Global Flexible Packaging Market to Grow at a CAGR of 4.8% over the Forecast Period of 2024-2032

The global flexible packaging market is driven by its growing demand from its end-use segments and its increased consumption due to its cost-effective and convenient nature. North America leads the global flexible packaging market and is a major consumer of the product. In 2020, the region accounted for nearly 37% of the global market share, followed by the Asia Pacific. Plastics, among other material-types, dominate the flexible packaging industry globally, followed by paper and foils. Plastic flexible packing majorly involves the use of PE, PP, PET, BOPP, and BOPET. With the advancing technology, new solutions are emerging, which are further grabbing the attention of the consumers. One of the major innovations in the industry includes the launch of 12-micron bi-axially-oriented polyethylene terephthalate (PET) barrier polyester film, which comes with bio-degradable properties and offers extended shelf life. Among its applications, the food segment holds a major share in the global flexible packaging market.

With the consumers’ increasing inclination towards environmentally-friendly options, packaging has become one of the key issues that consumers want brands to address; thus, making manufacturers focus on sustainable packaging solutions. In 2020, Berry Global, Inc. (NYSE: BERY), a key player in the industry, created the strawless lid from polypropylene (PP) for on the go consumers and the environment, which goes perfectly with company’s widely recyclable PP drink cups, further minimising the use of straw, which is considered hard to recycle due to its small diameter. Further, the increased demand for PET (polyethylene terephthalate) containers due to their lightweight, and unbreakable and portable nature, is further aiding the market growth. In August 2020, Amcor plc (NYSE: AMCR), another leading player in the industry, developed the first PET bottles for pasteurised beer in Brazil, featuring the beauty of a glass-like, champagne-style base, which further meets the shelf-life requirements and is recyclable in nature. Such developments are expected to drive the growth of the global flexible packaging market over the forecast period.

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Market Breakup by Material, Applications, and Regions:

• The global flexible packaging industry, based on material, can be divided into paper, plastics, and foils.
• The flexible packaging finds applications in food, non-food, consumer products, pharmaceuticals, and industrial sectors, among others.
• Region-wise, the global flexible packaging market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing product demand from various end-use segments, particularly from the food and beverages sector, is driving the growth of the flexible packaging industry, globally.
• The increased demand for cost effective and convenient packaging solutions is providing further impetus to the market.
• With the rising environmental concern among consumers, the demand for sustainable packaging has increased, exhibiting great potential for the industry growth. 
• The growing urbanisation, and rising disposable incomes, particularly in the emerging economies, is further supporting the industry growth. 
• Increased awareness regarding hygiene among consumers is leading manufacturers to develop flexible packaging solutions with high-barrier properties, providing a further boost to the industry. 

Key Offerings of the Report:

• The EMR report gives a detailed overview of the global flexible packaging market, providing an insight into the materials, applications, and regional markets of the product for the periods (2018-2023) and (2024-2032). 
• The report gives the regional historical (2018-2023) and forecast (2024-2032) price trends of the feedstock of flexible packaging. 
• The global trade data analysis has also been provided in the report by EMR.

The major players in the global flexible packaging market are Berry Global, Inc., UFlex Ltd., Mondi Group, Toppan Printing Co., Ltd., Amcor plc, Constantia Flexibles, Bemis Company, Inc, Winpak Ltd., and Sealed Air Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players. 

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