PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1617390
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1617390
The market for flexible packaging is approximated to be USD 291.56 billion in 2024, and it is projected to reach USD 368.82 billion by 2029 at a CAGR of 4.8%. The five types of packaging include pouches, bags, roll stocks, films and wraps, and others. Pouches are the most leading type in flexible packaging, representing the largest market share. Key advantages of pouches are low weight, reusability, vacuum sealing, and a low package-to-product ratio. In the food and beverage industry, the demand for pouches is at the highest because it finds applications to pack items like tea, coffee, milk, ketchup, and many others.
Scope of the Report | |
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Years Considered for the Study | 2020-2023 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Kiloton) |
Segments | Material, Packaging Type, Application, Printing Technology, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
By Packaging Type, Pouches accounted for the highest CAGR during the forecast period
Flexible pouch-based packaging is widely used in the food and beverage sector for packaging milk, tea, coffee, ketchup, etc. Pouches are also a favorite for bulk coffee or for foods such as dried/smoked meats. They are easy to use, can be heat sealed, and they are available in handy sizes and formats. The reasons for their popularity in the food and beverage sector are excellent properties, such as low weight, reusability, vacuum sealing, and a low package-to-product ratio.
By Material, Plastic accounted for the highest CAGR during the forecast period
Flexible packaging products are produced from raw materials such as paper, plastic, and metal. Plastic flexible packaged items like pouches and films are used to pack all kinds of products, from soaps, detergents, snacks, namkeen, ketchup, chocolates, candies to other food items. Flexible plastic packaging grows much faster than rigid plastic packaging, which not only serves multiple purposes, extending shelf life, ensuring food safety, and providing sufficient barrier protection against heat, pathogens, and other external factors.
By End Use Industry, Personal care and cosmetics accounted for the highest CAGR during the forecast period
Flexible packaging offers solutions to the beauty industry that are appealing for educated, eco-conscious consumers. Also, its airtight design provides a sturdy protective barrier that helps in maintaining the freshness of powders, gels and oils sold by personal care and cosmetics companies. Flexible packaging products are used in a various of items, such as soaps, cosmetics and perfumes, in addition to facial tissues and napkins.
By Printing Technology, Flexography accounted for the highest CAGR during the forecast period
Flexography is commonly use in flexible packaging printing. The process in flexography includes image preparation, plate making, printing, and finishing. What sets flexography apart from all other printing processes is the use of plates that are made from flexible materials including plastic, rubber, and UV-sensitive polymer. Flexography inks are low in viscosity which dries fast, hence the whole process is hastened, speeding up the production process and saving costs in production.
APAC is projected to account for the highest CAGR in the flexible packaging market during the forecast period
The Asia Pacific region, including India, China, Japan, Australia, South Korea, and the rest of Asia Pacific, is the fastest growing region in the flexible packaging market. In India, China, and Japan, this market has been expected to grow drastically because of the increased development activities and fast economic expansion happening in these countries. Additionally, the upward trend for rising urbanization in these countries leads to a large customer base for food, beverages, and FMCG products, which contributes to market growth during the forecast period.
Companies Covered: Amcor Plc (Australia), Berry Global Group Inc. (US), Sonoco Products Company (US), MONDI (UK), Sealed Air (US), Huhtamaki Oyj (Finland), Constantia Flexibles (Austria), Transcontinental Inc. (Canada) are some key players in Flexible Packaging Market.
Research Coverage
The market study covers the flexible packaging market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on type, application, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the flexible packaging market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall flexible packaging market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.