Surge in demand for convenience and snack food, increase in concerns regarding the use of bio-degradable plastics, increase in the standard of living, and rapid adoption of sustainable packaging to reduce transportation expenses and increase shelf-life of the product are expected to drive the growth of the global flexible packaging market. Closed manufacturing facilities and other adverse supply chain disruptions during the COVID-19 pandemic had a negative impact on the market.
Portland, OR, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global flexible packaging market generated $68.5 billion in 2021, and is projected to reach $102.8 billion by 2031, growing at a CAGR of 4.2% from 2021 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report Coverage & Details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Material, packaging type, end-use industry, and region.
Increase in the standard of living
Surge in demand for convenience and snack food
Rapid adoption of sustainable packaging for environmental benefits
Improvement in logistics services
Recycling of plastic is complex and time-consuming process
Requirement of huge investment
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The outbreak of COVID-19 has had a negative impact on the growth of the global flexible packaging market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities including those of flexible packaging, which adversely impacted its demand.
On the other hand, the packaging industry garnered immense demand from the hospitality sector, and hence, the closure of hotels, resorts, and restaurants further aggravated the impact on the market. This is majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
Besides, strict regulations and temporary ban were imposed on the import and export of raw materials, which aggravated the impact on the market.
However, the market is expected to recoup with the growth of the online retail channels.
The report offers a detailed segmentation on the global flexible packaging market based on material, packaging type, end-use industry, and region. The report provides a detailed analysis of every segment and their respective sub-segment with the help of graphs and tables. This analysis can essentially help market players, investors, and new entrants in finding effective strategies based on fastest growing segments and highest revenue generating segments that is mentioned in the report.
Based on material, the plastic segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The paperboard segment, on the other hand, is expected to cite the fastest CAGR of 4.6% during the forecast period.
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Based on packaging type, the films segment held the dominating market share in 2021, garnering nearly four-fifths of the global market, and is predicted to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 4.3% during the forecast period. The report also analyses other segments such as stand-up pouch, bag-in-box, and others.
Based on end-use industry, the food and beverage segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is predicted to maintain its leadership status during the forecast period. The pharmaceutical segment, on the other hand, is expected to cite the fastest CAGR of 4.7% during the forecast period.
Based on region, the market across Asia-Pacific held the dominating market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region, is expected to cite the fastest CAGR of 4.4% during the forecast period. The report also analyses other regions such as North America, Europe and LAMEA.
The key players analyzed in the global flexible packaging market report include Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Berry Global Inc., Amcor Plc, FlexPak Services LLC, Mondi Group, Sealed Air Corporation, Huhtamaki, and Sonoco.
The report analyzes these key players of the global flexible packaging market. These market players have made use of remarkable strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to not only maximize their foothold and prowess in the industry, but also to increase the competitive edge of the market. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players of the market.
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