Flexible packaging refers to packaging products made from flexible stock, such as paper, plastic, film, foil and others. Flexible packaging is lightweight, convenient to transport and versatile in shapes and forms. Some key advantages of flexible packaging are its high barrier properties against moisture, gas and light, thereby increasing the shelf life of products. The need for flexible packaging has grown significantly owing to the expansion of food & beverage industry and growth of e-commerce.
The Global flexible packaging market is estimated to be valued at US$ 86.35 Bn in 2024 and is expected to exhibit a CAGR of 82% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the flexible packaging are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (china),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany). These players are focusing on new product launches and strategic collaborations to gain higher market shares.
The global market provides many opportunities such as innovative packaging solutions, increasing focus on bio-based and recyclable materials. Emerging economies across Asia Pacific and Latin America are expected to witness high growth owing to expanding middle-class population and growing urbanization.
Major players are investing in developing economies to tap the market potential. For instance, Procter & Gamble and Unilever expanded their flexible packaging operations in India and China in the last five years. Similarly, Amcor and Sealed Air have established manufacturing plants in Brazil, Mexico and Southeast Asian Countries.
Market drivers and restrain
One of the primary drivers for the Flexible Packaging Market Demand is the increase in demand for processed and packaged foods. Flexible packaging materials provide enhanced barrier properties to extend the shelf-life of food products. The growing trend of on-the-go consumption has also accelerated the need for user-friendly and easy to carry flexible packaging solutions. However, stringent regulations regarding the use of plastics across regions may act as a market restraint. Growing awareness about environmental hazards of plastic waste is encouraging manufacturers to invest in bio-based and recyclable flexible packaging materials.
Segment Analysis
The flexible packaging market can be segmented into pouches, bags, wraps, and others. Pouches dominate the market with over 30% share as they are lightweight and easy to handle. Pouches are ideal for food products like snacks, frozen foods, pet food etc. They have high barrier properties and extend shelf life of products.
Global Analysis
North America commands the largest share in the flexible packaging market due to strong demand from food packaging industry in USA. Asia Pacific is the fastest growing regional market due to increasing population, rising disposable incomes and growth of organized retail sector in countries like India and China. The demand for flexible packaging is increasing in Asia Pacific for various end use industries such as food, beverages, personal care & cosmetics. China dominates Asia Pacific flexible packaging market with over 30% share.
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