Detailed market studies have revealed that the global Flexible Packaging Market Value is estimated to reach USD 230 billion (approx.) during the forecast period 2022-2030. The market is expected to have a CAGR of 4.9% during this period.
Due to the increase in population, busy lifestyle, rise in income, urbanization, and increased internet usage, the need for safe and long-lasting packaging has increased significantly. These factors will propel the market and help the global Flexible Packaging Market Size to reach the estimated value by the end of 2030.
The COVID-19 pandemic had affected the global Flexible Packaging Market Growth negatively. Due to strict lockdown, the supply chain was broken. At the same time, the demand for ready-to-eat food items had increased. E-commerce sales had also increased which helped in boosting the market of flexible packaging across the world.
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The global Flexible Packaging Market is huge. To study the current trends better, the market is segmented based on region, technology, material, and product type.
Based on the type, the market is further divided into bags, pouches, wraps, sachets, and others.
Based on the material, the Flexible Packaging Market is further divided into plastic, Aluminium foil, paper, and others. In 2020, the maximum share of the market was dominated by plastic packaging materials.
Based on the end-users or application, the market is sub-divided into pharmaceuticals, foods & beverages, cosmetics, furnishing, and others.
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The global Flexible Packaging Market is divided into Europe, North America, Asia-Pacific, and the Rest of the World regions. North America occupies a significant share of the Flexible Packing Market Revenue. The supportive government policies and rules have helped this region to have substantial growth in the flexible packaging sector.
The report projects that the Asia-Pacific region is going to dominate the market within the forecast period 2022 to 2028. The rise in industrialization, economic development, and rise in consumer awareness about food safety are the main factors for the steady growth of the Flexible Packaging Market in the Asia-Pacific Region. The demand for lightweight and efficient food packaging material is constantly rising.
Within the forecast period, the market of flexible packaging material in the European region is also expected to grow substantially. The rising demand for cosmetic and beauty care products in the countries such as Germany, France, and the UK is going to create opportunities for the Flexible Packaging Market in the coming years.
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New product launches, joint ventures, business expansion, and huge investments in research and development by the global and local companies of the Flexible Packaging Market are the main market drivers for steady growth.
Amcor Limited had acquitted Bemis Corporation in 2018 and expanded its business. In 2019, Amcor Company had opened up testing laboratories in Manchester (England) and Michigan (US) to expand its operation across the globe in personal care, beauty products, and pet foods sectors.
In 2020, Smurfit Kappa had launched a new product, ‘Bag-in-Box’, which keeps the products fresh for more than 2 years after opening them.
Fujifilm has launched a new product, FP790, a water-based jet press for the ease of flexible packaging in June 2021.
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