Flexible Packaging Market Size, Share, Growth, Top Companies, Latest Trends in 2024 | Flexible Packaging Industry Size, Global Report, Forecast, 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 is a form of packaging constructed from adaptable materials that can easily be molded or shaped. This packaging solution includes a variety of products such as bags, pouches, films, envelopes, and wraps. It is extensively employed across diverse industries, including food and beverages, cosmetics, consumer goods, and pharmaceuticals, thereby fueling significant market growth.

During the COVID-19 pandemic, there was a notable surge in the demand for medical supplies and pharmaceutical products, including masks, gowns, and protective equipment. This led to a heightened need for flexible packaging solutions, such as films, pouches, and bags, to facilitate safer delivery and protection of these critical items. As a result, the demand for such experienced substantial growth during the pandemic.

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

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Segmentation:

Plastic Segment Leads Market Due to its Inherent Flexibility and Adaptability

Based on material, the market is segmented as plastic, paper & paperboard, and aluminum. Plastic is the leading material segment, commanding the largest flexible packaging market share, and is anticipated to experience substantial growth in the coming years. Its inherent flexibility and adaptability enable manufacturers to tailor packaging in terms of shape, size, and style to meet customer specifications.

Bags Segment Dominates Market Due to its Use in Bulk Cargo Transportation

Based on product type, the market is segmented as pouches & sachets, bags, films & wraps, tubes, tapes & labels, and others. Bags stands as the dominant segment in the global market and is expected to witness noteworthy growth in the coming years. FIBC is a notable category within this segment primarily utilized for bulk cargo. This factor contributes to the segment's market growth.

Food & Beverage Sector Dominates Market Due to Increasing Consumer Demand for Packaged Food

Based on the end-use industry, the market is segmented as food & beverage, pharmaceutical, personal care & cosmetics, homecare, industrial, e-commerce, and others. Food & beverages dominate the end-use industry and are expected to see considerable expansion due to the rapid growth of the food and beverage industry, driven by increasing consumer demand for packaged food and the need for extended product shelf life.

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

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:

Easy Customizability and Superior Printability of Flexible Packaging to Fuel Market Growth

Food packaging requires enhanced safety to prevent damage and preserve product quality, as exposure to air and moisture can degrade items. Flexible packaging addresses these issues by being airtight and durable, protecting products from external elements while maintaining freshness and extending shelf life, thereby reducing food waste. This packaging is easily customizable and offers superior printability, allowing brands to stand out visually and attract customers. These factors together contribute to the flexible packaging market growth.

However, one of the main challenges confronting the product adoption is its effect on the environment.

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Regional Insights:

Asia Pacific Leads Market Owing to Presence of Major Industry Players

Asia Pacific is the leading and most expanding region in the global market, projected to experience significant growth in the coming years. This expansion is primarily driven by the presence of major industry players and the burgeoning retail sector within the region.

North America ranks as the second-largest region in the global market, with the U.S. dominating the region. The U.S. market is thriving due to surging demand from the food & beverage, pharmaceutical, cosmetics, and consumer goods sectors.

Competitive Landscape:

Key Players to Increase Their Customer Base Across Regions and Innovation

The key players in the market are Amcor plc, Constantia Flexibles, Sonoco Products Company, Berry Global, Mondi, and others. These players are concentrating on increasing their customer base across the regions and innovation. Many others are focused on offering advanced packaging solutions.

Notable Industry Development:

February 2024: ProAmpac, a company specializing in flexible packaging and material sciences, launched a new high-barrier fiber-based product called 'ProActive Recyclable FibreSculpt,' in Europe. This innovative solution is designed for various thermoforming applications, particularly for packaging sliced cheese, cold cuts, chilled cooked meats, and fish. Notably, this product is curbside recyclable in the U.K. and Ireland, contributing to a more circular economy approach.

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.)

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