Flexible Packaging Market Estimated To Perceive Accrued Value with a Staggering CAGR; MRFR Unleashes Industry Insights Up To 2030

Flexible Packaging Market – Market Overview

Flexible Packaging Market size was USD 168.52 billion in 2021 and is projected to be worth USD 230.78 billion by 2030, registering a CAGR of 4.9% during the forecast period (2022 to 2030)

Flexible packaging is essentially a package or container made of flexible or materials that, when filled or closed, can bend while still holding the shape. The materials used can be paper, plastic film, foil or any combination of these. Flexible packages are used for consumer and in industrial applications, to protect, market, and distribute a vast array of products. Flexible products include rollstock, bags, pouches, labels/wraps, lidding, shrink sleeves and stretch film.

The market is driven by various factors such as increased consumption of processed foods & beverages, innovation in flexible packaging, and environmental advantage of flexible packaging. However, Flexible packaging has various restraints that hinder the market growth such as fluctuating raw material prices and stringent regulations on packaging material waste and recycling.

Technological advancements in packaging plays a vital role in driving the growth of flexible packaging market. Advanced technology in packaging has allowed companies for innovation in products instead of sticking to traditional methods of packaging. Due to this, many companies are investing in R&D and are coming up with advanced flexible packaging products with barrier resistance properties that offer resistance against heat and moisture and eliminates oxidation of foods. Such properties prove effective in maintaining the quality and consistency of food products while extending their shelf life without the use preservatives. For example, the shelf life of cucumbers is extended from three days to fourteen days when wrapped in polyethylene shrink wrap. Recent advancements in materials and production processes have reduced the weight of some flexible packages up to 50%, subsequently lowering product shipping costs while maintaining or improving product protection.

Flexible packaging offers various environmental advantages. It includes low raw material consumption, low carbon footprint, and relatively low waste produced as compared to conventional packaging formats. It also reduces energy usage, e.g. producing a flexible food service pouch requires 75% less energy and generates just 1 /10 of CO2 emissions during production than a metal can for the equivalent amount of product. Additionally, it uses around 60% less plastic than rigid plastics. These environmental advantages of flexible packaging are expected to drive its demand over the forecast period.

Accrediting the colossal growth the flexible packaging market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published  a meticulous study report giving out the complete market insight up till 2030. According to which, continuing with the same trends the global flexible packaging market is projected to perceive an outstanding growth by 2030 registering a striking CAGR during the anticipated period (2022 – 2030). 

Key Players:

Amcor Limited (Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.) are some of the prominent players at the forefront of competition in the global flexible packaging market and are profiled in MRFR Analysis.

Flexible packaging Market – Competitive Analysis

Flexible packaging market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position. 

Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, manufacturers strive to develop products that can deliver optimal adhesion, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality.

Industry News:

On October 2016, Coveris launched Nextrus Boneless Shrink bags so as to offer innovation in sustainability and performance of the products.

In 2016, Hutamaki acquired FIOMO who is a manufacturer of flexible packaging foils and labels. By acquiring FIOMO, Hutamaki would expand its flexible packaging manufacturing in Europe and will be able to offer high quality off-set printing capabilities.

On April 29, 2016, Bemis Company Inc. acquired medical device packaging operation of SteriPack Group. This acquisition will diversify their presence in Ireland as well as packaging production assets in Malaysia and the U.S.

On 1st December 2015, Flair Flexible Packaging Corporation acquired NuPack Corporation (NuPack), so as to strengthen the flair’s approach in integrated supplier in the industry

Flexible packaging Market – Segments

For the convenience of the report and enhanced understanding; The Flexible packaging Market is segmented in to 3key dynamics

Segmentation by Material – Plastic, Paper, Aluminum and Others

Segmentation by Product – Bags, Pouches, Wraps and Others

Segmentation by Printing Technology: Flexography, Digital Printing and Others

Segmentation by Application: Food & Beverages, Pharmaceuticals, Personal Care and Others

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Regional Analysis

The global Flexible packaging market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia-Pacific has accounted the largest market for Flexible packaging market followed by Europe and North America. Asia-Pacific region is comprised of countries such as China, India, and Japan, which are the leading exporters of goods to various parts of the world. The increasing exports from these countries is leading to the growth of the flexible packaging market. The booming e-commerce market in the region is also contributing to the growth of the flexible packaging market. The e-commerce market is boosted by the increasing internet penetration.Get Full Information About This Report: Flexible packaging Industry