Flexible packaging is used for various consumer products including, food, beverages, pharmaceuticals, and others. Flexible packaging provides advantages like lightweight, cost-effectiveness, easy openability, re-sealability, and product protection. The increased consumption of convenience food and growing demand for sustainable packaging have propelled the flexible packaging market. The global Flexible Packaging Market is estimated to be valued at US$ 86.35 Bn in 2023 and is expected to exhibit a CAGR of 82 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the flexible packaging market is accelerated by sustainable packaging trends. There is an increased focus towards the development of eco-friendly flexible packaging solutions to reduce plastic waste. Major brands and retailers have pledged to use recyclable or compostable packaging by certain timelines, driving the demand for sustainable flexible packaging materials. Flexible packaging manufacturers are investing in research and development of plant-based materials, recycable plastics, and bio-based resins to replace conventional plastic films with renewable alternatives. Innovation in barrier technology also helps to development of thinner flexible packaging with comparable protection. The biodegradable and recyclable flexible packaging meets sustainability goals while retaining necessary product protection functionality.
The flexible packaging market can be segmented into pouches, bags, wraps, and other forms. Among these, pouches dominate the market, accounting for over 30% share in 2021. Pouches are preferred for various end-use industries like food & beverage, personal care, pharmaceuticals etc. as they help preserve freshness of products, provide easy opening/closure and lightweight properties.
The Global Flexible Packaging Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market is growing at an exponential rate of 82% CAGR due to increasing demand from various end-use industries for packaging lightweight and easy to use flexible forms.
Regional analysis- Asia Pacific region holds the major share currently and is expected to remain the fastest growing regional market during the forecast period. Countries like China, India, Japan and South Korea are major countries contributing to the regional growth. The growth can be attributed to expanding manufacturing sector, rising incomes and changing lifestyles increasing demand for packaged goods in the region.
Key players- Key players operating in the flexible packaging market are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (china),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany). The major players are focusing on new product launches and mergers & acquisitions to strengthen their geographic presence globally.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it