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. The report highlights key factors driving the flexible packaging market growth and prominent players, along with their developments in the market.
Flexible packaging requires less energy than rigid packaging. In addition, flexible packaging materials are frequently designed to be reusable and recyclable. It protects products from moisture, UV rays, mold, dust, and other environmental contaminants that can negatively affect the product, thereby maintaining its quality and extending its shelf life. Flexible packages are particularly useful in industries that require versatile packaging, such as food and beverage, personal care, and pharmaceutical industries.
The US is one of the potential markets for flexible packaging owing to the growing prominence of packaged products across different application segments such as food and beverage, cosmetics, and personal care. According to the Flexible Packaging Association (FPA), in 2019, the flexible packaging industry accounted for 19% of the US packaging market. Also, it is widely used to serve and package ready meals and shelf-stable food products. Moreover, increasing concerns for environmental protection and sustainability among people drive the need for sustainable products. These factors are potentially driving the growth for the flexible packaging market.
A few of the key players operating in the global flexible packaging market include Amcor plc, Huhtamaki, Mondi, Berry Global Inc., Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, Flexpak services, and Transcontinental Inc.
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Impact of COVID-19 Pandemic on Flexible Packaging Market
In Europe, currently, the UK and Russia, followed by France, Spain, Italy, and Germany, are the hardest-hit countries by the COVID-19 pandemic. The shutdown of manufacturing units, difficulty in the procurement of raw materials has had a negative impact on the flexible packaging market. However, during and after the lockdown, a large number of people switched to online food shopping. During the pandemic, most restaurants were closed, compelling consumers to purchase food items through online platforms. Hence, the growing demand from online shopping and convenience food promoted the growth of the flexible packaging market.
The report includes the segmentation of the global flexible packaging market as follows:
The flexible packaging market, by material, is segmented into plastics, paper, aluminum foils, and others. Based on product type, the market is segmented into pouches, bags, films and wraps, and others. The flexible packaging market, by application, is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. By geography, the flexible packaging market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. The flexible packaging market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The flexible packaging market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The flexible packaging market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The flexible packaging market in South and Central America is subsegmented into Brazil, Argentina, and the Rest of South and Central America.
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Flexible Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Plastics, Paper, Aluminum Foils, and Others), Product Type (Pouches, Bags, Films and Wraps, and Others), and Application (Food and Beverages, Medical and Pharmaceutical, Personal Care and Cosmetic, Industrial, and Others)
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