Market Analysis
The flexible packaging market will touch USD 275.35 billion at a 6.09% CAGR by 2027, states the latest Market Research Future (MRFR) report.
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Drivers
Increased Product Shelf-Life and Cost-Effectiveness to Boost Market Growth
Owing to busy lifestyles, the need for convenient products has gone up, thus resulting in an increased in the need for flexible packs. Flexible packaging needs minimal resources and energy for packaging, thus flexible packs are accessible at low costs and occupies less retail shelf space making them cost-effective over other packaging types.
Opportunities
Demand for Sustainable Packaging to offer Robust Opportunities
The growing concerns about bio-degradable plastics for flexible packaging as well as its effect on the environment have made manufacturers in developing sustainable packaging options which are secure and safe. This will offer robust opportunities for the market over the forecast period.
Restraints
Government Imposed Stringent Rules and Regulations to act as Market Restraint
The stringent rules and regulations by the government on recycling & packaging material waste and the need to maintain the high standards will act as market restraints over the forecast period.
Challenges
Fluctuating Raw Material Prices
The fluctuating prices of raw materials and evolution of various technologically enhanced products will act as market challenges over the forecast period.
COVID-19 Analysis
The COVID-19 crisis possessed an adverse impact on different industries like food, beverages, and pharmaceuticals. The transportation and supply of materials were hugely affected for the lockdown. Food outlets and restaurants were closed that resulted on the market’s downfall. Different manufacturing units were shut down owing to shortage of raw materials, lack of funds, and the unavailability of labors. It is likely that post pandemic, the revenue of the flexible packaging market may increase.
Market Segmentation
The global flexible packaging market is bifurcated based on type, application, and material.
By type, the pouches segment will lead the market over the forecast period.
By material, the plastic material will dominate the market over the forecast period.
By application, the food segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Command Flexible Packaging Market
The APAC region will command the flexible packaging market over the forecast period. Expanding working population, improving global economy, increasing domestic need for convenient and ready to eat food products, increasing adoption of flexible packaging in different end use industries such as personal care and cosmetics, pharmaceutical, beverage and food for its alluring features such as handling convenience, environmental-friendliness, lightweight, strength, durability, cost effectiveness, and safety, and the region being the world’s largest working population are fuelling the global flexible packaging market growth in this region. Besides, the growing need for packaging, growth in population, increase in income levels, change in lifestyles, urbanization, rise in internet penetration, and increase in the development of the economy are also adding market growth. China and India have utmost market share for the large population base, rise in packaged food consumption, developing organized retail sector, booming e-commerce, and increase in per capita income.
Key Players
Eminent players in the global flexible packaging market report include Amcor Limited (Victoria), Coveris Holdings S.A. (U.S.), Mondi Group (Johannesburg), Constantia Flexibles Group GmbH (Austria), Sealed Air Corporation (North Carolina), Huhtamaki Group (Finland),Sonoco Products Company (U.S.), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.), among others.
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