According to the latest report by IMARC Group, titled “Flexible Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global flexible packaging market reached a value of US$
130.6 Billion in 2022. Flexible packaging is an economical packaging solution designed for protecting a product against external factors, such as moisture, dust, and ultraviolet (UV) rays. They are made of non-rigid materials, like foil, polyethylene, paper, polyvinyl chloride, plastic, and polyester, that can be molded into varying sizes and shapes. Some of the commonly acquired flexible packaging forms are pouches, roll stocks, sachets, paper bags, bubble wraps, and stock bags. They exhibit durability, enhanced safety, extended shelf life, are environment friendly, and offer ease of transportation and handling. Consequently, flexibles packaging solutions are extensively utilized in industries that require versatile packaging and branding, such as food and beverage (F&B), personal care, and pharmaceuticals.
Global Flexible Packaging Market Trends:
A steadily increasing demand for lightweight packaging solutions across industries represents one of the key factors driving the global flexible packaging market growth. In line with this, flexible packaging solutions are cost-effective, durable, and convenient to use, which is contributing to their demand significantly. Rising environmental consciousness is acting as another major growth-inducing factor. Since flexible packaging is sustainable and recyclable and reduces product wastage, it is being widely preferred across end use industries as an ideal packaging solution. Moreover, due to the COVID-19 pandemic and the consequent lockdowns, there is a growing preference for packed products through online retail channels. Individuals are increasingly expending on packed goods, including daily groceries, food items, and personal hygiene products, to reduce contact, which, in turn, is contributing to the market growth. Other factors, such as advancements in the packaging technology and rising utilization of flexible packaging in the nutraceutical sector, are creating a positive outlook for the market further. Looking forward, the market value is projected to reach US$
167.2 Billion by 2028, expanding at a CAGR of
4.1% during the forecast period (2023-2028).
- Based on the product type, the market has been segmented into printed rollstock, preformed bags and pouches, and others. Amongst these, printed rollstock represents the largest segment.
- On the basis of the raw material, the market has been segregated into plastic, paper, aluminum foil and cellulose. Currently, plastic is the most popular raw material.
- The market has been analyzed on the basis of the printing technology into flexography, rotogravure, digital and others. Flexography is the leading segment.
- Based on the application, the market has been divided into the food and beverages (F&B), pharmaceuticals, cosmetics and other industries. Amongst these, the F&B industry is the largest application area for flexible packaging.
- Region-wise, the market has been classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Asia Pacific is the leading market.
- The competitive landscape of the market has also been examined with some of the key players being 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.
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