Flexible Packaging Market

Flexible Packaging Market Poised for Significant Growth due to Rising Consumption of Convenience Foods

by

The flexible packaging market offers several advantages such as lightweight, durability, cost-effectiveness and eco-friendliness. Flexible packaging solutions not only keep products fresh for longer but are also easy to use, store and dispose of. They prolong products’ shelf life, which is a critical requirement of convenience and packaged food products. The growing demand for smaller packaging sizes and on-the-go consumption has significantly boosted the use of flexible packaging in food & beverage applications.

 The Global flexible packaging market is estimated to be valued at US$ 298.11 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 To 2031.

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 focused on adopting organic and inorganic growth strategies such as new product launches, partnerships and agreements to strengthen their foothold in the global market.

The rising demand for smaller and customized packaging sizes from industries like food and beverages offers significant opportunities in the market. Flexible Packaging Market Demand manufacturers are developing innovative products with improved qualities like high barrier, steam resistance and extended shelf life to cater to this demand.

The growing international trade of packed food and shifting consumer preference towards convenience foods are fueling the expansion of the flexible packaging market globally. The market is projected to witness high growth in the Asia Pacific region attributed to changing lifestyles, rising disposable income and expanding retail industry in emerging countries like China and India.

Market Drivers

The increasing consumption of convenience foods and on-the-go food products has been a major driver of the flexible packaging market. Flexible packaging solutions provide portability and ease of consumption which align well with fast-paced modern lifestyles. They allow manufacturers to offer small, right-sized and customized pack formats suitable for singles and small households. This has further boosted the sales of packaged foods and flexible packaging.

PEST Analysis

Political: Flexible Packaging Market regulations are evolving with an emphasis on sustainability and recyclability. Regulations promote the use of renewable and recycled materials.

Economic: The flexible packaging market is benefitting from the growth several end-use industries like food and beverage. Changes in consumer lifestyles and demands are fueling the market growth.

Social: Flexible packaging offers convenience in use and portability. Rising health consciousness is increasing the demand for flexible pouches and bags for food products.

Technological: Advances in printing, coating and lamination technologies allow the production of different types of flexible packaging films with high barrier properties and extended shelf-life. Recent innovations focus on developing eco-friendly packaging materials.

The geographical regions concentrating the highest flexible packaging market value are North America and Europe due to stringent regulations promoting sustainability. Developed markets have a higher consumption of packaged food and other consumer goods driving packaging demand.

The Asia Pacific region is projected to be the fastest growing market during the forecast period. Expanding middle-class population, rising disposable incomes and growth in food processing and pharmaceutical industries are fueling the flexible packaging usage. Developing Asian countries offer lucrative market opportunities with growing exports of packaged food and consumer goods.

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