April 20, 2024
Flexible Packaging Market

Flexible Packaging Market Is Expected To Witness High Growth Owing To Rise In E-Commerce Sales

The flexible packaging market provides packaging solutions for various products requiring flexibility, durability and low weight during transportation such as processed food, pet food, beverages, personal care, pharmaceuticals, and other consumer products. Flexible plastic packaging offers lightweight, cost-effectiveness, barrier properties, printability and convenience of use for product sales and storage. Growing consumption of packaged & processed food products, rise in e-commerce sector, and favorable government initiatives for flexible plastic packaging are driving the flexible packaging market.

The Global flexible packaging market is estimated to be valued at US$ 86.35 Bn in 2024 and is expected to exhibit a CAGR of 82% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the flexible packaging are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (china),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany). The key players are focusing on new product launch, strategic partnerships, and mergers to strengthen their presence in the global market. Rapid growth of the e-commerce sector provides lucrative opportunities for flexible packaging manufacturers to supply various types of flexible packaging such as pouches, wraps, and bags preferred for online shopping. Growing preference of flexible packaging over rigid packaging across regions encourages market players to expand their global footprint.

Market drivers

Rise in e-commerce sales is a major driver contributing to the of the Flexible Packaging Market Growth . E-commerce platforms require lightweight, durable, and easy to use flexible packaging for product transportation and storage. Growing trend of online shopping among consumers globally has significantly increased the demand for flexible plastic packaging. This acts as a high impact driver for the flexible packaging market.

PEST Analysis

Political: Governments worldwide have implemented various regulations for material and manufacturing standards of flexible packaging to ensure health, safety and environmental protection. This includes clear labeling norms to promote transparency.

Economic: Rising middle class, busy lifestyles and demand for convenience foods have boosted the flexible packaging industry as they allow for easier transport, storage and consumption. However, high raw material prices can affect profit margins.

Social: Growing health awareness about food preservatives has increased preference for flexible packaging that maintains freshness without chemicals. Sustainability is also a growing concern prompting development of eco-friendly materials like paper.

Technological: Advances in printing, lamination and film extrusion now enable complex designs, varied textures and extended shelf life through oxygen and moisture barriers. Digital/inkjet and nanotechnology based treatments further enhance product safety and provide tamper evidence features.

Value Concentration by Geography

The flexible packaging market in terms of value is currently concentrated highly in North America and Europe due to established food and consumer goods industries and high per capita spends. Both regions account for over 60% of global market revenue.

Fastest Growing Region

Asia Pacific region is poised to witness the fastest growth in the flexible packaging market over the forecast period. This is attributed to rapid economic development, rising incomes, burgeoning population and shift towards packaged food and consumer products in countries like China, India and ASEAN nations. The emerging middle class is significantly increasing flexible packaging uptake.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it