PUBLISHER: Allied Market Research | PRODUCT CODE: 1446405
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446405
The Flexible Packaging Market is rapidly expanding as one of the most dynamic segments within the packaging industry. It enhances the value, sustainability, and marketability of various products, including food and non-food items, by amalgamating the superior attributes of plastic, film, paper, and aluminum foil. This synergy results in a wide array of protective properties while optimizing material usage, making it an eco-friendly choice.
With its versatile nature, flexible packaging offers functional solutions at minimal production costs, catering to diverse industries ranging from consumer goods to electronics, cosmetics, and medical supplies. The surge in demand for snack and convenience foods, particularly in small or single-size portions, acts as a major catalyst for the market's growth.
Flexible packaging is gaining popularity in the packaging sector because of its significant energy and environmental benefits. Flexible packaging preserves product freshness, provides barrier protection, ensures durability, allows for printing, and improves user ease by seamlessly combining the properties of plastic, paper, and aluminum foil.
Despite its numerous benefits, the recycling of plastic packaging waste presents challenges. The process is intricate, requiring advanced infrastructural facilities and expert personnel. This complexity and time-intensive nature hinder the seamless growth of the flexible packaging market, highlighting the need for innovative solutions to address recycling challenges and further propel market expansion.
The global flexible packaging market is segmented on the basis of material, packaging type, end-use industry, and region. On the basis of material, the market is categorized into paperboard, plastic, and aluminum foil. By packaging type, it is divided into stand-up pouch, films, bag-in-box, and others. Depending on end-use industry, it is segregated into food & beverages, personal care, pharmaceutical, household care, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific consists of countries such as China, Japan, India, South Korea, and rest of Asia-Pacific. China is the dominant country in the region in terms of market share, followed by Japan. South Korea shares the lowest share in the market. Asia-Pacific is a large consumer of flexible packaging, which drives their demand. Furthermore, rise in demand for flexible packaging in pharmaceutical, household care, and personal care acts as the key driving force of the market, owing to the fact that it helps ease the process of packaging and transit. China and rest of Asia-Pacific contributed around 76.4% in 2022 in terms of revenue, followed by Japan.
The major players operating in the global flexible packaging market include Berry Global Inc., Amcor Plc, FlexPak Services LLC, Mondi Group, Sealed Air Corporation, Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Huhtamaki, and Sonoco. These players have adopted product launches, joint ventures, partnerships, and expansion of the production capabilities to meet the future demand for the flexible packaging market.
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