Flexible Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Flexible Packaging Market Research Report, Material, Product Type, Printing Technology, Application and Region - Forecast till 2030” the Market is projected to be worth USD 275.35 billion by 2030, registering a CAGR of 6.09% during the forecast period (2022 - 2030).the market was valued at USD 180.68 billion in 2021.
Attractive Features that Spur Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global flexible packaging market share.
Flexible Packaging Market Drivers/Flexible Packaging Market Trends
Multiple Environmental Advantages to Uplift Market Growth
Flexible packaging offers multiple environmental advantages such as low carbon footprint, low raw material consumption, and low waste produced in comparison to conventional packaging formats. Besides, flexible packaging reduces energy usage and uses less plastic. These environmental benefits are adding to the flexible packaging market revenue over the forecast period.
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Key Players
Eminent players profiled in the global flexible packaging market report include –
Amcor Limited (Victoria)
Constantia Flexibles Group GmbH (Austria)
Mondi Group (Johannesburg)
Sealed Air Corporation (North Carolina)
Sonoco Products Company (U.S.)
Coveris Holdings S.A. (U.S.)
Huhtamaki Group (Finland)
Bemis Company Inc. (U.S.)
Ampac Holdings LLC (U.S.).
COVID-19 Impact on Flexible Packaging Market
The COVID-19 pandemic had an adverse impact on different industries like food, beverages, and pharmaceuticals. The transportation and supply of materials had a huge impact owing to the lockdown. Food outlets and restaurants were shut which reflected upon the downfall of the market. Different manufacturing units had been forced to shut down owing to lack of raw materials, lack of funds, and unavailability of labors.
On the contrary, the flexible packaging industry witnessed a significant growth during the outbreak due to the increase in demand for flexible packaging for pharmaceutical, food, and beverage applications. Due to the fear of lockdowns, people are resorting to bulk stocking and panic-buying. The majority of the people are ordering fresh food and daily staples through online stores that boost the growth of flexible plastic packaging. The demand for packaged foods is also on the rise with maximum people eating at home. Frozen foods, fish and poultry, and meat are the fastest growing end-use markets. Again the growing need for home refill packaging for personal care and home products are also adding market growth. The demand for flexible packaging in the pharmaceutical sector is likely to remain robust as PPE and drugs manufacturers and hospitals are responding to this crisis. In fact the demand for medical goods, healthcare, and household essentials is not likely to decrease dramatically while the retail distribution for such forms of products via online delivery is likely to increase. All these are likely to have a positive impact on the market growth.
Industry Updates
June 2021- Fujifilm has launched new digital inkjet water-based jet press FP790 for flexible packaging.
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Opportunities
New and Sustainable Flexible Plastic Packaging Solutions to offer Robust Opportunities.
Dynamic industry changes like new regulatory initiatives have motivated manufacturers in developing new packaging solutions. Rising concerns about the use of bio-degradable plastics for flexible packaging and its effect on the environment have driven manufacturers in developing sustainable packaging options which are secure and safe. With an aim to reduce the cost pressure as well as maintaining the integrity of product packages, manufacturers are focusing on sustainable packaging solutions which need fewer energy and materials for manufacturing a package, reducing transportation expenses, and offering extended shelf-life to products. Such new and sustainable flexible plastic packaging solutions is likely to boost the flexible packaging market growth over the forecast period.
Restraints
Strict Regulations to act as Market Restraint
Strict regulations on recycling and packaging material waste may act as key market restraint over the forecast period.
Challenges
Volatile Raw Material Prices to act as Market Challenge
The volatile raw material prices of flexible packaging solutions may act as a market challenge over the forecast period.
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Market Segmentation
By Technology
By technology, the flexography technology segment will lead the market over the forecast period for the increased demand for flexible packaging and labels. Besides, reduced run lengths and enhancements in quality are also boosting the growth of the segment.
By Type
By type, the pouches type segment will dominate the market over the forecast period for its increasing use in various applications in personal care and cosmetics, pharmaceutical, and food and beverage industries. Besides, the rise in demand for convenient and lightweight packaging solutions is also adding to the growth of the segment.
By Material
By material, the plastic material segment will spearhead the market over the forecast period for increasing consumer preference, less storage needs, and low shipping costs. It has wide applications in the food and beverage industry as this material takes several shapes and forms that hold high significance for the industry.
By Application
By application, the food application segment will have the lions share in the market over the forecast period for bulk-stocking and panic buying due to lockdowns and increasing order of daily staples, fresh food, and FMCG through online-channels and e-commerce.
Regional Takeaway
APAC to Dominate Flexible Packaging Market
The APAC region will dominate the flexible packaging industry over the forecast period. Massive growth in developing countries of China and India, increasing rate of industrialization, increasing population, rising economic value, flourishing food and beverage sector in India and China, growing demand for packaged food, and rising disposable income of consumers are adding to the global flexible packaging market growth in the region.
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Segmentation of Market covered in the research:
Information by Material (Plastic, Paper, Aluminum Foil and others), Product Type (Pouches, Bags, Wraps and others), Printing Technology (Flexography, Digital Printing and others), Application (Food & Beverage, Pharmaceutical, Personal Care and others) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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