Flexible Packaging Market to Reach $325.8 Billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research

The flexible packaging market is experiencing robust growth driven by heightened demand for versatile packaging solutions and a shift toward sustainable alternatives. Propelled by increasing manufacturing activities, businesses need to navigate through fluctuating material costs, adhere to evolving environmental standards, and foster innovation to seize opportunities in this dynamic sector, thereby contributing to environmentally conscious packaging solutions.

WILMINGTON, Del., Feb. 6, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, 'Flexible Packaging Market by Packaging Type (Stand-up Pouch, Films, Bag-in-box, and Others), Material (Paperboard, Plastic, Aluminum Foil, PET Film, and Others), End-use Industry (Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.' According to the report, the global flexible packaging market was valued at $197.4 billion in 2022, and is projected to reach $325.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

Prime determinants of growth

Increase in demand for fast-moving consumer goods and rise in e-commerce activities & food delivery services fuel the market's growth. In addition, rise in concerns regarding the recyclability and disposability of plastic packaging products and implementation of stringent government regulations on plastic packaging products present a significant hurdle to their market penetration. On the contrary, the development of nano-food packaging and shift in focus toward renewable and innovative packaging solutions are expected to provide remunerative opportunities for the expansion of the flexible packaging market during the forecast period.

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Report coverage & details:

Red Sea Crisis Impact Scenario

• The Red Sea Crisis has disrupted global supply chains, affecting around 11% of global trade, especially Asia-Europe shipping routes.
• Increased shipping costs and delays due to rerouting of vessels around the Cape of Good Hope resulted in approximately $900,000 extra in fuel costs.
• Supply chain disruptions due to rerouting may result in temporary deficits of crucial components or manufactured goods.
• Container shortages due to longer transit times, particularly in Asian ports, affect the timely and efficient transportation of raw materials.
• Inflationary pressures from these disruptions could escalate across Europe, impacting the profit margins of flexible packaging companies.
• Freight rate fluctuations due to prolonged sailing times and heightened operational costs are expected to increase freight rates, intensifying the financial burden on companies.
• These challenges can escalate production costs of flexible packaging products, exceeding budgetary limits.

The film segment to maintain its leadership status throughout the forecast period

Depending on packaging type, the film segment held the highest market share in 2022, accounting for more than two-thirds of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the film segment is projected to register a CAGR of 5.16% from 2023 to 2032. This is attributed to the fact that packaging films are generally made of plastic, as it is lightweight and relatively cheaper. These enable the preservation of the products for long durations. These are preferred by consumers in the food & beverages industry, owing to their aesthetic appeal that aids in their promotion, which is expected to propel the growth of the market during the forecast period. Furthermore, the market is expected to witness growth in the consumption of biodegradable films during the forecast period.

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The paperboard segment to maintain its leadership status throughout the forecast period

By material, the paperboard segment held the highest market share in 2022, accounting for more than two-fifths of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the paperboard segment is projected to register a CAGR of 5.38% from 2023 to 2032. This is attributed to the fact that the demand for paperboard-based flexible packaging materials is predominantly driven by the food & beverages industry, as they market their products such as milk, dairy products, juices, and soft drinks in cartons, tetra packs, and boxes. Furthermore, recent advances in environmentally friendly packaging are helping packaging manufacturers meet the demand for recyclable products as consumers seek to reduce waste and limit the harmful impact of modern living on the environment. In addition, advancements in paperboard packaging is a major factor that fosters market growth.

The food & beverage segment to maintain its leadership status throughout the forecast period

On the basis of end-use industry, the food & beverage segment held the highest market share in 2023, accounting for nearly three-fifths of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the pharmaceutical segment is projected to reach a CAGR of 7.4% from 2023 to 2032, owing to the fact that pharmaceutical packaging is witnessing high demand as healthcare demand rises and consumers become more conscious of the need to live a healthier lifestyle. Furthermore, enhanced drug delivery; expanding economy markets such as India, Thailand, and China; as well as new packaging solutions that improve patient comfort and compliance drive the pharmaceutical packaging industry.

Asia-Pacific to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global flexible packaging market revenue and is likely to dominate the market during the forecast period. However, North America is expected to witness the fastest CAGR of 6.03% from 2023 to 2032. U.S. is the dominant country in the region in terms of market share, followed by Canada. Mexico shares the lowest share in the market. This is attributed to a rise in activities in the on-site application of flexible packaging in the region. The presence of big corporations and industrial giants drives the demand for flexible packaging. Moreover, the development of the personal care industry in Mexico acts as a key driving factor for the North America flexible packaging market. In addition, rise in demand for pharmaceuticals in Canada contributes to the market growth.

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Leading Market Players: -

• Amcor Plc
• Berry Global Inc.
• Constantia Flexibles
• Coveris
• Flexpak Services
• Mondi
• Sealed Air
• Sonoco Products Company
• Transcontinental Inc.
• Huhtamaki

The report provides a detailed analysis of these key players in the global flexible packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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