The global flexible packaging market size is expected to reach $373.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. Growing consumer driven demand for packaged food and beverage products owing to its convenience and ease of consumption is expected to drive market growth.
Key Industry Insights & Findings from the report:
- Plastics dominated the flexible packaging industry with share of 70.1% in 2021 owing to the property of the material for being modified by co-polymerization to match exact packaging requirements of various products along with easy availability and cost effectiveness.
- The food and beverages application segment dominated the market and accounted for revenue share of 56.0% in 2021 as these packaging solution offer easy transportation, convenient storage, and disposal for food and beverage products. Growing consumption of snacks like chips, sausages, and bread, coupled with the expanding food retail industry and new product launches in emerging markets, is expected to increase the demand for flexible packaging.
- The bioplastic raw material segment is expected to witness the highest CAGR of 6.0% during the forecast period. Prevalence of stringent government regulations particularly in North America and Europe is expected to positively impact the demand for environment friendly material, thus segmenting the growth for the segment.
- Asia Pacific accounted for highest market share in 2021 and is also expected to progress at the highest CAGR over the forecast period owing to high growth in the application industries. In China and India, the food and beverage industry is expected to grow due to population growth, rising disposable incomes and rapid urbanization, thus benefitting the sales for flexible packaging in the region.
- Key companies are increasingly offering custom packaging solutions to end-use companies; besides, key companies are increasingly focusing on the use of recycled materials as they offer complete sustainability. New product developments, with mergers and acquisitions, and expansion of production capacity are some of the strategies adopted by players.
Flexible Packaging Market Growth & Trends
Flexible packaging products are lightweight, take less space in transportation, are cheaper to manufacture and use less plastic, thus present more environmentally friendly profile than rigid products. Increasing emphasis on use of sustainable packaging products globally is expected to bolster the demand for flexible packaging products during the forecast period.
The global cosmetic and personal care industry is characterized by the growing awareness pertaining to health and wellness coupled with increasing demand for natural, chemical-free and organic products. Thus, rising green consciousness are expected to drive the demand for organic and natural skincare products over the forecast period, which, in turn, is anticipated to boost the demand for flexible packaging solution such as plastic tubes and pouches.Growing demand for cost effective shipping of commodities is expected to augment growth of flexible packaging products such as flexitanks over the forecast period. Moreover, increase in trade activities in countries of Asia Pacific is expected to drive market growth in the region over the forecast period.