A recent study by Triton Market Research titled Global Flexible Packaging Market includes the Global Analysis and Forecasts by Printing Technology (Digital Printing, Rotogravure, Flexography, Others), Type (Rollstock, Wraps, Flat Pouches, Stand-Up Pouches, Gusseted Bags, Wicketed Bags), Application (Pharmaceuticals, Food & Beverage, Cosmetics, Others), Raw Material (Bioplastic, Paper, Aluminum, Plastic), and Geography (Europe, Latin America, North America, Asia-Pacific, and Middle East and Africa).
Flexible packaging is any package that can be customized in different shapes, sizes, or materials. Bags, pouches, tubes, shrink films, cards, and sleeves are some common examples of flexible packaging.
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Triton’s report signifies that the global flexible packaging market is likely to exhibit growth at a CAGR of 4.66% during the forecasted period from 2022 to 2028. It is further predicted to reach 32676.84 kilotons by 2028 at a CAGR of 4.01%.
Flexible plastics are an ideal substitute for traditional packaging, including metal glass, rigid, and other packaging materials. These are more resilient and durable, making them a preferable choice across every industry. The demand for processed and packaged food is escalating due to the rising population and increased disposable income. Urbanization in countries such as India and China is expected to grow, leading to a rise in the consumption of packaged food items. Moreover, the advent of technology and globalization has influenced governments to invest in research & development, infrastructure, and human resource skill enhancement to support the food industry. Thus, these factors are boosting the growth of the flexible packaging market.
On the other hand, recycling flexible packaging products is cumbersome and expensive. It is because the multi-layer films include a combination of paper, foil, and plastic, which are separated during the recycling process. Besides, as per FDA regulations, recycled flexible packaging cannot be used for pharmaceuticals and food packaging. Thus, these challenges are impeding the overall growth of the flexible packaging market.
The flexible packaging market is segmented into printing technology, type, application, and raw material. Based on printing technology, it is divided into digital printing, rotogravure, flexography, and others. Further, the type segment consists of rollstock, wraps, flat pouches, stand-up pouches, gusseted bags, and wicketed bags. The application is classified into pharmaceuticals, food & beverage, cosmetics, and others. Lastly, the raw materials comprise bioplastic, plastic, paper, and aluminum.
Presently, the Asia-Pacific holds the largest market for flexible packaging and is anticipated to grow over the forthcoming years. Factors such as the growing working population, improving global economy, and rising domestic demand for food and pharmaceutical products are boosting the demand for flexible packaging. Moreover, the advantages of flexible plastic packaging, such as lightweight characteristics and ease of use, are fueling the market’s growth across the region.
The key companies profiled in the flexible packaging market include Amcor Ltd, Takigawa Corporation, American Packaging Corporation, Solvay SA, Mondi Group, Sealed Air Corporation, Amerplast, Bryce Corporation, Korpack Corporation, Asahi Kasei, Handoo Package Co Ltd, Flair Flexible Packaging Corporation, Rengo Co Ltd, Michelman Japan LLC, Kohjin Film & Chemicals Co Ltd, Dai Nippon Printing Co Ltd, Bischof + Klein SE & Co KG, EPAC, KM Packaging Services Ltd, Okura Industrial, Hosokawa Yoko Co Ltd, Mitsui Bussan Packaging Co Ltd, TCL Packaging, and Coveris Management GmbH.
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Question & Answer: Flexible Packaging Market
Question 1: What factors are boosting the growth of the flexible packaging market?
Answer: Flexible plastics are an ideal substitute for traditional packaging, including metal glass, rigid, and other packaging materials. These are more resilient and durable, making them a preferable choice across every industry. The demand for processed and packaged food is escalating due to the rising population and increased disposable income. Urbanization in countries such as India and China is expected to grow, thus witnessing an increasing consumption of packaged food items. Moreover, the advent of technology and globalization has influenced governments to invest in research & development, infrastructure, and human resource skill enhancement to support the food industry. Thus, these factors are boosting the growth of the flexible packaging market.
Question 2: What challenges impede the growth of flexible packaging?
Answer: The process of recycling flexible packaging products is cumbersome and expensive. It is because the multi-layer films include a combination of paper, foil, and plastic, which are separated during the recycling process. Besides, as per FDA regulations, recycled flexible packaging cannot be used for pharmaceuticals and food packaging. Thus, these challenges impede the overall growth of the flexible packaging market.
Question 3: Which region holds the largest market for flexible packaging?
Answer: Presently, the Asia-Pacific holds the largest market for flexible packaging and is anticipated to grow over the forthcoming years. Factors such as the growing working population, improving global economy, and rising domestic demand for food and pharmaceutical products are boosting the demand for flexible packaging. Moreover, the advantages of flexible plastic packaging, such as lightweight characteristics and ease of use, are fueling the market’s growth across the region.
Question 4: What are the key companies profiled in the flexible packaging market?
Answer: The key companies profiled in the flexible packaging market include Amcor Ltd, Takigawa Corporation, American Packaging Corporation, Solvay SA, Mondi Group, Sealed Air Corporation, Amerplast, Bryce Corporation, Korpack Corporation, Asahi Kasei, Handoo Package Co Ltd, Flair Flexible Packaging Corporation, Rengo Co Ltd, Michelman Japan LLC, Kohjin Film & Chemicals Co Ltd, Dai Nippon Printing Co Ltd, Bischof + Klein SE & Co KG, EPAC, KM Packaging Services Ltd, Okura Industrial, Hosokawa Yoko Co Ltd, Mitsui Bussan Packaging Co Ltd, TCL Packaging, and Coveris Management GmbH.
Related Report
Pet Food Packaging Market
The pet food packaging market is expected to display an uptrend at a CAGR of 7.31% over the forecast years 2022-2028. It is predicted to reach $18.58 billion by 2028.
Pet food packaging forms a crucial part of the pet food industry. The buying behavior of pet product consumers is highly influenced by the packaging design, color, form, structure, imagery, and regulatory information, among others. Factors such as rising pet ownership along with humanization and premiumization have created significant demand for pet food packaging.
Moreover, the rise in e-commerce sales of pet foods and the entry of premium category brands is expected to create growth opportunities for the studied market. It is because of the rising affection of owners for their pets and higher emphasis on packaging, giving a competitive edge to the players in the market.
However, the market is likely to face some threats, such as stringent food safety regulations and fluctuations in raw material prices, which can hinder the market’s growth process.
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