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Flexible Paper Packaging Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Flexible Paper Packaging Global Market Report 2024
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According to The Business Research Company's, The flexible paper packaging market size has grown strongly in recent years. It will grow from $63.28 billion in 2023 to $66.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to sustainability trends, consumer preference for convenience, regulatory shifts toward eco-friendly solutions, preference for lightweight packaging, urbanization and changing lifestyles, reduced carbon footprint, recyclability and circular economy.
The flexible paper packaging market size is expected to see strong growth in the next few years. It will grow to $82.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to innovations in material science, e-commerce expansion, increased demand in emerging markets, packaging waste reduction initiatives, consumer education initiatives, supply chain resilience requirements. Major trends in the forecast period include circular economy initiatives, innovations in barrier coatings, focus on convenience and portability, reduced packaging waste, evolving design trends, technological advancements in printing, collaborations and partnerships.
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Market Drivers and Trends:
Rising urbanization is expected to propel the flexible paper packaging market going forward. Urbanization refers to the process of increasing the population concentration in urban areas, typically resulting from rural-to-urban migration and natural population growth within cities and towns. Flexible paper packaging plays a vital role in urbanization by addressing the packaging needs of a rapidly growing urban population. Flexible paper packaging is well-suited for urban living, offering lightweight, portable, and eco-friendly options for a variety of consumer products, from food to personal care items. For instance, in October 2022, the World Bank, a USA-based international financial institution published an article that said globally, over 50% of the population lives in urban areas in 2022. By 2045, the world's urban population is expected to increase by 1.5 times to 6 billion. Therefore, the rising urbanization is driving the flexible paper packaging market.
Product innovations are a key trend gaining popularity in the flexible paper packaging market. Major companies operating in the flexible paper packaging market are focused on launching new products with innovative technologies to sustain their position in the market. For instance, in April 2022, Xeikon, a Belgium-based designer and developer of web-fed digital color presses for labels and packaging applications, and document printing, launched a new toner formulation called TITON technology that offers all the advantages of UV inks without any of the drawbacks. To fully support brand owners, designers, and printers who want to extend their use of paper-based packaging for food goods, Xeikon is giving a sustainable solution for an unknown and greater variety of applications with the new TITON technology. The foundation of TITON is the Xeikon dry toner technology, which is the most food-safe technology available today despite simply having paper as the primary functional barrier because it doesn't contain any liquid (mobile) components. Without any protective coatings like varnishing or lamination, TITON toner also impresses with its remarkable resistance to scuffing and scratches, water, sunshine, temperature, and a wide range of liquid chemicals.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amcor Limited, Mondi plc, Sonoco Products Company, Sealed Air Corporation, Huhtamaki Oyj, Sappi Limited, DS Smith plc, Coveris Holding SA, Sabert Corporation, Wihuri International Oyj, International Paper Company, Nippon Paper Industries Co. Ltd., WestRock Company, Georgia-Pacific LLC, KapStone Paper and Packaging Corp., Ahlstrom-Munksjö Oyj, Aluflexpack AG, Ardagh Group S.A, Ball Corporation, Berry Global Inc., Constantia Flexibles Group GmbH, Crown Holdings Inc., Graphic Packaging International Corporation, Silgan Holdings Inc., Smurfit Kappa Group Plc, Stora Enso Oyj, Transcontinental Inc., Accredo Packaging Inc., American Packaging Corporation, Ampac Holdings LLC, Bemis Company Inc., Bischof + Klein SE & Co. KG, Flex Films Inc., Flexopack SA, Glenroy Inc., Innovia Films Ltd., Interflex Group Inc., Jindal Films Americas LLC, Kloeckner Pentaplast India Pvt. Ltd., LPS Industries LLC
Flexible Paper Packaging Market 2024 Key Insights:
• The flexible paper packaging market size is expected to see strong growth in the next few years. It will grow to $82.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rise In Demand For Processed Food Drives The Flexible Paper Packaging Market
• Products Innovations In The Flexible Paper Packaging Market
• North America was the largest region in the flexible paper packaging market in 2023
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