The flexible packaging market is set to grow to $325.6 billion by 2030, driven by demand in food & beverage and e-commerce sectors, with Asia-Pacific leading.
Global Flexible packaging market size is driven by increasing demand from the food & beverage industries, surge in e-commerce sales, and cost-effective and increased product shelf life drive the growth of the global flexible packaging market. The market across Asia-Pacific dominated in 2020, accounting for nearly two-fifths of the market. On the other hand, rise in public awareness regarding health issues and increase in sterilizing solutions would open new opportunities.
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As per the report published by Allied Market Research, the global flexible packaging market was pegged at $182.3 billion in 2020, and is estimated to reach $325.6 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Rise in demand from the food & beverage industries, surge in e-commerce sales, and cost-effective and increased product shelf life drive the growth of the global flexible packaging market. However, stringent regulations hinder the market growth. On the contrary, advent of novel and sustainable flexible packaging solutions is expected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
The report segments the global flexible packaging market on the basis of material, packaging type, end-use industry, and geography.
Based on material, the plastic segment held the lion’s share in 2020, accounting for more than one-third of the market. However, the paperboard segment is projected to register the highest CAGR of 6.8% during the forecast period.
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On the basis of packaging type, the films segment held the largest share in 2020, contributing to more than two-thirds of the market. However, the stand-up pouch segment is anticipated to manifest the highest CAGR of 9.4% from 2021 to 2030.
The global flexible packaging market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, accounting for nearly two-fifths of the market. However, North America is estimated to portray the highest CAGR of 8.2% during the forecast period.
The global flexible packaging market includes an in-depth analysis of the prime market players such as Berry Global Inc., FlexPak Services LLC, Amcor Plc, Sealed Air Corporation, Mondi Group, Transcontinental Inc., Constantia Flexibles, Huhtamaki, Coveris Holding SA, and Sonoco.
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