A new market study published by Global Industry Analysts Inc., (GIA) released its report titled “Flexible Packaging – Global Market Trajectory & Analytics.” The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 18; Released: February 2022
Executive Pool: 6172
Companies: 349 – Players covered include AEP Industries, Inc.; Amcor Limited; American Packaging Corporation; Bemis Company, Inc.; Berry Global, Inc.; Clondalkin Group Holdings BV; Constantia Flexibles International GmbH; Coveris Holdings S.A.; Huhtamaki Oyj; Mondi plc.; Printpack Inc.; ProAmpac; Sealed Air Corporation; Sonoco Products Company; Wipak Oy and Others.
Coverage: All major geographies and key segments
Segments: Material (Plastic, Paper, Other Materials); Application (Food & Beverages, Pharmaceuticals, Cosmetics, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Flexible Packaging Market to Reach US$261.1 Billion by the Year 2026
Flexible packaging is a type of packaging that involves packaging containers made using flexible materials that alter shape with the filled-in products. Flexible packaging is emerging as one of the high growth segments in the overall packaging industry. Across several applications, flexible packaging is gaining preference over traditional rigid packaging, given inherent advantages in their usage including low raw material use, lower costs of shipping final products, and low storage space. Brand owners are increasingly showing preference for flexible packaging driven by convenience benefits, growing consumer appeal, and ability to differentiate their offerings from competition. Growth in the global market is largely driven by the expansion of processed food sector. The changing consumer preferences and growing demand for fast food and convenience foods are propelling demand for lightweight packaging, thus boosting market prospects. Growing population, increasing incomes and changing eating habits along with growing consumption of various other products in emerging markets are significant opportunities that lie ahead for flexible packaging. Another key trend in the global market for flexible packaging in the coming years would be increasing popularity of innovative packaging shapes. Significant improvements are seen in flexographic printing abilities, which enable production of more detailed and colorful packaging for products. Shape innovations would also increase in number as brands demand innovative shapes to make their products more attractive.
Amid the COVID-19 crisis, the global market for Flexible Packaging estimated at US$192.9 Billion in the year 2022, is projected to reach a revised size of US$261.1 Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Plastic, one of the segments analyzed in the report, is projected to grow at a 7.9% CAGR to reach US$181.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Paper segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 19.4% share of the global Flexible Packaging market. Plastic films are the leading types of material along with polyethylene and polypropylene in flexible packaging products. The favorable position enjoyed by the material is due to the large market coverage and better availability of superior products such as metallocene grades Paper and paperboard represent another widely used material for converted flexible packaging. Manufacturers are developing new paperboard packaging solutions to address the demand for simple, lightweight and convenient packaging.
Read more of the latest news and developments in our new edition here: February 2022 Single Issue form – International Confectionery Magazine (in-confectionery.com)