PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521045
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521045
The Europe flexible packaging market is projected to grow from US$58.456 billion in 2024 to US$66.655 billion in 2029, at a CAGR of 2.66%.
Food and beverage, healthcare, and personal care industries require packaging solutions with a high level of protection, consumer friendliness concerning convenience, and packaging design. Bolstering the growth of such end-users is estimated to drive the growth of the European flexible packaging market. Major players in the market are increasingly making their brand portfolio adept with the variety of demands met by flexible end-use packaging. The ability of flexible packaging to allow the players of the aforementioned end-use industries to enhance brand perception to woo prospective consumers as well as retain loyal consumers, which in turn is projected to significantly drive the growth of the regional market expansion.
Market Drivers.
Health awareness has become a major factor in people's lives in today's time owing to which usage of conventional plastics for packaging food items is witnessing a significant contraction. Moreover, such contraction has fuelled the demand for sustainable items adoption which is incentivizing manufacturers of flexible packaging solutions to invest in such alternatives.
Additionally, eco-friendly packaging solutions in comparison to conventional plastic provide longer shelf-life and lower the risk of harmful bacteria entering food items. Furthermore, various initiatives and investments undertaken by the governing authorities to ban single-use plastic followed by sustainable goals laid by packaging solution manufacturers in Europe have resulted in an uptick in R&D initiatives to expand the eco-friendly packaging solution lines and the product-to-package ratio.
Such R&D operations and investments are estimated to further drive the flexible packaging market in Europe. Over the years, the demand for lightweight packaging solutions has also witnessed a significant boom, especially in the transpiration and logistics sector which is further anticipated to drive the overall market demand for flexible packaging solutions in the EU region.
The scope of flexible packaging production is set to further expand due to the booming e-commerce sector since customized packaging solutions are highly demanded in such sectors for a variety of products. Growing internet penetration and improvement in living standards have further raised the bar of online buying thereby leading to an upward market trajectory. According to Eurostat, in 2022, 76% of the internet users in Europe were E-shoppers and as per the same source, the estimated percentage of E-shoppers reached 78% in 2023.
The growing environmental consciousness among the current generation has catapulted the growth of sustainable packaging as the production of such solutions leads to less waste and GHG (Green House Gas) generation since the raw material required mainly relates to natural elements. Moreover, there have been increasing efforts from a variety of stakeholders in Europe to move towards the carbon-neutral production process of Flexi packaging in the market. This has led to a positive perception of the Flexi packaging market.
Additionally, the growing trend of organic agriproducts usage coupled with the significant growth in environmentally conscious purchases has provided new growth prospects for flexible packaging in Europe.
The United Kingdom is expected to hold a considerable market share
The United Kingdom is one of the major economies in the EU region which is witnessing a significant increase in the end-user application for flexible packaging. Moreover, the growing emphasis on plastic recycling coupled with the growing demand for customized packaging solutions has provided a further scope. According to Plastic Europe 2023, the United Kingdom accounted for 7.5% of post-consumer recycled plastic production. Likewise, the establishment of manufacturing facilities and packaging solution providers has resulted in an upward market trajectory. For instance, ePac Flexible Packaging, in December 2022, announced to establishment of its second sales & manufacturing unit in the United Kingdom, thereby adding to its operations in the country.
Key Developments