According to the latest report by IMARC Group, titled “Flexible Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global flexible packaging market size reached US$ 112.8 Billion in 2019. Flexible packaging is employed in different industries, including food and beverage (F&B), pharmaceuticals, cosmetics and automotive. It provides a protective layer around the product and assists in keeping it safe from various contaminants. It is durable, ensures food safety, enhances the value of food products and extends the shelf-life. Moreover, it can acquire the shape of a pouch, liner, bag or overwrap and acts as a promotional tool due to graphics printed on it, which attracts the valuable attention of potential customers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Flexible Packaging Market Trends:
The global market is experiencing growth on account of advancements in packaging technology. Apart from this, as flexible packaging minimizes product wastage, along with keeping the food safe and preventing contamination, it is gaining traction among consumers around the world. Consequently, end-users are increasing the utilization of flexible packaging, which is strengthening the market growth. Furthermore, the pharmaceuticals and nutraceuticals industries are also spurring the demand for flexible packaging as it provides a sustainable and recyclable alternative that is polymer-based. Other factors driving the market are the reliability, reusability, transparency, safety assurance and customizing ability offered by flexible packaging. However, the market growth is currently experiencing a decline due to the surging cases of the coronavirus disease (COVID-19) and consequent lockdowns declared in different countries. The market will experience growth once normalcy is regained. Looking forward, the market value is projected to reach US$ 144.3 Billion by 2025, expanding at a CAGR of 4.20% during the forecast period (2020-2025).
- Based on the product type, the market has been segmented into printed rollstock, preformed bags and pouches, and others. At present, printed rollstock exhibits a clear dominance in the market.
- On the basis of the raw material, the market has been segregated into plastic, paper, aluminum foil and cellulose. Plastic currently holds the biggest market share.
- The market has been analyzed on the basis of the printing technology into flexography, rotogravure, digital and others. Flexography accounts for the majority of the total market share.
- Based on the application, the market has been divided into the food and beverages (F&B), pharmaceuticals, cosmetics and other industries. The food and beverages segment accounts for the majority of the total market share.
- Region-wise, the market has been classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market has been examined, with some of the key players being Amcor Plc, Bemis Company, Inc., Berry Global, Inc., Mondi Plc, Sealed Air Corporation, Aluflexpack AG (Montana Tech Components AG), Bak Ambalaj Sanayi ve Ticaret A.S., Constantia Flexibles Group GmbH, Clondalkin Group, Inc., Danaflex CJSC, DS Smith Plc, Glenroy, Inc., Huhtamäki Oyj, Printpack Inc. and ProAmpac LLC.
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