Flexible Packaging Market to Witness CAGR of 4% (2022-2028) Due to Rapid Development of Processed and Packed Food Industry | UnivDatos Market Insights

NOIDA, India, Dec. 19, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Flexible Packaging Market was valued at USD 250 billion in 2020 and is expected to grow at a CAGR of around 4% from 2022-2028. The analysis has been segmented into Raw Material (Paper, Plastic, and Metal); Application (Food & Beverages, Pharmaceutical, Cosmetics, and Others); Region/Country.

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The Flexible Packaging market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Flexible Packaging market. The Flexible Packaging market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Flexible Packaging market at the global and regional levels.

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Market Overview

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 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 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.

COVID-19 Impact

A sharp decline in sales of personal care and electronics products, along with disruption of supply chains, affected the sales of flexible packaging during early 2020, due to COVID-19. Packaging manufacturers worldwide were affected by the lockdown in China, owing to the country being a key raw material supplier. Moreover, stringent government regulations against the use of single-use plastics also affected the industry, globally. In addition, during the same period, plastic waste generation has increased by 197 Mt. As a result, increasing the concern among the environmental bodies to control the production and use of primary plastic, hence promoting the use of recycled plastic. PET is one of the most widely used plastics today used in a range of industries including packaging foods and beverages especially convenience-sized soft drinks, juices, and water. Furthermore, it is completely recyclable and is the most recycled plastic worldwide. Moreover, companies across the globe are making efforts to promote sustainability thereby opting for a circular economy model, thus promoting the global plastic recycling business including recycled PET.

The global flexible packaging market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• 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.
• Based 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.

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Flexible Packaging Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

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.

The major players targeting 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)
• FlexPak Services LLC

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Flexible Packaging market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Flexible Packaging market?
• Which factors are influencing the Flexible Packaging market over the forecast period?
• What are the global challenges, threats, and risks in the Flexible Packaging market?
• Which factors are propelling and restraining the Flexible Packaging market?
• What are the demanding global regions of the Flexible Packaging market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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About UnivDatos Market Insights (UMI)

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Flexible Packaging Market Report Coverage

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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