Flexible Packaging Market Predicted to Gain $315.5 billion by 2027 Globally, at a CAGR of 4.8%, says MarketsandMarkets™
Chicago, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global Flexible Packaging Market is approximated to be USD 248.9 billion in 2022, and it is projected to reach USD 315.5 billion by 2027 at a CAGR of 4.8%, as per the recent study by MarketsandMarkets™. A package or container that may easily change shape when full or closed is referred to as flexible packaging. Flexible packaging is built of flexible or easily yielding materials. Paper, plastic, film, foil, or any combination of these materials may be used in the construction of products.
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278 - Market Data Tables
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List of Key Players in Flexible Packaging Market:
Huhtamaki Oyj (Finland)
Berry Global Group Inc. (US)
Amcor Limited. (Australia)
Sonoco Products Company (US)
Westrock Company (US)
Constantia Flexibles (Austria)
Sealed Air Corporation (US)
Transcontinental Inc (Canada)
DS Smith (UK)
Drivers, Restraints, Opportunities and Challenges in Flexible Packaging Market:
Driver: The rising demand for flexible packaging in the food and beverage sector drives the market.
Restraint: High cost of flexible packaging raw material and unavailability of good recycling infrastructure
Opportunities: Growing demand for sustainable packaging
Challenges: Rapid changes in the technology
Key Findings of the Study:
In terms of value & volume, the pouches segment is estimated to lead the flexible plastic packaging market in 2019.
Food segment is estimated to be the largest segment in the flexible plastic packaging market in 2019.
The APAC region is projected to account for the largest share in the flexible plastic packaging market during the forecast period.
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The flexible packaging market has been segmented based on packaging type, i.e., pouches, bags, roll stocks, Films & wraps, and others. Pouches are kind of small-sized bags consisting of two-sided flat sheets, which are flexible and sealed along the edges to form the compartment in which products can be stored. Pouches are widely used in the food and beverage industry. In addition to this, flexible packaging products can be made from paper, plastic, and metals. In the food and beverage industry, flexible packing products can be used to store ready-to-eat food items, snacks, milk, coffee, soft drinks, juices, and other food items. The pharmaceutical and healthcare industry uses flexible packaging products in the form of pouches, lids, and others. In the personal care and cosmetic industry, flexible packaging products are used for packaging different products such as soaps, cosmetics & perfumes, and facial tissues & napkins. Apart from these, the flexible packaging industry also caters to education & stationery, construction material, and electronic goods. Other applications of flexible packaging include agriculture, automotive, sports, apparel, consumer goods, home furnishing & household products, tobacco, and oil & lubricants.
The flexible packaging market is segmented based on materials that are used for making flexible packaging products. These materials are plastic, paper, and metal. Plastic flexible packaging products offer a wide variety of protective benefits while ensuring a minimum amount of material possible. They are used for marketing, protecting, and distributing a wide range of items for both industrial and consumer uses. Flexible paper packaging has widely been used by manufacturers as it provides users with convenient storage and functional packaging that is appealing and easy to carry. Additionally, they are manufactured in all shapes and sizes using recycled materials, which makes them environmentally friendly. Flexible metal packaging refers to metal foils, wraps, and thin layers of coating used in combination with paper and plastic packaging. The coating is usually made of aluminum. It offers a glossy metallic appearance of aluminum foil at reduced weight and cost.
The flexible packaging market is also segmented based on various printing technologies such as Flexography, Rotogravure, Digital Printing, and Others. Flexographic printing can be done on different types of material used in packaging, such as paper, plastic, and foil. It is a direct, high-pressure relief printing process on a rotary web which uses different types of inks. On the other hand, the rotogravure printing process is a means of printing directly on plastic films, papers, and aluminum foils. The process offers a wide range of benefits, such as the ability to transfer ink consistently, high speed, and quality image, thus resulting in good quality prints, low costs per unit, and long-lasting printing cylinders. The digital printing process starts with a digital file, which is sent to a digital printing press, where the ink is transferred through an electric discharge. The files used in digital printing are rendered through software and can, hence, be modified. Digital printing makes use of laser and ink-jet printing, wherein an image is sent directly to the printer by using digital files, such as PDFs, and graphics software, such as Illustrator.
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The Flexible Packaging market is segmented based on end-use applications. Flexible Packing can be used in various end-use industries such as pharmaceutical and healthcare, food & beverages, personal care and cosmetics, and others. In the food industry, flexible packaging is used to pack several food items, such as snacks, biscuits, namkeens, chocolates, and other food items. In the beverage industry, this packaging is used to pack several beverage products such as juices, tea, coffee, ketchup, milk, coffee, soft drink, fruit drinks, and others. In the pharmaceutical and healthcare industry, flexible packaging products are in the form of pouches, lids, and others. In the personal care and cosmetic industry, flexible packaging is used to pack various items such as soaps, detergents, toothpaste, perfumes, facial tissues, wipes, napkins, and others.
The flexible packaging market is studied in six regions, namely, Asia Pacific, Europe, North America, the Middle East, Africa, and South America. Asia Pacific is the fastest-growing market and the largest consumer of flexible packaging globally. The growth in this region is led by growing developmental activities and rapid economic expansion. Additionally, the increasing population in these countries presents a huge customer base for FMCG products and food & beverages, which, in turn, is expected to lead to the growth of the flexible packaging market. The food industry is the largest consumer of flexible paper packaging in Europe, followed by beauty & personal care and healthcare. The market in the North American region is driven by technological advancements in the packaging industry. The demand for flexible packaging is also expected to be driven by factors such as increasing sales of consumer durables, high disposable incomes, and rising demand for packaged foods.
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