PUBLISHER: Grand View Research | PRODUCT CODE: 1511958
PUBLISHER: Grand View Research | PRODUCT CODE: 1511958
The global flexible packaging market size is expected to reach USD 373.34 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.8% from 2024 to 2030. This market growth is owing to the growing importance of increasing food shelf life and growing adoption of sustainable and cost-effective packaging by end-users.
The shelf life of food products depends on factors such as storage conditions, packaging material, and exposure to microorganisms, oxygen, light, and moisture. The flexible packaging consists of plastic films with high barrier properties. The high-barrier properties efficiently block the transmission of moisture, light, and oxygen from contacting sensitive foods. Furthermore, the reseal closure products featured flexible packaging that allow users to securely close the bags or pouches, ensuring the freshness of the packaged food products over several uses.
In addition, flexible packaging consumes less energy compared to rigid packaging during manufacturing and transportation. According to the Flexible Packaging Association, 50% less energy is required to produce a flexible pouch compared to a rigid container of a similar size. In addition, flexible packaging weighs lighter compared to rigid packaging, thus resulting in less fuel consumption during transportation. According to the Flexible Packaging Association, one truckload of flexible pouches can hold the same amount of product as 26 truckloads of rigid containers.
The industry players are adopting several strategies including partnerships, expansions, mergers & acquisitions, joint ventures, new product launches, and partnership agreements to increase the customer base and individual market share. For instance, in May 2023, Amcor plc inked an agreement to acquire New Zealand-based automated protein packaging machines manufacturer, Moda Systems. This acquisition is expected to provide Amcor plc with a new option related to equipment in automated protein products packaging, making it the only flexible packaging manufacturer to own high-speed rotary equipment for packaging fresh meat.