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Flexible Packaging Market – study navigating the future growth outlook 2021 – 2027

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Flexible Packaging Market – study navigating the future growth outlook 2021 – 2027

June 26
01:17 2021
Flexible Packaging Market - study navigating the future growth outlook 2021 - 2027

Flexible Packaging Market
Globally, revenue generated by the flexible packaging market is anticipated to reach ~ US$ 370 Bn in 2019, and is projected to expand at a CAGR of ~5% in terms of value during the forecast period, change in product design and appearance, along with ease of handling and storage of flexible packaging, is estimated to drive market growth.

Transparency Market Research delivers key insights on the flexible packaging market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global flexible packaging market is projected to expand at a CAGR of ~5% during the forecast period, due to several factors, about which, TMR offers detailed insights and forecast in this report.

Flexible Packaging Market – An Overview

Flexible packaging is a format that is made up of various materials such as plastic, paper, metal, etc., and has the barrier property to protect products from contamination and the external environment. Flexible packaging is widely preferred due to its properties such as cost-effectiveness, durability, and light weight. There is the use of a wide variety of plastic polymers that include polypropylene, polyethylene, polyester, and nylon in producing films for flexible packaging. These plastic films are used to create products such pouches, bags, and other flexible products.  

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Asia Pacific (APAC) Region to Witness Growth Opportunities

The flexible packaging market in Asia Pacific is estimated to hold a dominant position in terms of market share, estimated to be ~41% in 2019 and ~45% by the end of the forecast period in the global flexible packaging market. China and India, together, are projected to account for ~57% of the APAC flexible packaging market in 2019. In the APAC region, India & China are the highly emerging markets for the extended growth of the flexible packaging market. The need for convenience packaging is the ongoing trend in the flexible packaging market in the Asia Pacific region. The packaging type that can increase the barrier property against the external environment, along with providing sustainability, raises the sales of flexible packaging in the market.

North America holds approximately one-fourth of the global flexible packaging market share. However, it is expected to experience less growth as compared to the market in the APAC region over the forecast period.

Global Flexible Packaging Market: Competition Landscape

In the global market report on flexible packaging, a detailed competition landscape is discussed. Some of the key players in the global flexible packaging market that are included in the report are Amcor plc, Winpak Ltd., Sealed Air Corp, Sonoco Products Company, Berry Global Group, Inc., DS Smith Plc, and Coveris Holdings S.A.. These are the market leaders with a combined market share of ~5% of the global flexible packaging market.

The food sector has been the largest end user of flexible packaging, and in 2018, held a ~30% share of the global flexible packaging market. This is projected to rise over the forecast period at the rate of ~5%, and the food sector is likely to continue to hold the largest chunk of the revenue and sales in the market. This can be attributed to several benefits, including lowered production and transportation costs, customizable barrier properties, and protection of product integrity offered by flexible packaging.

However, the pharmaceuticals industry is quickly gaining significance in the flexible packaging market, projected to grow the fastest at a healthy pace of ~6% during the forecast period of 2019-2027. Customizable packaging, recyclability, and convenience are the major factors that have contributed to the growing popularity of flexible packaging in the pharmaceuticals sector.

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Global Flexible Packaging Market – Key Developments

Manufacturers in the global flexible packaging market are mainly concentrating on recognition and acquisitions to expand their production facilities for flexible packaging. At present, key participants in the flexible packaging market are focussing on the production of attractive, convenient, and innovative packaging. Focus on developing environment-friendly material to protect nature by cutting the amount and type of material used is the main criteria of manufacturing companies.

In July 2019, Coveris acquired Amberley Adhesive Labels Ltd., a company based in the U.K., to strengthen its Labels & Board business in flexible packaging.

In July 2019, ProAmpac LLC won two PAC Canadian Leadership packaging awards for its flexible packages.

In June 2019, Amcor acquired Bemis, to become a global leader in flexible packaging.

In February 2019, Sealed Air Corporation expanded its food packaging operations in Asia with the acquisition of MGM’S flexible packaging business.

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