Flexible Packaging Market to Grow at 4.4% CAGR: Increasing Demand for Snacks and Convenience foods & beverages

On-the-go snacking concept is closely associated with easy consumption and handling of food products. Aided by flexible and disposable packaging, the demand for convenience food is increasing. Besides, flexible packaging of food and beverages is convenient for end users to handle edibles safely and appropriately. These packaging solutions come in various material, shapes, and sizes, typically produced in formed or unformed configurations. Most of the packaging items are easy to combine with innovative and customizable styles such as pouches, sachets, printed roll stocks, and stock bags. Thus, the growing convenience food consumption fosters the global flexible packaging market.

According to The Insight Partners' research, the global flexible packaging market hit US$ 170,120.00 million in 2020 and is expected to touch US$ 235,927.92 million by 2028, expanding at a stellar annual growth rate of 4.3% from 2021 to 2028. Cost-effectiveness & increased product shelf-life, and rising demand for snacks, convenience food & beverages are the critical factors promoting the market expansion.

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The packaging solutions include various flexible and non-rigid material such as foil, plastic, paper, pouch, bag, and pliable product containers. These materials require less energy and efforts to manufacture and transport. Flexible solutions such as bags, wraps, and pouches are inexpensive and occupy 35% less retail shelf space than other forms of packaging. Approximately 1/3rd of all food produced for human consumption goes waste due to lack of resources and technology. Flexible packaging protects foodstuff from moisture, UV rays, mold, dust, and other environmental contaminants, thereby retaining the quality and extending shelf-life of the products.

Major companies indexed in the global flexible packaging market report are Amcor Plc, Huhtamaki, Mondi, Berry Global Inc, Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, Flexpak Services, and Transcontinental Inc.
• In June 2021, Amcor launched ACT2100 heat seal coating for medical grade and paper packaging applications. The product enhances the performance features of healthcare applications.
• In November 2019, Huhtamaki launched recyclable and polyolefin-based packaging solutions for coffee, detergents, jams, ketchup, soap-sachets, etc.
• In September 2021, Berry Global expanded its polypropylene and thermoforming capabilities to produce cups and lids for quick-service restaurants, coffee shops, convenience stores, and other food service markets.
• In September 2020, Sealed Air Packaging launched vacuum skin packaging, a highly effective and efficient packing film carrying excellent optical properties. It is a formable top film that can be customized as per the size and substrate options.

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On the contrary, fluctuating prices of raw material impedes the growth of global flexible packaging market.

Based on material, the market is fragmented into plastic, paper, aluminum foil, and others. The plastic segment led the market in 2020 with 60.2% business share accounting for US$ 102,481.29 million. It is estimated to amount to US$ 142,451.06 million by 2028 to grow at 4.3% CAGR during 2021-2028.

As per product type, the flexible packaging market domain is segmented into pouches, bags, films & wraps, and others. The bags segment held 45.8% market share in 2020. It was evaluated at US$ 77,895.25 million in 2020 and is slated to amass US$ 112,986.26 million by 2028 to rise at 4.9% CAGR during the forecast period.

According to application, the global flexible packaging market is split into food & beverages, medical & pharmaceuticals, personal care & cosmetics, industrial, and others. With 63.0% share of the domain, the food & beverages segment dominated the market in 2020. It garnered US$ 107,122.63 million in 2020 and is speculated to generate US$ 155,168.80 million by 2028, propelling at 4.8% CAGR over the forecast period.

Our regional analysis states that Asia Pacific captured 43.0% business share in 2020 with a revenue total of US$ 73,151.60 million. It is forecasted to be worth US$ 105,026.15 million by 2028 surging at the highest CAGR of 4.7%.

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