Ottawa, July 19, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global flexible packaging market size was estimated at USD 277.26 billion in 2022. Flexible packaging provides any benefits just like the rigid packaging. It is preferred over the rigid packaging options as it happens to be lightweight and cost effective. This packaging provides many environmental benefits and it also others to regulatory policies. The presence of major manufacturers of flexible packaging in the North American region this region shall have a good growth in the coming years. Changes in the lifestyle of the consumers and rapid urbanization has led to an increase in the demand for flexible packaging products.
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During the pandemic there was a decline in the demand for various products that made use of flexible packaging but the increased demand for packaged food and ready to cook food had nullified the negative impact of the pandemic.
Key Takeaways:
- By application, U.S. flexible packaging market was reached at USD 62.4 billion in 2021.
- By application, the food and beverages segment is projected to hit at a CAGR of 5.7% from 2022 to 2030.
- By raw material, the plastic segment has contributed highest market share of over 71.5% in 2021.
- The bioplastic raw material segment is expected to reach at a CAGR of 6.2% from 2022 to 2030.
- Asia Pacific region has garnered market share of 38.7% in 2021.
Report Highlights
- On the basis of the raw material, the plastic segment is expected to have the largest market share. There has been a growth in the demand for plastic as a raw material for the manufacturing of packaging used in the food and beverages industry. plastic is a material that provides thermal stability as well as structural stability and therefore it is preferred as a packaging solution.
- On the basis of application, the food and beverages segment is expected to dominate the market during the forecast period. Growing demand for flexible packaging in this industry will drive the market growth. This option happens to be cost effective and lightweight and hence it is preferred for storage and transportation purposes. There is a growth in the demand for pouches required for storage as well as transport. Packaging companies are also incorporating the use of sustainable materials for the manufacturing of flexible packaging in order to capture the market. It also helps in providing better functionality. Apart from the food and beverages industry the personal care and cosmetics industry is also adopting more flexible packaging options especially in the form of pouches and the bags.
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Recent developments
In order to have a larger market presence Belle-Pak packaging was acquired by ProAmpac In the year 2022. This acquisition aims at improving the market presence of the organization especially for the health care and the logistics market.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 265.9 Billion |
| Revenue Forecast by 2030 | USD 390 Billion |
| CAGR | 4.35% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Sealed Air Corporation (US), Coveris (Austria), Transcontinental Inc. (Canada), Amcor (Australia), Sonoco (US), Huhtamaki (Finland), Berry Global Inc. (US), Mondi (South Africa), Clondalkin Group. |
Regional snapshots
The Asia Pacific region is expected to have the largest market share in the coming years. This region has dominated the market in the past end is expected to dominate the market during the forecast. Due to the increase in the population. There is a growing demand for ready to eat food products due to dual income households and rapid urbanization. As there is a growing demand for convenient food products as the population has a hectic lifestyle the market for flexible packaging is expected to grow during the forecast period.
Increase consumption of snacks and beverages will drive the market growth. As there has been an increase in the demand for the use of flexible packaging in various industries like the personal care and the pharmaceutical industry the market will see a good growth in the coming years. Flexible packaging also provides various benefits like cost effectiveness, safety and it also happens to be extremely friendly fire transport purposes. Flexible packaging is a lightweight packaging and environment friendly. Due to all of these reasons there shall be an increased demand for flexible packaging in various regions across the globe.
Market Segmentation
By Raw Material
- Paper
- Plastics
- Polyethylene
- Polypropylene
- Polyethylene Terephthalate
- Others
- Bioplastic
- Aluminum
- Cellulosic
- Metal
By Packaging Type
- Bags and Trays
- Gusseted Bags
- Wicketed Bags
- Pouches
- Stand up Pouches
- Flat Pouches
- Spouted Pouches
- Films
- Bag-in-box
- Blisters
- Others
By Printing Technology
- Flexography
- Digital Printing
- Others
By Application
- Food & Beverages
- Pharmaceutical
- Cosmetics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Market dynamics
Drivers
Flexible packaging market is expected to grow in the coming years as it is a cost effective option as compared to the rigid packaging options. This type of packaging also helps in maintaining the quality of perishable food products and beverages and it also helps in increasing the shelf life of various food products. The amount of energy consumed for the manufacturing of these packages is low as compared to the manufacturing of the traditional packaging material. The time required for the manufacturing of these packages is also less. This happens to be an environment friendly option due to the low consumption of energy. As far as being a growing demand for the consumption of ready to cook food products or snacks the demand for flexible packaging is expected to grow. The amount of greenhouse gases emitted in the manufacturing process is low as compared to the manufacturing of the traditional packaging materials. The amount of space occupied by the products that make use of flexible packaging is less so it is easy to store and transport.
Restraints
The infrastructure required for the recycling of plastic requires a lot of investment. It also requires special expertise for recycling the material. The quality of these facilities across the globe alter depending upon the use of the technology and the people handling the unit. Due to the lack of the infrastructure which is required for recycling the plastic packaging the use of flexible packaging in the plastic form poses a threat to the environment.
Opportunities
Due to the various regulations and policies imposed by the government there have been changes in the packaging materials and methods. Recent initiatives taken by the government have encouraged the major manufacturers of flexible packaging to provide better options that are biodegradable. These organizations are also encouraged to come up with packaging options that are environment friendly. Sustainable packaging will provide better opportunities for the growth of the market in the coming years. The stringent regulations laid by the government in order to preserve the environment there have been many developments in the technology that help in recycling the plastic materials.
Challenges
By the year 2030 the amount of plastic waste will grow to a large extent. The amount of plastic entering into the oceans is about 8 million tons and it is expected to grow during the forecast period. This is extremely harmful for the ecosystem and it may damage the ecosystem to a great extent. Recycling plastic is the only option that will help in preventing the destruction of the ecosystem. But the use of plastic it's a flexible packaging material to transport and store various food products and other products is one of the major challenges in the growth of the market.
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