Flexible Packaging Industry Overview
The global flexible packaging market size is expected to reach USD 373.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. Growing consumer driven demand for packaged food and beverage products owing to its convenience and ease of consumption is expected to drive market growth.
Flexible Packaging Market Segmentation
Grand View Research has segmented the global flexible packaging market on the basis of raw material, application, and region:
Based on the Application Insights, the market is segmented into Food & Beverages, Pharmaceutical, Cosmetics, Others.
- The food and beverages segment dominated the market and accounted for the largest revenue share of 56.0% in 2021.Significant use of the product for the packaging of food and beverages due to their sustainability, lightweight, cost-effectiveness, and non-fragile nature contributes towards high market share during the forecast period.
- Products such as medical paper pouch, printed zipper pouch and bags, and aluminum foil among others, are used in the packaging of liquid- and/or powder-based pharmaceutical drugs, gels, syrups.
- Furthermore, retail pharmacies are increasingly incorporating branding activities on their packaging to differentiate products. Packaging companies are also increasingly focusing on the incorporation of dispensing mechanisms, administration aids, sustainable materials, tamper-evident properties, and counterfeiting measures into the packaging to enhance their functionality and safety.
- Thus, efforts by flexible packaging manufacturers for offering efficient products for pharmaceutical industry is expected to bolster product growth during the forecast period. Brand owners operating in cosmetics landscape are increasingly looking for materials that can reduce the weight of packaging to create lighter packaging solutions.
Based on the Raw Material Insights, the market is segmented into Plastic, Paper, Metal, Bioplastic.
- The plastic segment dominated the market and accounted for the largest revenue share of 70.1% in 2021. Increasing demand for innovative products such as flexitanks and retort pouches for bulk transportation and storage of beverages and semi-solid food products is expected to fuel the demand for plastic packaging in food and beverage applications.
- Metal based flexible packaging solutions are resistant to water, air, light, and rodents and insects, providing long-term storage benefits. Other factors propelling the usage of metal includes its ability to be cooled and heated for sterilization, its ability to maintain the structure and integrity of the product and increasing metal recycling activities by major economies globally.
- The bioplastic material segment is expected to record the highest CAGR between 2022 and 2030. Its properties are similar to those of plastic, and it's completely biodegradable. Moreover, increasing regulations on plastic packaging and increasing consumer awareness of sustainability is expected to boost the segment growth in the future.
Flexible Packaging Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The industry is highly fragmented due to the presence of both domestic and international players. Companies in the industry specialize in designing customized packaging products based on the requirements of the customers, as well as acquiring companies and developing new products to win a competitive edge in the market.
Some prominent players in the global flexible packaging market include
- Amcor plc
- Mondi
- Sealed Air
- CONSTANTIA
- Coveris
- Goglio SpA
- ProAmpac
- GUALAPACK S.P.A
- Huhtamaki Group
- Smurfit Kappa
Order a free sample PDF of the Flexible Packaging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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