NEWARK, Del, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Global sales of the flow wrap packaging market are estimated to be valued at US$ 27,876 million in 2023 and are anticipated to reach US$ 40,611 million in 2033. The market is projected to expand at a CAGR of 3.8% by 2033. The global market of flow wrap packaging has recorded a CAGR of 1.8% during the historical period, with a market value of US$ 26,996 million in 2022 from US$ 25,113 million in 2018.
Consumers worldwide are becoming aware of using sustainable practices and becoming extremely conscious of how packaging affects the environment. Flow wrap packaging utilizes recyclable materials, making it a sustainable packaging option, the prominent driver for the flow wrap packaging market.
Flow wrap packaging is flexible and can be used to package several products, making it adaptable. The versatility of flow wrap packaging makes it the most popular option for companies using economical and sustainable packaging solutions. This is a reliable and safe packaging solution, resulting in its wide adoption.
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The use of recyclable materials reduces pollution and protects nature. Flow wrap packaging also aligns with the sustainability goals of manufacturing companies and brands, helping them in brand building and marketing.
Consumers tend to favor see-through packaging formats to be able to judge the grade of a product. Hence, the demand for clear and transparent labels that enable consumers to see products has dramatically increased. This kind of flow wrap increases the grade of a product and improves sales. Rising demand for lightweight and space-efficient packaging solutions to optimize shipping storage and integrate innovative tools are supplementing the market.
Key Takeaways from the Global Flow Wrap Packaging Market:
- Based on material, aluminum is projected to reach a CAGR of 9% by 2033.
- In terms of technology, vertical flow wrapping is anticipated to surge at a CAGR of 3% by 2033.
- Based on end-use, the healthcare industry is anticipated to rise at a 7% CAGR during the forecast period.
- The flow wrap packaging market is projected to expand at a CAGR of 8% by 2033.
- Based on technology, horizontal flow wrapping is projected to reach a valuation of US$ 28,359 million in 2033.
“The growing emphasis on minimalistic, sustainable, clear, and transparent packaging designs is impacting the market’s growth. Manufacturers are adopting these trends to create an outstanding packaging design commutating convenience and aesthetic to expand their reach in the market,” says a lead analyst Ismail Sutaria at Future Market Insights (FMI).
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Competitive Landscape
Amcor Plc, Constantia Flexibles Group, Sealed Air Corporation, Huhtamäki Oyj, Billerud Ab, Mondi Plc, Sonoco Products Company, and Glenroy Inc. are the leading players in the market. The Tier 1 players industry holds around 10 to 15% of the overall flow wrap packaging market share.
Leading companies operating in the market are developing innovative designs and are directing toward product development & market expansion. Companies are launching new products as per customers' needs, expanding global sales presence, geographic footprint, and production capacity by investing in acquisitions & research.
Key Companies Profiled:
- Amcor plc
- CONSTANTIA FLEXIBLES GROUP
- SEALED AIR CORPORATION
- HUHTAMÄKI OYJ
- BILLERUD AB
- MONDI PLC
- SONOCO PRODUCTS COMPANY
- GLENROY, INC
- COVERIS HOLDINGS S.A
- WINPAK LTD.
Recent activities and developments implemented by leading players in the market are-
- In December 2022, Amcor plc launched China's largest flexible packaging plant, solidifying its position in the Asia Pacific region.
- In Aug 2022, Constantia Flexibles Group acquired FFP Packaging Solutions in the United Kingdom, a leading player in sustainable flexible packaging.
- In June 2021, Sealed Air Corp invested around US$ 30 million in automated packaging systems to increase its production capabilities.
Get More Valuable Insights
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global flow wrap packaging market, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges compelling insights on the global flow wrap packaging market based on the material (plastic, paper, and aluminum), technology (horizontal flow wrapping, vertical flow wrapping), end-use (food and beverage, personal care, cosmetics, and homecare, healthcare, industrial goods, other consumer goods), and region (North America, Latin America, East Asia, South Asia, Europe, Middle East and Africa and Oceania).
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Global Flow Wrap Packaging Market Segmentation by Category
By Material:
- Plastic
- Polyethylene (PE)
- Polyester (PET)
- Polypropylene (PP)
- Others
- Paper
- Aluminum
By Technology:
- Horizontal Flow Wrapping
- Vertical Flow Wrapping
By End-use:
- Food and Beverage
- Bakery and Confectionery
- Meat, Poultry and Sea Food
- Dairy
- Ready to Eat
- Others
- Personal Care, Cosmetics, and Homecare
- Healthcare
- Industrial Goods
- Other Consumer Goods
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Middle East and Africa
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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