Fort Collins, Colorado, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the flexible packaging market size was estimated to be valued at USD 269.1 Billion in 2022 and is anticipated to arrive at USD 443.5 Billion by 2032 with a CAGR of 5.2%.
Flexible packaging materials are gaining popularity due to their benefits. They require fewer materials and less space during manufacturing, making them ideal for specific purposes. Furthermore, they are environment-friendly and comply with government regulations on sustainable packaging. Pouches and other flexible packaging formats reduce costs and increase business profits, further contributing to sustained growth.
Flexible packaging has proven to be highly effective in maintaining various products' shelf life. Thanks to its specialized barrier film, the container can prevent moisture, air, and other harmful contaminants from infiltrating the contents, allowing extended storage. The innovative packaging approach has also facilitated safer and more accessible transportation of products to far-flung locations, thereby boosting the flexible packaging market growth. Additionally, the growing demand for packaged and processed foods has increased demand.
The formable paper is an excellent choice for meat, poultry, and seafood packaging as it prevents moisture. Also, it reduces plastic usage by 80% and is ideal for packaging small quantities, minimizing total waste. As companies seek more sustainable packaging options, organizations look forward to carbon-free packaging.
In another instance, supermarkets and shops place standup pouches with eye-catching graphics as a part of branding. This creates an opportunity in the flexible packaging material and triggers a high demand for pouches in the supermarkets.
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Segmentation Overview:
The global flexible packaging market has been segmented into material, product, application, and region. PET films are fast-growing material products in the flexible packaging market because of their significance to liquid packaging. On the other hand, plastic tubes have gained huge prominence in the past few years based on their benefits to the healthcare industry. Asia Pacific is a leading region for the flexible packaging market based on the significant healthcare and retail industry demand.
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Flexible Packaging Market Report Highlights:
- The global flexible packaging market growth is anticipated at a CAGR of 5.2% by 2032.
- The growth in transportation and logistics largely drives the flexible packaging market growth in the following years. High demand for packaging in the food and beverages industry to supplement the market growth.
- Plastic tubes are widely used in the flexible packaging market because they are cost-effective, light in weight, and durable.
- Pouches dominated the flexible packaging market in 2022. The availability of customized pouch bags in various sizes and shapes is crucial to the segment growth.
- Some prominent players in the flexible packaging market report include Amcor Plc, FlexPak Services LLC, Mondi Group, Berry Global, Sealed Air Corporation, Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Huhtamaki, and Sonoco.
Industry Trends and Insights:
- In 2023, Pakka Limited, leader in specialized compostable packaging solutions launched its first-ever compostable flexible packaging. This has been possible due to the collaboration with Brawny Bear, a leader in date-based healthy food products. This initiative marks the company’s contribution towards environmental sustainability.
- The Open House 2023 event is set to commence from October 26, in Germany. Bobst Bielefeld hosts the event and is likely to occur in Bobst Training Center and Competence Center in Bielefeld, Germany.
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Flexible Packaging Market Report Segmentation:
- By Material: Plastic, paperboard, metal, bioplastic, aluminum foil & PET films
- By Product: Pouches, bags & snacks, tubes, liners, films, wraps.
- By Application: Food & beverages, pharmaceuticals, cosmetics, industrial, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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