Flexible Packaging Market Expected to Reach $325.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Flexible Packaging Market," The flexible packaging market was valued at $197.4 billion in 2022, and is estimated to reach $325.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

Various characteristics of plastics, paper, aluminum foil, and films, including enhanced protection, food safety, and increase the shelf life of products, are combined in flexible packaging. These versatile packaging supplies functional solutions that require minimal production costs.

From consumer goods to cosmetics to medical supplies, flexible packaging is an important component in the supply chain of many industries and products. In addition, flexible packaging adds value and marketability to both food and non-food products by combining the finest qualities of plastic, film, paper, and aluminum foil to provide a wide range of protective properties with the least amount of material.

The growth of the global flexible packaging market is majorly driven by increase in demand for snack and convenience foods in small or single-size portions. Moreover, shift in preference of the packaging industry toward flexible packaging, owing to its multi-fold energy and environmental advantages notably contributes toward the growth of the market.

In addition, flexible packaging combines the qualities of plastic, paper, and aluminum foil without compromising the freshness, barrier protection, durability, printability, or simplicity of use of the product. With these advantages of flexible packaging, the market is expected to grow at a notable pace during the forecast period.

However, recycling of plastic packaging waste is a complex process that requires state-of-the-art infrastructural facilities. It is a time-consuming process that needs personnel expertise, which hampers the flexible packaging market growth.

On the contrary, expansion of the e-commerce sector across the globe especially in the developing such as India and China where more than two-sevenths of the world population is present is expected to open new avenues for the market growth. The presence of a huge population has led to the increase in the demand for packaging materials to increase the protection and lifespan of the products.

The global flexible packaging market scope is segmented on the basis of material, packaging type, end-use industry, and region. On the basis of material, the market is categorized into paperboard, plastic, and aluminum foil. By packaging type, it is divided into stand-up pouch, films, bag-in-box, and others. Depending end-use industry, it is fragmented into food & beverages, personal care, pharmaceutical, household care, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of material, the plastic segment dominated the global flexible packaging market in 2022 and is expected to maintain its dominance during the forecast period owing to increase in the usage of bio-degradable plastics for flexible packaging.

By packaging type, the stand-up pouch segment registered the highest growth, in terms of revenue, in 2022, owing to surge in demand for convenient products due to a busy lifestyle.

Depending on end-use industry, the food & beverage segment led the market, in terms of revenue, in 2022, owing to increase in demand for snack and convenience foods in small or single-serving portions. The abovmentioned segment are driven by various factors which have positive impact on the development of the flexibile packaging market.

Major players operating in the global flexible packaging market include Berry Global Inc., Amcor Plc, FlexPak Services LLC, Mondi Group, Sealed Air Corporation, Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Huhtamaki, and Sonoco. These players have adopted product launches, joint ventures, partnerships, and expansion of the production capabilities as their key developmental strategies to strengthen their foothold in the market.

Key Findings Of The Study:

• By packaging type, the films segment accounted for nearly two-thirds of the flexible packaging market share in 2022 and is anticipated to continue this trend during the forecast period.
• Depending on material, the paperboard segment accounted for more than two-fifths of the market share in 2022 and is anticipated to continue this trend during the forecast period.
• On the basis of end-use industry, the food & beverage segment garnered the largest share in 2022, accounting for nearly three-fifths of the flexible packaging market.
• Region wise, Asia-Pacific is the major consumer of flexible packaging among other regions. It accounted for nearly two-fifths of the global market share in 2022.