Market Analysis
The global flexible packaging market size will develop at a 6.09% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. Flexible packagings are containers or packages made of flexible materials or materials which, when closed or filled, can bend and still hold the shape. It is generally made of foil, plastic film, paper, or a combination of any of these.
Various factors are propelling the global flexible packaging market share. According to the recent MRFR market estimates, such factors include increased demand in the pharmaceutical, cosmetics and personal care, and food & beverage sectors, development in modern retailing, consumers high income, rise in e-commerce activities in emerging economies, technological advancements, innovations in flexible packaging, and increased consumption of processed foods and beverages during the COVID-19 pandemic.
On the contrary, strict regulations on packaging material waste & recycling, environmental and recycling concerns, and fluctuating raw material costs are factors that may impede the global flexible packaging market size over the forecast period.
Key Players
Key contenders profiled in the flexible packaging industry report include CLONDALKIN GROUP (The Netherlands), Reynolds (New Zealand), Berry Global Inc. (US), CONSTANTIA (Austria), Mondi (Austria), HUHTAMAKI GROUP (Finland), COVERIS (US), Sonoco Products Company (US), Sealed Air (US), and Amcor Limited (Australia), among others.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global flexible packaging market based on application, printing technology, product type, and material.
By material, the global flexible packaging market is segmented into foil, aluminum, paper, plastic, and others. Of these, the plastic packaging segment will lead the market over the forecast period. Wide applications in the packaging in different end-use industries are adding to the growth of the segment.
By product type, the flexible packaging market is segmented into wraps, bags, pouches, and others. Of these, the pouch segment will dominate the market over the forecast period. The pouch segment comprises pillow pouches, retort pouches, and stand-up pouches.
By printing technology, the global flexible packaging market is segmented into digital printing, flexography, and others. Of these, the flexography segment will spearhead the market over the forecast period.
By application, the global flexible packaging market is segmented into personal care, pharmaceutical, food and beverage, and others. Of these, the food and beverage segment will have the lion's share in the market over the forecast period.
Regional Analysis
By region, the flexible packaging market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Japan, India, and China being the leading exporters of goods, booming e-commerce market, rising internet penetration, and favorable government strategy are adding to the global flexible packaging market growth in the region.
In the APAC region, the flexible packaging industry will have a healthy growth over the forecast period. Developing food and beverage sector in India and China, rising demand for packaged food, consumers rising disposable income, improving global economy, the expanding working population, growing domestic demand for convenience and ready-to-eat food products, growing personal care and cosmetics and pharmaceutical industries, and functional properties offered by flexible plastic packing like handling convenience, eco-friendliness, lightweight, strength, durability, cost-effectiveness, and safety are adding to the global flexible packaging industry growth in the region.
In Europe, the flexible packaging market is predicted to have sound growth over the forecast period. Increasing research and development expenditure on the pharmaceutical industry and demand for personal care products in the UK, France, Italy, and Germany are adding to the global flexible packaging market growth in the region.
In the Rest of the World, the flexible packaging market is predicted to have steady growth over the forecast period. The developing pharmaceutical industry, rising health expenditure, and government support are adding to the global flexible packaging market growth in the region.
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