CHICAGO, Jan. 6, 2022 /PRNewswire/ -- According to the report "Flexible Paper Packaging Market by Packaging Type (Pouches, Roll Stock, Shrink Sleeves, Wraps), Printing Technology (Rotogravure, Flexography, Digital Printing), embellishing type (Hot Coil, Cold Coil), Application, and Region - Global Forecast to 2026", published by MarketsandMarkets, the global Flexible Paper Packaging Market size is projected to grow from USD 64.4 billion in 2021 to USD 79.1 billion by 2026 at a CAGR of 4.2% from 2021 to 2026. The market is projected to grow as flexible paper packaging for packaging is lighter in weight, cost-efficient, and uses less material as compared to other forms of packaging. The growth of the flexible paper packaging market is attributed to its high efficiency and cost-effective nature. Flexible packaging is particularly useful in industries that require versatile packagings, such as food & beverage, personal care, home care, and healthcare.
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In terms of value & volume, pouches is estimated to lead the flexible paper packaging market in 2020
Pouches are projected to dominate the market for flexible paper packaging by 2026, in terms of value. The increased use of pouches is subjected to pouches being versatile, lightweight, and easy to transport. There is an increasing demand for pouches from the food packaging and e-commerce industries.
Flexography is estimated to be the largest segment in the flexible paper packaging market in 2020.
Flexography, by printing technology, accounted for the greatest demand for flexible paper packaging in 2020, in terms of value and volume. The growth of this segment is mainly attributed to the high demand for flexible paper packaging due to the fact that inks used in flexography are low viscosity, which enables the print to dry quickly and speeds up the printing process, thus saving the cost of production.
Hot Coil is estimated to be the largest segment in the flexible paper packaging market in 2020.
Hot Coil, by embellishing type, accounted for the greatest demand for flexible paper packaging in 2020, in terms of value and volume. Hot foil embellishment is utilized across a wide range of industry sectors, but account for the highest share in the food and beverages (particularly confectionary such as premium chocolate, wine and liquor bottles, and other premium foods), cosmetics, electronics, banknotes, business cards, and greeting cards and artwork.
Food segment is estimated to be the largest segment in the flexible paper packaging market in 2020.
Food, by accounted for application, the greatest demand for flexible paper packaging in 2020, in terms of value and volume. The growth of this segment is mainly attributed to the high demand for flexible paper packaging as changing lifestyles and busy schedules of the working population. Flexible paper packaging also reduces leakage and extends the shelf-life of products. Food products are the largest consumers flexible plastic packaging owing to their convenience and portability. The primary functions of food & beverage packaging are the reduction of food loss and increasing the shelf-life of food products.
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The APAC region is projected to account for the largest share in the flexible paper packaging market during the forecast period.
The APAC region is projected to lead the flexible paper packaging market in terms of both value and volume from 2021 to 2026. Growing population and rapid urbanization are among the key factors propelling industry expansion in the region, during the forecast period. Growing food and beverage industry, in several APAC countries, are fueling the flexible paper packaging demand in the region.
Amcor Limited (Australia), Mondi Group (UK), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), Sappi Global (South Africa), DS Smith (UK), Coveris Holding SA (UK), Sabert (US), Wihuri (Finland), amongst others, are the key players operating in the flexible paper packaging market. Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the flexible paper packaging market.
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