Flexible Packaging Market

Flexible Packaging Market Size:

The global flexible packaging market size reached US$ 136.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 190.5 Billion by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2024-2032. The market is witnessing stable growth due to increasing focus on maintaining environmental sustainability, rising need for enhanced convenience, and technological advancements, such as superior barrier properties to extend the shelf life of various products.

Flexible Packaging Market Analysis:

• Major Market Drivers: The market is showcasing steady growth, driven by the increasing adoption of cost-effective packaging solutions, along with regulatory requirements.
• Key Market Trends: The rising focus on enhanced convenience, coupled with advancements in printing technologies, is stimulating the market growth.         
• Geographical Trends: Asia Pacific dominates the market share, on account of the thriving pharmaceutical sector. However, the North America region is emerging as a fast-growing market due to changing consumer preferences.       
• Competitive Landscape: Some of the key market players in the flexible packaging industry include Amcor Limited, Bemis Company, Berry Global Group, Inc, Mondi Limited, Sealed Air, Aluflexpack AG, Bak Ambalaj Sanayi, Constantia Flexibles, Clondalkin Group, Danaflex Group, DS Smith Plc, Glenroy, Inc, Huhtamaki PPL Limited, Printpack, Inc., ProAmpac Intermediate, Inc., among many others.
• Challenges and Opportunities: While the market faces challenges, such as maintaining regulatory compliance, it also encounters opportunities on account of strategic partnerships between key manufacturers.
   

Flexible Packaging Market Trends:

Increasing Need to Maintain Environmental Sustainability

There is a rise in the focus on environmental conservation among individuals around the world. People are preferring greener packaging alternatives that lower greenhouse gas (GHG) emissions and align with sustainability goals. Flexible packaging usually requires less energy and fewer materials to produce as compared to rigid packaging. Furthermore, governing agencies of various countries are encouraging the adoption of sustainable packaging solutions to reduce carbon footprint. For example, the U.S. Department of Energy (DOE) announced a US$ 13.4 Million investment in seven projects for research and development (R&D) of novel recycling processes and technologies on 11 January 2022. This is expected to cut plastic waste and reduce the energy consumption and carbon emissions of single-use plastics at every stage of their lifecycle.

Rising Focus on Enhanced Convenience Among Individuals

Individuals with modern and busy lifestyles are preferring portability, resealability, and ease-of-use packaging solutions. The rising demand for single-serve and on-the-go packaging options in the food and beverage (F&B) sector to lower food wastage is supporting the market growth. In line with this, major manufacturers are focusing on providing portion-sized packaging options to cater to diverse needs and preferences of individuals. Berry Global Group, Inc. partnered with snack and treats leader Mars on 27 September 2022. The partnership aimed to launch pantry-sized treats in polyethylene terephthalate (PET) jars that are designed to be lightweight and include 15% post-consumer resin (PCR).   

Technological Innovations

Advancements in material science benefit in enabling the development of flexible packages that offer improved barrier properties, extend the product shelf life, and maintain freshness. Moreover, several key players are engaging in collaboration to introduce innovative packaging solutions. For instance, Mondi collaborated with Norwegian pet food manufacturer Felleskjøpet on 3 October 2022, to switch to recyclable high-barrier packaging. The product ‘FlexiBag Recyclable’ of the company Mondi provides superior product protection and preserves premium pet food on account of its high barrier material.

Flexible Packaging Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product type, raw material, printing technology, and application.

Breakup by Product Type:

• Printed Rollstock 
• Preformed Bags and Pouches
• Others
   

Printed rollstock accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes printed rollstock, preformed bags and pouches, and others. According to the report, printed rollstock represented the largest segment.

Printed rollstock is a continuous roll of flexible packaging material that is pre-printed with text, graphics, and other design elements. It offers customizable properties that allow companies to incorporate their product information. Apart from this, there are various key players in the packaging market that are providing specialized and customized packaging solutions by forming strategic mergers and acquisitions (M&A) and partnerships. CCL Industries Inc, signed an agreement to acquire Pouch Partners s.r.l., Italy on 16 June 2023. Pouch Partners supplies highly specialized and gravure printed and laminated flexible film materials for pouch forming, including recyclable solutions.  

Breakup by Raw Material:

• Plastic
• Paper
• Aluminium Foil
• Cellulose
   

Plastic holds the largest share of the industry

A detailed breakup and analysis of the market based on the raw material have also been provided in the report. This includes plastic, paper, aluminium foil, and cellulose. According to the report, plastic accounted for the largest market share.

