DELRAY BEACH, Fla., Dec. 13, 2024 /PRNewswire/ -- The report "Flexible Packaging Market by Packaging Type (Pouches, bags, roll stock, films & wraps), Printing Technology (Flexography, Rotogravure, Digital Printing), Application, Material (Paper, Plastic, Metal), and Region - Global Forecast to 2029", is approximated to be USD 291.56 billion in 2024, and it is projected to reach USD 368.82 billion by 2029, at a CAGR of 4.8%.
Growing consumer demand for packaged and processed food and beverage items, such as meat, snacks, namkeen, milk, yogurt, coffee, tea, ketchup, biscuits, and others, along with rising urbanization, changing lifestyles, increasing disposable incomes, trends towards sustainable packaging, and heightened awareness of hygiene globally are driving the growth of the flexible packaging market. The high costs of raw materials required for the production of flexible packaging products, such as pouches, bags, roll stock, films, and wraps, as well as inadequate recycling infrastructure, are likely to restrain the market growth. Opportunities in the flexible packaging market also encompass the growing demand for sustainable packaging, coupled with better alternatives to traditional materials, influenced by increased hygiene awareness. Rapid technological changes are another major challenge for the flexible packaging market.
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By Packaging type, Pouches accounted for the largest market share in 2023
Flexible pouches are mainly made of plastic, metal foil, and paper. They are used more and more in worldwide shelves for the packaging of various products, from industrial liquids to snack food. The manufacturing of these pouches has become highly popular in the flexible packaging market because it provides some great benefits such as reusability, being eco-friendly, with a lower carbon footprint, space-efficient, and economical compared to other cases made of glass, metal, or cardboard.
By Material, Plastic accounted for the largest share in 2023.
Flexible plastic packaging offers a variety of protective properties with very low material usage. It is used to promote, protect and distribute numerous products for industrial as well as consumer applications. The flexible plastic packaging market is increasing at a faster rate than rigid plastic, as it serves various functions such as shelf-life extension and food safety along with barrier protection against heat, pathogens, moisture, and other external factors.
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By Printing Technology, Flexography accounted for the largest share in 2023.
Flexographic printing is a mechanical method used in high-end production of runs, utilizing press rollers and large presses to develop uniform patterns and print designs. Within the last decades, flexographic printing machines have been widely adopted mainly due to the increasing demand for flexible packaging from consumers. The food and beverage sectors also play a role in this demand with the need for cost-effective solutions related to packaging.
By End Use Industry, the Flexible Packaging Market Food Industry segment accounted for the largest share in 2023.
Flexible packaging is gaining more acknowledgement from national brand owners and private labels as the preferred choice for various food types in the domestic and international market. Flexible pouches are gaining immense popularity with high-liquid-content foods and beverages, from soups to cocktails. This type of packaging solution offers innovative constructions as well as graphic treatments, while it's also lightweight and practical. In addition, flexible packaging products are effective for packing meat, poultry, seafood, baked goods, snack foods, produce, candy, confections, pet food, and other food items.
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Asia Pacific accounted for the largest share of the Flexible Packaging Market in 2023
Due to growing developmental activities, fast-paced economic growth, and increased population, the Asia Pacific region provides a vast market for FMCG products and food and beverages, which in turn would drive the flexible packaging market. Emerging income levels in this region have seen higher demand for premium packaging products across food, beverages, and healthcare. Further, in the APAC region, the packaging and labeling industry exhibits opportunities, adding to the expansion of the flexible packaging market.
The Flexible Packaging Market comprises major players such as Huhtamaki Oyj (Finland), Berry Global Group Inc. (US), Amcor Limited. (Australia), Mondi Group (UK), Sonoco Products Company (US), Westrock Company (US), Constantia Flexibles (Austria), Sealed Air Corporation (US), Transcontinental Inc (Canada), DS Smith (UK), and others are covered in the flexible packaging market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Flexible Packaging Market.
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