flexible packaging Market

The flexible packaging market is projected to reach US$ 237,975.67 million by 2028 from US$ 176,173.61 million in 2021; it is expected to grow at a CAGR of 4.4% from 2021 to 2028

MARKET INTRODUCTION

The growth of the flexible packaging market throughout the forecast period is expected to be bolstered by the expansion of modern retailing, increased consumer income, and quicker e-commerce activity, particularly in emerging economies. Flexible packaging is a type of box or container made from malleable materials that can be easily molded to the shape of its contents. It is usually composed of paper, plastic, film, foil, or any combination of these materials.

MARKET SEGMENTATION

The flexible packaging market is categorized by application into food and beverages, medical and pharmaceutical, personal care and cosmetics, industrial, and other sectors. In terms of revenue, the food and beverage segment was the largest in 2020. Flexible packaging plays a key role in decreasing energy consumption, raw material usage, and CO2 emissions in the transportation of food items. Various forms of flexible packaging such as films, flexible pouches, skin packs, clamshells, and modified atmosphere packaging (MAP) are accessible to food retailers.  

REGIONAL FRAMEWORK

In 2020, the Asia Pacific region had the highest revenue share of the worldwide flexible packaging market, largely due to an increase in disposable income, an improved standard of living, and consumer interest in convenient packaging solutions. Busy lifestyles have led to a higher demand for packaged food and drinks that are easy to transport and use, boosting the Asia Pacific flexible packaging market.  

MARKET PLAYERS

Some of the major players in the global flexible packaging market are Amcor plc, Huhtamaki, Mondi, Berry Global Inc., Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, Flexpak services, and Transcontinental Inc. These companies are putting a lot of effort into producing high quality and innovative products to meet customer needs and expectations.

The market size for flexible packaging has been calculated by gathering data from both primary and secondary sources. Extensive research was conducted through internal and external sources to acquire qualitative and quantitative information about the market. Interviews were held with industry professionals to validate the data and gain further insights. This process involves key players from the flexible packaging industry, including VPs, business development managers, market intelligence managers, and national sales managers from the internal side, as well as external consultants such as valuation experts, research analysts, and key opinion leaders.