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[ 179 + Pages Research Report ] Global Flexible Packaging Market to surpass USD 714.7 billion by 2031 from USD 195 billion in 2021 at a CAGR of 13.87% in the coming years, i.e., 2021-31.
Product Overview
Flexible packaging is a means of packaging goods and products through the usage of non-rigid materials, which enable for more economical and customizable options. It is a comparatively new method in the packaging market and has grown popular owing to its high efficiency and cost-effective nature. This packaging method uses a variety of flexible materials, including foil, plastic, and paper, to create pouches, bags, and other flexible product containers. Flexible packages are mainly useful in industries that need adaptable packagings, such as the food and beverage, personal care, and pharmaceutical industries.
Market Highlights
Global Flexible Packaging Market is expected to project a notable CAGR of 13.87% in 2031.
The flexible plastic packaging market is predictable to witness significant growth in the future owing to its increased demand in end-use industries, such as food, beverage, cosmetic & personal care, and pharmaceutical. Development in modern retailing, high consumer income, and acceleration in e-commerce activities, particularly in the emerging nations, are expected to support the growth of the flexible plastic packaging market during the forecast years.
Global Flexible Packaging: Segments
Pouches segment to grow with the highest CAGR during 2021-31
Global Flexible Packaging market is classified on the basis of Type into Pouches, Rollstocks, Bags, Wraps, and others. Pouches segment is predictable to be the largest market for flexible plastic packaging. The dominant market position of the segment can be attributed to the surge in the demand for these types across several applications in food, beverage, pharmaceutical, and personal care & cosmetic industries. The rise in the demand for pouches can be credited to the rise in the demand for lightweight and convenient packaging solutions.
Food & Beverage segment to grow with the highest CAGR during 2021-31
Based on End-use, global Flexible Packaging Market fragmented into Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, and Others. Food & Beverage segment dominates the market share globally. Growth in demand for snack and convenience foods in small or single-serving shares, increased expenditure on bakery and cereal bars, ready to cook meals and coffee or hot chocolate sticks and pouches, dehydrated and instant food (soup, gravy & sauce packets and food mixes), snack foods & nuts, spice foods, chocolates & sweets, ice-cream novelties, and others. This will certainly impact the growth of the flexible packaging market.
Market Dynamics
Drivers
Cost-effectiveness and Increased product shelf-life
Due to busy routines, the demand for convenient products has augmented, thus leading to a rise in demand for flexible packs. Flexible plastic packaging requires fewer resources and energy for packaging; henceforth, flexible packs are accessible at low costs. Flexible plastic packaging decreases product waste and increases product shelf-life. This type of packaging can be done in the least packing possible, thereby dropping product warehousing and shipping expenses, while keeping or enhancing product protection.
Sustainable and flexible plastic packaging solutions
Dynamic industry deviations, such as the introduction of new controlling initiatives, have encouraged manufacturers to grow new packaging options. Rising concerns regarding the use of bio-degradable plastics for flexible packaging and its influence on the environment have also driven manufacturers to grow sustainable packaging options that are safe and secure. In order to decrease the cost pressure and continue the integrity of product packages, producers are considering sustainable packaging services that require fewer materials and energy to manufacture a package, decrease transportation expenses, and provide extended shelf-life to the product.
Restraint
Strict regulations
Recycling of plastic packaging waste is a process that needs state-of-the-art infrastructural facilities. It is a time-consuming procedure that needs personnel expertise. Nevertheless, some parts of the world lack these facilities for recycling. As most recycling services are out-of-date, they are unable to handle changes in waste streams. For instance, even though the amount of paper waste has declined, and plastic waste has increased, the existing machinery is ill-equipped to handle such changes in the trends of packaging waste.
Global Flexible Packaging: Key Players
Sealed Air Corporation (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Amcor (Australia)
Berry Global Inc. (US)
Mondi (South Africa)
Sonoco (US)
Huhtamaki (Finland)
Coveris (Austria)
Transcontinental Inc. (Canada)
Clondalkin Group (The Netherlands)
Other Prominent Players
Global Flexible Packaging: Regions
Global Flexible Packaging market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific dominates the Flexible Packaging market. Components such as enhancing global economy, increasing working population, growing domestic demand for ready-to-eat & convenience food products are anticipated to fuel the market for flexible plastic packaging. The market for flexible plastic packaging in APAC is growing in the food, beverage, pharmaceutical, and personal care & cosmetics industries owing to the functional properties offered by flexible plastic packaging, such as safety, cost-effectiveness, strength, lightweight, environmental-friendliness, and handling convenience.
Global Flexible Packaging is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Flexible Packaging report also contains analysis on:
Flexible Packaging Segments:
By Type
Pouches
Rollstocks
Bags
Wraps
Others
By End-use
Food & Beverage
Personal Care
Pharmaceutical
Household Care
Industrial
Others
Flexible Packaging Dynamics
Flexible Packaging Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Flexible Packaging Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 195 billion
Revenue forecast in 2031 USD 714.7 billion
Growth Rate CAGR of 13.87% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, End-use, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Sealed Air Corporation (US), Amcor (Australia), Berry Global Inc. (US), Mondi (South Africa), Sonoco (US), Huhtamaki (Finland), Coveris (Austria), Transcontinental Inc. (Canada), and Clondalkin Group (The Netherlands) and Other Prominent Players