Flexible Packaging Market to see 6.2% CAGR from 2021 to 2030, the report highlights the key drivers, opportunities, restraints, region, forecasts
Rise in demand from the food & beverage industries, surge in e-commerce sales, and cost-effective and increased product shelf life drive the growth of the global flexible packaging market. However, stringent regulations hinder the market growth. On the contrary, advent of novel and sustainable flexible packaging solutions is expected to open lucrative opportunities for the market players in the future.
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• The prime end-use industries are cosmetics, personal care, and food & beverage, which suffered a great loss during the Covid-19 pandemic. As governments imposed strict lockdown and regulations regarding social distancing, the manufacturing facilities were closed in several countries. However, the increased demand for online grocery helped the flexible packaging industry to recover from some losses.
• The pandemic hampered economy of several countries and disrupted the supply chain. Moreover, the manufacturing industry suffered losses due to lack of resources, raw materials, and workforce. This reduced the demand for flexible packaging.
• On the other hand, rise in public awareness regarding health issues and increase in sterilizing solutions would open new opportunities.
The report segments the global flexible packaging market on the basis of material, packaging type, end-use industry, and geography.
Based on material, the plastic segment held the lion’s share in 2020, accounting for more than one-third of the market. However, the paperboard segment is projected to register the highest CAGR of 6.8% during the forecast period.
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On the basis of packaging type, the films segment held the largest share in 2020, contributing to more than two-thirds of the market. However, the stand-up pouch segment is anticipated to manifest the highest CAGR of 9.4% from 2021 to 2030.
The global flexible packaging market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, accounting for nearly two-fifths of the market. However, North America is estimated to portray the highest CAGR of 8.2% during the forecast period.
The global flexible packaging market includes an in-depth analysis of the prime market players such as Berry Global Inc., FlexPak Services LLC, Amcor Plc, Sealed Air Corporation, Mondi Group, Transcontinental Inc., Constantia Flexibles, Huhtamaki, Coveris Holding SA, and Sonoco.
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