In addition, the global flexible packaging market is expected to rise at a CAGR of 4.9%, with a value of USD 230.78 billion during the projected quarters of 2022-2030.
The greatest features of plastics and films are integrated with flexible packaging. These flexible packaging choices provide cost-effective, practical solutions. From consumer goods to electronics, cosmetics to medical supplies, flexible packaging plays a key role in the supply chains of many different industries and products. By combining the best attributes of plastic, film, paper, and aluminium foil to provide a wide variety of protective capabilities with the least amount of material, flexible packaging increases the value and marketability of food and non-food goods.
The market for flexible packaging is expanding due to the demand for a snack and convenience meals in single-serving or small-serving sizes. Due to its numerous energy and environmental benefits, the packaging industry is shifting toward flexible packaging. The benefits of plastic, paper, and aluminium foil are combined in flexible packaging without compromising the product’s freshness, barrier protection, durability, printability, or ease of use. Flexible packaging has several benefits, contributing to the market’s growth throughout the forecasted period. However, recycling plastic packaging trash is a difficult operation that needs cutting-edge infrastructure. It takes much time and requires skilled workers. The market for flexible packaging may suffer as a result.
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The leading companies in the sector are evaluating their strategy to tackle the challenge since they are worried about the market’s future. The businesses are utilising various strategies to boost production volume and are working to provide cost-effective, creative solutions that can fulfil customer needs and support the breakthrough necessary for enhanced fragrance product penetration sustainability. One of the reasons driving the flexible packaging market throughout the projected period is the increase in public awareness of health-related concerns. Demand for the entire sector is also driven by increased sterilising solutions usage due to the coronavirus pandemic.
Industry segments for flexible packaging include application, product type, technology, and material. The market is further split into flexography and digital printing based on technology. The market is further divided into pouches, bags, sachets, wraps, and other categories. The flexible packaging market is further divided into foil, paper, aluminium, plastic, and other categories depending on the material. The flexible packaging market is further divided into application-based sectors: furniture, beverage, cosmetics, food, pharmaceuticals, and others.
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Beyond convenience, additional factors in the food sector include sustainability, transparency, food safety, and a decrease in food waste affect the choice of flexible packaging for meat, poultry, and seafood. Given that the consumption of dairy products is rising at a healthy rate, the current market situation points to an increase in demand for dairy products. For instance, the US Department of Agriculture estimates that in 2020, 40.2 pounds of cheese will be consumed per person. According to the USDA Foreign Agricultural Service, the European Union consumed 9,482 metric tonnes of cheese in 2020, compared to 5,766 metric tonnes in the United States, making the EU the country with the largest annual cheese consumption.
Amcor Limited (Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.) are some of the prominent players at the forefront of competition in the global flexible packaging market and are profiled in MRFR Analysis.
Berry Global and LyondellBasell teamed together in October 2021 to pursue the objective of procuring 100 per cent of its customer-facing packaging responsibly by 2026. The partnership encourages customers to switch from single-substrate, transparent plastic drink cups that are easier to recycle to plastic-lined paper cups with limited recycling potential.
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