRODUCTION processes. Overall, the Flexible Packaging industry must continue to innovate to meet these challenges and provide effective solutions for businesses.

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Segment Overview 

This flexible packaging market report extensively covers market segmentation by  

1. Product 
• 1.1 Pouches
• 1.2 Bags
• 1.3 Films and wraps
• 1.4 Others
2. Type 
• 2.1 Food and beverage
• 2.2 Healthcare
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Pouches-  The flexible packaging market is experiencing significant growth, particularly in the pouch segment. Stand-up pouches, with their airtight closure and eye-catching design, are increasingly popular. These pouches offer multiple barrier layers for product protection and extended shelf life. Sustainability is a key trend, with innovations like Amcor's all-PE spouted pouch addressing this need. These advancements are expected to boost the market's expansion during the forecast period.

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Research Analysis

The Flexible Packaging Market encompasses a wide range of industries, including personal care, food, and consumer goods. Key packaging materials in this market are Plastic, Paper, Metals, Polypropylene, and Bioplastic. Recycling plays a significant role in reducing the environmental impact of these materials. Flexible packaging comes in various forms such as Pouches, Bags, Films and wraps, Aluminum foil, and Smart packaging solutions like Stand-up pouches, Bag-in-box, Cartons, and Tetra packs. These packaging types extend the Food shelf life and help minimize Food wastage. Additionally, Flexible Packaging is used for Non-food products and Electronics, showcasing its versatility. Biodegradable films are gaining popularity due to their eco-friendly nature, contributing to the market's growth.

The Flexible Packaging Market encompasses a broad range of products that are used to contain and protect various goods. These packages offer advantages such as extended shelf life, convenience, and versatility. The market is driven by several factors, including the increasing demand for lightweight and convenient packaging solutions, the growing trend towards sustainable packaging, and the rising consumption of processed and packaged food. Flexible packaging materials include films, papers, and laminates, which can be used to create pouches, bags, wraps, and other forms of packaging. The market is segmented based on the type of material used, the end-use industry, and the geographical region. The flexible packaging industry is expected to grow significantly in the coming years due to its numerous benefits and the increasing demand for convenient and sustainable packaging solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Pouches
• Bags
• Films And Wraps
• Others
• Type
• Food And Beverage
• Healthcare
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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