Press release
Flexible Packaging Market Forecasted to Surpass $348.92 Billion by 2030
Meticulous Research®, a global leader in market research, proudly announces the release of its comprehensive research report titled, 'Flexible Packaging Market by Material Type (Plastics {Polyethylene, Polypropylene}, Paper, Bioplastics), Design Type (Rollstocks, Blisters), End-use Industry (Food & Beverages, Pharmaceuticals & Healthcare, Home & Personal Care) - Global Forecast to 2030.'
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According to this insightful publication, the Flexible Packaging Market is anticipated to soar to an impressive $348.92 billion by 2030, exhibiting a steady Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2030. The robust growth of this market is fueled by the escalating demand for fast-moving consumer goods (FMCG), the surging prevalence of E-commerce activities and food delivery services, a growing consumer emphasis on convenience and sustainability, increasing food losses and waste, and the imperative to minimize packaging material usage.
Moreover, the shifting focus towards renewable and innovative packaging solutions, coupled with the rising demand from emerging markets, presents significant growth opportunities for stakeholders in this market. However, stringent government regulations and the escalating prices of raw materials act as impediments to market growth. Additionally, challenges such as an inefficient filling system and the recyclability of plastics pose hurdles for players operating in this sector.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/flexible-packaging-market-4220
The Flexible Packaging Market is meticulously segmented by material type, design type, end-use industry, and geography, providing an in-depth understanding of the industry landscape.
Material Dynamics: The Flexible Packaging Market is categorized into plastics, paper, aluminum foil, bioplastics, recycled cellulose fiber, and other material types. In 2023, the plastics segment is projected to dominate the market due to the increasing adoption of biodegradable plastics, sustainability of various plastic types such as polypropylene, polyethylene terephthalate, polyvinyl chloride, and polystyrene, and their versatility across diverse industries. The rising consumption of packaged consumer goods, driven by economic growth and an expanding middle-class population, further fuels the demand for flexible plastic packaging.
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Design Innovation: Design type segmentation includes pouches, bags & trays, rollstocks, squeezable bottles, blisters, wraps, and other design types. In 2023, pouches are expected to claim the largest market share, driven by increasing demand across various industries such as food & beverages, pharmaceuticals & healthcare, and home & personal care. The rising preference for lightweight and convenient packaging solutions contributes significantly to the dominance of pouches in the market.
End-use Industry Dynamics: End-use industry segmentation encompasses food & beverages, pharmaceuticals & healthcare, home & personal care, tobacco products, industrial & chemical products, oil & lubricants, and other end-use industries. The food & beverages segment is projected to lead in 2023, driven by the increasing demand for advanced packaging solutions in emerging nations. The surge in e-commerce and online channels for ordering daily essentials and fresh foods, coupled with growing health and nutrition concerns, further boosts the demand for advanced packaging in the food and beverage industry.
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Geographical Insights: Asia-Pacific is anticipated to hold the largest market share in 2023, attributed to factors such as a large population base, rising per capita income, increasing consumption of packaged food, growing organized retail and e-commerce sectors, and a multitude of manufacturing industries. China and India are expected to maintain their dominant position in the market owing to these factors.
Leading Market Players: Key players driving innovation and growth in the Flexible Packaging Market include Constantia Flexibles Group GmbH (Austria), Sonoco Products Company (U.S.), Berry Global Group, Inc. (U.S.), Mondi Group (U.K.), Reynolds Group Ltd. (New Zealand), Clondalkin Group Holdings B.V. (Netherlands), Amcor plc (U.K.), Huhtamäki Oyj (Finland), Coveris Management GmbH (Austria), and Sealed Air Corporation (U.S.).
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