Coherent Market Insights

Flexible Packaging Market to Surpass US$ 426.74 Bn by 2031

Flexible Packaging Market to Surpass US$ 426.74 Bn by 2031 - Coherent Market Insights

Publish In: Sep 14, 2022

The global flexible packaging market is estimated to be valued at USD 298.11 Billion in 2024, growing at a CAGR of 5.3% over the forecast period (2024-2031). The growth can be attributed to the increasing demand for flexible packaging from the food & beverages industry. Furthermore, rising preference for packaged food products among consumers worldwide is also contributing to the market growth.

Increasing online shopping activities:

Over the past few years, there has been significant growth in the e-commerce industry. More consumers are opting for online shopping over traditional shopping methods due to convenience. Flexible packaging serves as an ideal solution for shipping various products through e-commerce channels as they provide protection and are lightweight.

Rising demand for convenient packaging:

Consumers have become increasingly busy and prefer food and beverage products that can be consumed on-the-go. Flexible pouches and bags are re-sealable, easy to handle, and transport. Their re-closable features allow consumers to store unused portions for later use. The convenience aspect is accelerating the usage of flexible packaging across end-use industries.

Increasing Demand for Convenient Packaging

Flexible packaging provides convenience to both consumers and businesses. For consumers, flexible packaging allows products to be easily transported, stored, and consumed on-the-go. For businesses, flexible packaging reduces costs through efficient production, storage, and distribution processes. It also increases shelf life by providing a protective barriers against moisture, oxygen, and other external factors. As consumer lifestyles continue to become more mobile and fast-paced, the demand for convenient packaging will drive growth in the flexible packaging market.

Growth in E-commerce and Online Retail

The rapid growth of e-commerce and online retail globally has significantly increased the demand for flexible packaging materials. Products shipped through online channels require protective, lightweight, and affordable packaging solutions to maintain product quality and provide safe delivery to customers. Flexible packaging such as pouches, bags, and wraps meets these requirements, making it the ideal choice for e-commerce applications. As online shopping continues to gain widespread adoption around the world, more businesses will incorporate flexible packaging into their fulfillment operations, fueling market expansion.

Stringent Environmental Regulations

Many governments have implemented strict regulations around the use of plastics and other petroleum-based materials commonly found in flexible packaging. Plastics take a very long time to decompose and contribute to land, water, and air pollution. Regulations limiting plastic usage aim to promote more sustainable packaging alternatives and reduce plastic waste. Complying with these regulations increases production costs for flexible packaging manufacturers. Stricter environmental laws could negatively impact market growth if alternatives are not widely adopted.

Rise of Rigid Replacements

Rigid plastic packaging such as bottles, jars, and containers have traditionally replaced flexible packaging in some applications due to attributes like durability and barrier protection. As sustainability becomes a higher priority, new bio-based and recyclable rigid packaging materials are gaining traction with brands and consumers. Flexible pouches made from multi-material laminates are also difficult to recycle. The improvement and availability of rigid replacements threaten the use of flexible packaging in certain segments like food and beverages.

Growth of Food Delivery Services

The rapid growth of online food delivery and takeaway services globally presents an opportunity for flexible packaging suppliers. Foods packaged and transported via delivery need protective and affordable packaging, especially for hot and moist products. Pouches, bags, and wraps filled with mineral barriers provide the right format. As more people leverage food delivery platforms, additional packaging will be required, creating a sustained demand for relevant flexible packaging items.

Increased Focus on Sustainability

Brands and retailers are under mounting pressure from consumers and regulators to use more sustainable packaging materials. This puts flexible packaging companies in a strong position by focusing on renewable, recyclable, and compostable materials. Options like bio-plastics, mono-materials, and innovative barrier technologies allow flexible packaging to maintain performance while reducing environmental impact. By addressing sustainability, the flexible packaging industry can unlock new growth avenues and win business from less eco-friendly alternatives.

In conclusion, this article analyzed two main drivers, two restraints and two opportunities impacting the growth trajectory of the global flexible packaging market. Factors like convenience, e-commerce growth, sustainability demands and new market applications were explored as influencing market dynamics. Both challenges and prospects exist depending on how flex packaging manufacturers adapt to shifting trends.

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Key Developments

  • In January 2024, Snickers launched a new product in mono material flexible packaging
  • In 2023, Pakka, a packaging company launched India’s first compostable flexible packaging
  • In 2023, Huhtamaki, a packaging company launched sustainable flexible packaging innovation
  • In April 2022, Amcor Limited, a packaging company, announced the addition of new & more sustainable high shield laminates to its pharmaceutical packaging portfolio. The new low carbon, recycle-ready packaging options deliver on two fronts, providing the high barrier and performance requirements needed for the industry while supporting pharmaceutical companies’ recyclability agendas.

Key Players

Amcor plc, Mondi Group, Huhtamaki Flexible Packaging, Sonoco Products Company, SEE, Constantia Flexibles, Bemis Manufacturing Company, UKrMetal, ProAmpac, Berry Global Inc, FlexPak Services, Transcontinental Inc., Coveris, DS Smith, American Packaging Corporation, InterFlex Group, FLEX-PACK ENGINEERING, INC., Innovia Films, Cosmo Films, and Novolex

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