Flexible packaging provides protection and enhances product life by providing an effective barrier against external threats like moisture, dust, etc. The packaging prevents contamination and damage to products during transportation and storage. Flexible packaging is preferred for food, beverages, and several consumer goods due to its versatility, lightweight, low material consumption, sustainability and economic benefits. Flexible packaging solutions like standup pouches, vacuum packaging and shrink films have become increasingly popular for products across food, dairy, home care and other industries. The growing demand for smaller, portable and easy-to-handle packages from online shopping and on-the-go consumption trends is boosting the sales of flexible packaging. 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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the flexible packaging market is increasing preference for sustainable and eco-friendly packaging formats. Consumers are demanding innovative and sustainable flexible packaging options due to growing environmental awareness. Manufacturers are increasingly focusing on recyclable, compostable and plastic-free packaging materials like paper, cellulose, bio-plastics and renewable sources. Advanced materials like oxo-biodegradable plastics seamlessly blend sustainability with high-performance protection attributes. Growing investments in green packaging technology and alternative materials are transforming the flexible packaging industry landscape.
Porter’s Analysis
Threat of new entrants: The flexible packaging market requires high initial investment and established supply chain which makes entry difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of flexible packaging products from various manufacturers. They can negotiate on price and quality of products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from various sources however packaging solution providers differentiate products to maintain customer loyalty.
Threat of new substitutes: Threat is moderate as rigid packaging is used for certain products however flexible packaging is preferred for ease of use, lightweight and sustainability.
Competitive rivalry: The market is dominated by global players and competition is high based on product innovation, reliability and pricing.
Key Takeaways
The Global Flexible Packaging Market Demand is expected to witness high growth. The market size for 2024 is estimated at US$ 86.35 Bn registering a CAGR of 82% during the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific dominates the global flexible packaging market owing to high consumption in industries like food and pharmaceutical along with initiatives by governments for sustainability. China is the fastest growing market in the region. Europe is another major market for flexible packaging due to stringent rules regarding usage of plastics.
Key players: Key players operating in the flexible packaging market 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). The market leaders are focusing on new product launches and mergers & acquisitions to gain higher share.
For more details on the report, Read- https://www.rapidwebwire.com/flexible-packaging-market-growth-market-size-share-analysis/
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