Revenue in the Flexible Packaging Market is projected to reach US$258.74 bn in 2024, showing an annual growth rate (CAGR 2024-2032) of 5.80%, resulting in a projected market volume of US$ 406.14 bn by 2032.

The global flexible packaging market size was valued at USD 247.45 billion in 2023 and is expected to be worth USD 258.74 billion in 2024. The market is projected to reach USD 406.14 billion by 2032, recording a CAGR of 5.80% during the forecast period.

Flexible packaging refers to a category of packaging produced from flexible materials that can easily be molded or shaped. This packaging solution encompasses bags, pouches, films, envelopes, and wraps. The expansion of the market is primarily fueled by the food and beverage sector, which represents the largest end-use segment. It is extensively utilized for a diverse range of products, including snacks, confectionery, dairy products, meat, beverages, and others.

During the COVID-19 pandemic, there was a significant surge in demand for medical supplies and pharmaceutical products, including masks, gowns, and protective gear. This heightened need also drove the market growth for products, such as films, pouches, and bags, which ensured safer delivery and protection of products.

Fortune Business Insights™ displays this information in a report titled, "Flexible Packaging Market, 2024-2032."

Get a Free Sample PDF- https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/flexible-packaging-market-104897

LIST OF KEY COMPANIES PROFILED IN THE REPORT

Amcor Plc (Switzerland)
Constantia Flexibles (Austria)
Sonoco Product company (U.S.)
Mondi (U.K.)
Huhtamaki Oyj (Finland)
Berry Global (U.S.)
Sealed Air (U.S.)
Graphic Packaging International (U.S.)
Transcontinental Inc. (U.S.)
UFlex Limited (India)
SCG Packaging (Bangkok)
ProAmpac (U.S.)
Coveris Holdings (Austria)
CCL Industries (Canada)
American Packaging Corporation (U.S.)
Segmentation:

Plastic Segment Dominates Market As it can be Molded into Any Shape and Size

Based on material, the market is segmented as plastic, paper & paperboard, and aluminum. Plastic serves as the dominant material segment, holds the largest flexible packaging market share, and is projected to record significant growth in the coming future. Its versatility allows manufacturers to tailor packaging in terms of shape, size, and style to meet customer requirements.

Bags Segment Leads Market Due to their Capability to Accommodate Various Materials and Quantities

Based on product type, the market is segmented as pouches & sachets, bags, films & wraps, tubes, tapes & labels, and others. Bags represent the leading product type segment in this market, with projections indicating significant growth during the forecast period. This growth is due to their capability of accommodating various materials and quantities while also protecting against damage.

Food & Beverage Industry Leads Market Owing to Increasing Prevalence of Online Food Services and Home Delivery Systems

Based on the end-use industry, the market is segmented as food & beverage, pharmaceutical, personal care & cosmetics, homecare, industrial, e-commerce, and others. Food & beverage industry dominates the global market and is also projected to record significant growth during the forecast period. The increasing prevalence of online food services and home delivery systems is driving demand for these packaging solutions, further enhancing this segment's expansion.

With respect to region, the market covers North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.

Get a Quaote- https://www.fortunebusinessinsights.com/enquiry/get-a-quote/flexible-packaging-market-104897

Report Coverage:

The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, materials, product types, end-use industries, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.

Drivers and Restraints:

Rising Initiatives by Manufacturers and Governments to Promote Circular Economy to Drive Market Growth

Flexible packaging is highly efficient, allowing for the packaging of large quantities at a low weight, which helps minimize carbon emissions. It offers benefits such as product protection, preservation, and quality assurance. Many manufacturers and governments are working to recycle flexible packaging waste and repurpose it into new products. One notable initiative is CEFLEX (Circular Economy for Flexible Packaging), involving 180 European associations and organizations that aim to collect all flexible packaging and ensure that over 80% of recycled materials are used to create valuable new markets, replace virgin materials, and promote a circular economy.

However, this packaging must comply with strict regional regulations regarding recyclability, food safety, and chemical composition, posing significant challenges to flexible packaging market growth.

Regional Insights:

Asia Pacific Dominates Market Influenced by Significant Investment By Major Manufacturers

Asia Pacific stands as the foremost and most rapidly growing region in the global market, with projections indicating substantial growth during the forecast period. Major manufacturers are increasingly investing in improving their production processes to ensure product integrity and enhance brand recognition, which is contributing to the overall market expansion in Asia Pacific.

North America holds the position of the second-largest region within the global market. The growth of food & beverage, pharmaceutical, cosmetics, and consumer goods sectors is driving market growth in this region.

Competitive Landscape:

Leading Companies Hold Substantial Share of Market By Delivering Innovative Packaging Solutions

The global market is characterized by significant fragmentation and intense competition. A small number of leading companies hold a substantial share of the market, primarily by delivering innovative packaging solutions. These companies are continuously striving to broaden their customer base across various regions while emphasizing innovation in their offerings.

Notable Industry Development:

April 2023: Sonoco announced the enhancement of its sustainable packaging offerings by achieving pre-qualification for the How2Recycle label for its EnviroFlex Paper. The EnviroFlex Paper ULT 1.0 serves as a robust barrier against oxygen, moisture, & grease and is available in multiple formats, including roll stock, heat/cold seal, sachets, and pre-made pouches.

To know more about this market, please visit: https://www.fortunebusinessinsights.com/flexible-packaging-market-104897

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower, Baner-Mahalunge Road,
Baner, Pune-411045, Maharashtra, India.

Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

This release was published on openPR.