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FLEXIBLE PACKAGING MARKET ANALYSIS

Flexible Packaging Market, By Material (Plastic, Paper, Metal, Bioplastics, and Others), By Product Type (Stand-up Pouches, Vacuum Pouches, Retort Pouches, Converted Roll Stock, Gusseted Bags, Wicketed Bags, Laminated Tubes, Squeezable Bottles, and Others), By Application (Food & Beverage, Pharmaceutical, Cosmetics, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

  • Published In : Apr 2024
  • Code : CMI3773
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Packaging

Flexible Packaging Market Size and Trends

The global flexible packaging market is estimated to be valued at USD 298.11 Bn in 2024 and is expected to reach USD 426.74 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

Flexible Packaging Market Key Factors

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The increasing demand for flexible packaging from the food & beverage industry is the major factor driving the market growth. Flexible packaging provides advantages like durability, lightweight, and reusability. Moreover, flexible packaging produces less waste and uses fewer resources compared to rigid packaging. Rising environmental concerns are increasing the demand for flexible packaging as it is recyclable and produces less garbage. The growing e-commerce industry globally is another factor fueling the growth of the flexible packaging market. However, the availability of substitutes like molded fiber packaging and paper bags may hinder the market growth of flexible packaging.

Growing demand from the food and beverage industry

The food and beverage industry is increasingly adopting flexible packaging formats for their products. Flexible packaging is highly suitable for the food and beverage industry as it protects products from damage, provides longer shelf life, and enhances product appeal through colorful printing options. Flexible formats like stand-up pouches, shrink films, and wraps are lightweight, easy to transport, and use less material. They provide similar or better protection compared to rigid packaging formats. This makes flexible packaging an economical and sustainable solution for food manufacturers and retailers.  Given the growing demand for packaged and ready-to-eat foods across regions, flexible packaging manufacturers are continuously innovating their product offerings to cater to the changing needs of food companies. Stand-up pouches are being introduced for various powdered mixes and snacks owing to their strong barrier properties and ability to stand independently on shelves. Retort packaging which can withstand high temperatures is gaining popularity for ready meals. Multilayer films are utilized for fresh meat, seafood, and bakery items to increase shelf life. Companies are also incorporating advanced digital printing on flexible films to replicate the designs of rigid jars and enhance the package appeal. Thus, evolving packaging needs as well as increased consumption of packaged foods and beverages is expected to drive significant demand for flexible packaging formats in the coming years. For instance, according to data published by Invest India in 2022, by 2025 the Indian food processing market is estimated to reach US$ 535 Bn, growing at a compound annual growth rate of 15.2%.

/p>Rise of e-commerce and online shopping

The proliferation of e-commerce and rise of online shopping platforms across the world has opened significant opportunities for the flexible packaging market. While rigid packaging remains suitable for durable goods, flexible packaging formats are highly preferable for shipping and delivering varied products through online channels. Flexible pouches, bags, and wraps provide effective protection to products during transportation while ensuring minimum shipping costs due to optimum space utilization and lightweight nature. Their sealing ability also prevents damage and product spillage compared to rigid containers. Flexible packaging manufacturers are thus developing formats and materials customized for secure delivery of apparel, cosmetics, stationery and other consumer goods via online shopping. Specialty mailing bags, vinyl woven bags, zipper pouches, and kraft paper wraps with reinforced edges are some innovations witnessed. Digital printing facilitated personalized designing of packaging according to merchant and delivery brand identity. Flexible packaging plays a pivotal role in enhancing the unboxing experience for online customers and building merchant credibility. Their sustainable credentials also align well with the green priorities of e-tailers and logistics companies.

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