Flexible Packaging Market Projected To Be Worth USD 216.4 Billion By 2024: Exactitude Consultancy

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Flexible Packaging

“Flexible Packaging Market: Exactitude Consultancy Research Report Offers Comprehensive Industry Overview and Future Projections”

The flexible packaging market is growing rapidly, driven by demand for lightweight, sustainable, and convenient packaging across food, beverage, and healthcare sectors” - Exactitude Consultancy

LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire / -- Flexible Packaging Market Overview:

Revenue from the global Flexible Packaging Market size is estimated to reach US$ 216.4 billion in 2023. The market has been analyzed to climb to a value of US$ 216.70 billion by the end of 2030, expanding at a CAGR of 4.1% over the next decade.

Flexible packaging is a cost-effective and versatile way of packaging items by utilizing materials that are not stiff in structure. Although still a new method in the packaging sector, it has become widely popular due to its high efficiency and affordable price point. Various types of flexible packaging items, including pouches, bags, sachets, roll stocks, wraps, and more, are manufactured using a range of flexible materials like metal, plastic, and paper. Sectors such as food and beverage, personal care, and pharmaceutical industries can greatly gain from flexible packaging, which is essential for versatile packaging needs.

Flexible packaging is the packaging industry's segment experiencing the most rapid growth, as it enhances the marketability and value of both edible and non-edible products. This growth is enabled by blending the characteristics of plastic, paper, and aluminum to create a variety of products that offer protection and prevention. Made from flexible materials, this adaptable packaging serves various industries like fast-moving consumer goods (FMCG), retail, and industrial sectors, among others. Saving time, money, and materials results in lowered manufacturing costs, ultimately supporting the growth of the worldwide flexible packaging market.

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Competitive Rivalry:

The Flexible Packaging market supports a range of applications, including supply chain analytics, risk analysis, demand forecasting, and vendor management. Solutions in this market encompass various modules such as financial surveys, real-time and batch data analysis, category management, and compliance management. Implementing these modules enhances data optimization, automates data cleansing, and facilitates sourcing category analysis.

Vital Companies Profiled in the Report are: Sealed Air Corporation, Amcor, Berry Global Inc., Mondi, Sonoco, Huhtamaki, Coveris, Transcontinental Inc., Clondalkin Group, and others.

Recent Development:

March 21, 2024: Amcor (NYSE:AMCR, ASX:AMC), a global leader in developing and producing responsible packaging solutions, is the proud recipient of eight Flexible Packaging Achievement Awards for innovative and sustainable contributions to the industry.

3 July, 2024: Mondi, a global leader in sustainable packaging and paper, is launching the latest addition to its popular portfolio of sustainable pre-made plastic bags – FlexiBag Reinforced: a range of innovative mono-PE-based, recyclable packaging solutions with improved mechanical properties.

Flexible Packaging Market Dynamics

Drivers:

The flexible packaging market is anticipated to experience growth due to the rising demand for packaged and processed food in the foreseeable future. Packaged foods are food items that have been frozen, packaged, canned, cooked, or altered in nutritional content and are fortified and preserved through various methods. Food companies are embracing flexible packaging, which consists of various packages that are easily shaped. Therefore, an increase in the consumption of packaged and processed food is expected to drive the need for flexible packaging in the market.

The increasing trend of consumers towards sustainable and convenient products is another key factor expected to drive the market. Consumer preferences are shifting due to busy schedules and the need for compact, convenient household items that serve their fast-paced lifestyles. Consumers are motivated to make purchases by the convenience of packaging. It impacts consumers' preferences for a specific design or packaging style and affects their actions. Therefore, these factors are expected to drive market expansion.

Restraints:

Increased environmental worries have limited the use of flexible plastic packaging, a factor that is expected to impede the growth of the flexible packaging market in the future. Plastic bags that cannot be recycled are now a significant cause of pollution worldwide. Concerns have been raised regarding the presence of plastic in marine debris and garbage. Therefore, these issues posed a significant obstacle for the flexible packaging sector.

The high cost of flexible packaging is another major factor limiting the market growth during the forecast period. This is mainly attributed to the high cost of recycling and processing packaging materials, high labor costs, and fluctuation in the price of raw materials. These factors are also the major challenging factor for the growth of the market in the coming years.

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Market Segments by Flexible Packaging

Flexible Packaging Market by Material, 2020-2029, (USD Billion) (Kilotons)

Polyethylene

Polypropylene

Polyamine

Polyvinyl Chloride

Polystyrene

Flexible Packaging Market by Type, 2020-2029, (USD Billion) (Kilotons)

Stand Pouches

Flat Pouches

Rollstocks

Flexible Packaging Market by Application, 2020-2029, (USD Billion) (Kilotons)

Food & Beverage

Healthcare

Personal Care

During the forecast period, the Food industry had the highest CAGR when broken down by End Use Industry.

The food industry is driven by rising urbanization, changing lifestyles, high disposable income, and an increasing concern for hygiene and sustainability, which are the major factors fueling the flexible packaging market. Customers desire food products that are not only clean and secure but also visually appealing. Food service packaging manufacturers have a robust ecosystem. They continually create new things to make sure the customer gains advantages, and they operate a dedicated R&D facility that carries out multiple research-driven experiments using cutting-edge technologies. Nevertheless, because of the additional beneficial features of flexible packaging, including exceptional barrier properties, it can be manufactured with reduced resources, extends the shelf life of products, and more, drawing in consumers primarily from the food sector.

During the forecast period, the Pouches segment showed the highest Compound Annual Growth Rate (CAGR).

Pouches are tiny bags made up of two flexible side flat sheets that are sealed along the edges, creating a compartment whose size varies based on the walls' placement. The two main kinds of pouches are stand-up pouches (SUPs) and flat or pillow pouches. Standard stand-up pouches and retort stand-up pouches are the two types of pouches available.

Pouches are great for packaging bulk coffee and food items like dried or smoked meats. They are user-friendly, sealable with heat, and come in convenient packaging in various sizes and formats.

Flexible Packaging Market Regional Insights

Asia Pacific is the region that dominates the market and experiences the fastest growth. Rising disposable incomes, international investments, and expanding populations in nations like China, India, and Japan are fueling the need for products in the food & beverage sector. The e-commerce industry in the Asia Pacific region is experiencing growth due to the rising number of smartphone users and internet penetration.

This market's second largest region is North America. The pharmaceutical and e-commerce sectors that are already established are boosting the market's expansion in this area. Additionally, the North American region's growth is also influenced by the ongoing advancements in packaging machinery, coupled with the use of advanced technology.

Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.

We offer report customization based on our clients' specific requirements:

– Country-level analysis for 5 countries of your choice.

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