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The Insight Partners published latest research study on Flexible Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Material, Product Type, Application, and Geography,” the market is projected to reach US$ 237,975.67 million by 2028 from US$ 176,173.61 million in 2021; it is expected to grow at a CAGR of 4.4% from 2021 to 2028. The report highlights key factors driving the flexible packaging market growth and prominent players, along with their developments in the market.
Flexible packaging used a variety of materials, including foil, plastic, and paper, to create pouches, bags, and other pliable product containers. The demand for flexible packaging products is growing from various industries such as the food and beverage, personal care, and pharmaceutical industries. Under flexible packaging shipping and handling costs is low as it takes less space than rigid packaging. Also, it is less bulky and lighter than traditional options, so it is easier for customers to buy, transport, and store products.
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Flexible Packaging Market: Competitive Landscape and Key Developments
A few of the key players operating in the global flexible packaging market include Amcor plc, Huhtamaki, Mondi, Berry Global Inc., Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, Flexpak services, and Transcontinental Inc. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill customers’ requirements.
In 2020, Asia Pacific held the largest revenue share of the global flexible packaging market. The demand for flexible packaging is derived from the growth of various end-user industries such as healthcare and food & beverages. Some of the key factors behind the significant growth of the Asia Pacific flexible packaging market are rising disposable income, improvement in the standard of living, and growing consumer demand for convenient packaging solutions. Hectic work lifestyle has induced the demand for easy-to-use and carry packaged food & beverage products, thereby driving the growth of the Asia Pacific flexible packaging market.
The food & beverage sector is witnessing robust growth. The number of food vendors is increasing at a rapid pace owing to significant demand for convenience food products, takeaway services, and online food delivery services. According to Canada.ca, the food & beverage processing industry is the second largest manufacturing industry in Canada in terms of the value of production with sales of goods manufactured worth $117.8 billion in 2019. According to the Flexible Packaging Association (FPA), the flexible packaging industry in the US accounted for US$ 33.6 billion in 2019 of which the food packaging segment accounted for the largest share of 52%. Hence, the growth in the food & beverage industry drives the flexible packaging market. Flexible packaging helps to protect food from environmental elements such as sunlight, temperature, and moisture, flexible packaging can increase the shelf life of perishable products.
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Flexible Packaging Market: Key Insights – Future Trends
The US is one of the potential markets for flexible packaging owing to the growing prominence of packaged products across different application segments such as food and beverage, cosmetics, and personal care. According to the Flexible Packaging Association (FPA), in 2019, the flexible packaging industry accounted for 19% of the US packaging market. Also, it is widely used to serve and package ready meals and shelf-stable food products. Moreover, increasing concerns for environmental protection and sustainability among people drive the need for sustainable products. These factors are potentially driving the growth for the flexible packaging market.
The overall flexible packaging market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the flexible packaging market.
Flexible Packaging Market: Segmental Overview
Based on application, the flexible packaging market is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. In 2020, the food & beverage segment accounted for the largest revenue share. Flexible packaging helps reduce energy consumption, raw materials use, and CO2 emissions during the transportation of food products. The form of flexible packaging available with food retailers includes films, flexible pouches, skin packs, clamshells, modified atmosphere packaging (MAP).
Based on material, the global flexible packaging market is segmented into plastics, paper, aluminum foils, others. The plastics segment held the largest share of the global flexible packaging market in 2020. Flexible plastic packaging involves various types of plastic material used for the packaging of different products. The type of material used in packaging depends upon the application and type of product to be packaged. Generally, plastic materials, such as polyethylene, polypropylene, polystyrene, and polyvinyl chloride, are used in flexible plastic packaging. Flexible packaging is considered the most convenient and economical way to preserve, distribute and package food items, beverages, pharmaceutical products and several consumables.
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