According to IMARC Group’s latest report, titled “Flexible Packaging Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. Offers a comprehensive analysis of the industry, which comprises insights on flexible packaging market.
The global flexible packaging market size reached US$ 130.6 Billion in 2022. Flexible packaging represents packages made of easily yielding and flexible materials that can be conveniently molded into various shapes. They are produced using the highest qualities of film, aluminum foil, paper, etc. Flexible packaging materials offer a comprehensive range of protective characteristics. They can acquire the shape of a pouch, bag, liner, etc., provide efficient resistance to extreme temperatures, and act as an efficient moisture-resistant sealant. As a result, flexible packaging products find extensive applications, across numerous sectors, including food and beverage (F&B), pharmaceuticals, cosmetics and personal care, e-commerce, etc.
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Market Trends
The elevating product adoption in the F&B segment to pack ready-to-eat food items and other products that are often transferred from freezer to microwave to enhance their shelf-life, offer adequate heat and moisture barrier and ensure ease of use is primarily driving the flexible packaging market. In line with this, the increasing use of the packaging solution to pack meat, poultry, and seafood items, to improve sustainability, food safety, transparency, and reduction in food waste is acting as another significant growth-inducing factor. Moreover, the rising focus among leading manufacturers to develop sustainable and environmentally friendly packaging products, on account of the escalating concerns about the adverse impact of biodegradable polymers used for flexible packaging, is also positively influencing the global market. Apart from this, the growing usage of flexible plastic packaging by the e-commerce segment, owing to its durable, waterproof, lightweight, and recyclable properties, is further stimulating the market growth. Additionally, the inflating demand for household essentials and medical items and the development of novel packaging products, such as compostable films, bag-in-box, collapsible pouches, etc., are anticipated to augment the flexible packaging market over the forecasted period. Looking forward, IMARC Group expects the market to reach US$ 167.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
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List of Key Companies Covered in this Market Report:
- Amcor (NYSE: AMCR)
- Bemis Company
- Berry Global
- Mondi (LON: MNDI)
- Sealed Air (NYSE: SEE)
- Aluflexpack novi
- Bak Ambalaj Sanayi
- Constantia Flexibles
- Clondalkin Group
- Danaflex
- DS Smith (LON: SMDS)
- Glenroy
- Huhtamäki (HEL: HUH1V)
- Printpack and ProAmpac
The report has segmented the market on the basis of product type, raw material, printed technology, application and geography.
Breakup by Product Type
- Printed Rollstock
- Preformed Bags and Pouches
- Others
Breakup by Raw Material
- Plastic
- Paper
- Aluminium Foil
- Cellulose
Breakup by Printing Technology
- Flexography
- Rotogravure
- Digital
- Others
Breakup by Application
- Food and Beverages
- Pharmaceuticals
- Cosmetics
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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