The increasing adoption of plastic packaging, as it offers improved flexibility and affordability, is impelling the market growth. Plastic material is highly versatile and can be tailored to suit the specific requirements of different products and industries. It is resistant to moisture, oxygen, light, or odor and ensure product freshness and quality. The rising need for recyclable plastic solutions is supporting the flexible packaging market growth. Amcor, a global leader in developing and producing responsible packaging solutions, signed a deal with Cadbury on 5 February 2024 to source around 1,000 tons of post-consumer recycled plastic to wrap its primary Cadbury chocolate range, thereby accelerating the ambition of Cadbury to reduce its virgin plastic needs.                

Breakup by Printing Technology:

• Flexography
• Rotogravure
• Digital
• Others
   

Flexography represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the printing technology. This includes flexography, rotogravure, digital, and others. According to the report, flexography represented the largest segment.

Flexography printing technology is a high-speed and roll-feed web printing process. It relies on flexible photopolymer printing plates to print high-resolution images on a variety of substrates. It can achieve speeds up to 2000 linear feet per minute. It benefits in producing minimal waste in terms of materials, time, and resources. It is generally used to produce higher volumes of folding cartons and corrugated packaging. The rising utilization of corrugated packaging on account of the thriving e-commerce sector is bolstering the flexible packaging market demand. According to Forbes, the global e-commerce market is anticipated to reach $ 6.3 Trillion in 2024, up from $ 5.8 Trillion in 2023.     

Breakup by Application:

• Food and Beverages
• Pharmaceuticals
• Cosmetics
• Others
   

Food and beverages exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes food and beverages, pharmaceuticals, cosmetics, and others. According to the report, food and beverages accounted for the largest market share.

The rising adoption of flexible packaging in the food or beverage (F&B) sector to pack a variety of products, such as dairy, snacks, beverages, and frozen food items, is impelling the market growth. Packaging solutions provide barrier properties, extend shelf life, and maintain temperature sensitivity. They offer ease of use, such as resealable packages or single-serve options, catering to a wider consumer base. The escalating demand for flexible packaging solutions due to the increasing consumption of ready-to-eat (RTE) food products among the masses worldwide is strengthening the market growth. The research report of IMARC Group claims that the global RTE food market is projected to reach US$ 262.4 Billion in 2032.  

Breakup by Region:

• Asia Pacific 
• Europe 
• North America 
• Middle East and Africa
• Latin America
   

Asia Pacific leads the market, accounting for the largest flexible packaging market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. According to the report, Asia Pacific represents the largest regional market for flexible packaging.

Asia Pacific offers a lucrative market for flexible packaging manufacturers, especially in countries like China and India. Besides this, the expansion of distribution channels is catalyzing the demand for flexible packaging solutions in these stores. Furthermore, the increasing utilization of flexible packaging due to the thriving pharmaceutical sector is contributing to the market growth. According to Invest India, the pharmaceutical industry in India is anticipated to reach $ 65 Billion by 2024 and to grow to $130 Billion by 2030.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the flexible packaging industry include Amcor Limited, Bemis Company, Berry Global Group, Inc, Mondi Limited, Sealed Air, Aluflexpack AG, Bak Ambalaj Sanayi, Constantia Flexibles, Clondalkin Group, Danaflex Group, DS Smith Plc, Glenroy, Inc, Huhtamaki PPL Limited, Printpack, Inc., and ProAmpac Intermediate, Inc.
• Key market players in the market are focusing on sustainability and innovation to maintain a competitive edge. They are investing in R&D activities to create eco-friendly, biodegradable, or recyclable materials that meet both consumer demand and regulatory requirements while enhancing flexible packaging market price. In addition, major manufacturers are leveraging advanced technologies, such as three-dimensional (3D) printing and nanotechnology, to improve packaging integrity and extend product shelf life. Furthermore, strategic partnerships and acquisitions are common activities performed by key players to expand their product portfolios, enter new market segments, and increase flexible packaging market revenue. SEE, formerly Sealed Air collaborated with ExxonMobil on an advanced recycling initiative for food-grade plastics on 19 July 2023. This partnership shows an important milestone for certified-circular resins to be used to produce tray packaging solutions for retail.                                                   

Flexible Packaging Market Recent Developments:                      

• 13 September 2022: Huhtamaki announced its investment in Emerald Technology Ventures’ sustainable packaging fund. Huhtamaki aimed to foster next-generation sustainable packaging solutions and tap into nascent innovation of start-ups.
• 11 August 2023: Amcor, a global leader in developing and producing responsible packaging solutions, entered into an agreement to acquire Phoenix Flexibles, expanding Amcor’s capacity in the high-growth Indian market. Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of about US$ 20 million from the sale of flexible packaging for food, home care, and personal care applications.

Flexible Packaging Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the flexible packaging market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and flexible packaging market opportunities.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the flexible packaging industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.