Flexible Packaging Market Size & Share to Surpass $319.9 Billion by 2028 | Vantage Market Research
WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to the report published by Vantage Market Research, the global Flexible Packaging Market garnered $ 248.5 Billion in 2021, and is estimated to generate $ 319.9 Billion by 2028, manifesting a CAGR of 4.3% from 2022 to 2028. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Scope of the Report:
Market Size in 2021
USD 248.5 Billion
Revenue Forecast by 2028
USD 319.9 Billion
4.3% from 2022 to 2028
2022 to 2028
Berry Global Inc., Amcor PLC, FlexPak Services LLC, Mondi Group, Sealed Air Corporation, Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Huhtamaki, Sonoco
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Cost-Effectiveness and Increased Product Shelf-Life
Flexible Packaging Market is in higher demand due to consumers' increasingly hectic lifestyles and growing need for handy items. Flexible Packaging Market is more cost-effective than other types of packaging because it uses fewer resources and energy during the packaging process. Additionally, flexible packs cost less to produce and take up 35% less retail shelf space. The production of 780,000 flexible pouches uses 87% less coal, 74% less natural gas, and 64% less crude oil than the production of rigid clamshell containers, according to Robbie Fantastic Flexibles, a member of the Flexible Packaging Market Association. Additionally, consumers' preferences have gradually shifted from using conventional home cooking methods to purchasing packaged goods.
Flexible Packaging Market utilizes less energy and less natural resources and emits fewer greenhouse gases during production. Up to 40% of the food consumed in the US in 2016 went to waste, according to the Natural Resources Defense Council. Flexible Packaging Market extends product shelf life and decreases product waste. For example, bananas packaged in flexible plastic ripen more slowly, extending shelf life. While maintaining or improving product protection, this sort of packing can be done with the least amount of packaging, which lowers product warehousing and transportation costs.
Sustainable and New Flexible Packaging Market Solutions
Manufacturers have been prompted to create new packaging solutions due to the dynamic changes in the sector, such as implementing new regulatory initiatives. Manufacturers have designed sustainable packaging choices that are safe and secure in response to growing environmental concerns about the use of biodegradable polymers for flexible packaging. Manufacturers are looking toward sustainable packaging options that use fewer resources and energy during production, need less money for transportation, and provide products with a longer shelf life to ease cost pressure and preserve the integrity of product packages.
To reduce trash, governments all over the world are promoting the use of sustainable packaging. The UK made strides in 2018 to take the top spot in the world for sustainable packaging. The government challenged inventors to create packaging that would lessen the adverse environmental effects of toxic plastics, with an expenditure of USD 80 million (£60 million). In order to assist minimize trade barriers and lessen the environmental impact of packaging waste, Europe has adopted the Packaging and Packaging Waste Directive. This directive requires the EU States to ensure that packaging is appropriately recovered and recycled and that the number of hazardous materials used in packaging is maintained to a minimum.
List of Prominent Players in Flexible Packaging Market:
Berry Global Inc.
FlexPak Services LLC
Sealed Air Corporation
Coveris Holding SA
For Additional Information on Flexible Packaging Market Players and Detail List, Download a Report PDF Brochure
The report on Flexible Packaging Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates, and Forecast
In May 2020, Berry Global Group, Inc. announced its collaboration with the long-time customer, Mondelez International, to supply packaging containing recycled plastic for Philadelphia, the world’s most popular cream cheese. The package contains plastic material recovered using advanced recycling technology from Berry’s partnership with SABIC, announced earlier this year.
In March 2020, Berry Global Group, Inc. announced the investment of USD 30 million to increase its production capacity of ultra-high-performance stretch films. The investment is allocated for new lines and upgrades to existing assets in nine of the company’s North American locations that currently manufacture stretch films.
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Asia Pacific is expected to dominate the growth of Flexible Packaging Market in 2021. Asia Pacific is predicted to steer the Flexible Packaging Marketplace proportion due to improving global economy, expanding working population, and rising domestic demand for ready-to-eat & convenience food products. Additionally, due to the functional qualities offered by Flexible Packaging Market, such as safety, cost-effectiveness, durability, strength, lightweight, environmental friendliness, and handling convenience, the market for Flexible Packaging Market in Asia Pacific is expanding in the food, beverage, pharmaceutical, and personal care & cosmetics industries.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Flexible Packaging Market Forecast Report (2022-2028).
Global Flexible Packaging Market Segmentation
By Packaging Types
Other Packaging Types
By End Users
Food & Beverage
Other End Users
Middle East & Africa
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