The Global Flexible Packaging Market is expected to grow at a CAGR of 5.12% in the forecast period of 2021-2028.
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(YorkPedia Editorial):- Bear, Delaware Aug 9, 2021 (Issuewire.com) – Market Overview
Flexible packaging is a means of packaging products through non-rigid materials, which includes more economical and customizable options. It is a comparatively new method in the packaging market and has grown popular due to its high efficiency and cost-effectiveness. Flexible packaging maintains and indicates the freshness for the products it protects. Flexible packaging improves many products’ shelf life, especially food, and has a positive sustainability profile. Polyolefin shrink films are a popular high-quality material that the FDA approves to increase shelf life for flexible packaging. Stand-up pouches with a Ziplock, vacuum pouches, laminated tubes, etc., are some of the types of flexible packaging present in the market.
A rising focus on sustainability majorly propels the global flexible packaging market; traditional rigid packaging solutions are being substituted by innovative and more sustainable solutions, flexible packaging. Improving E-commerce, digital printing, and sustainability increases the demand for flexible packaging, thus driving market development and growth.
A rising focus on sustainability majorly propels the global flexible packaging market; traditional rigid packaging solutions are being substituted by innovative and more sustainable solutions, flexible packaging
Technology and creativity have developed and continue to define flexible packaging. This tri-fold details flexible packaging and how it is at the forefront of important packaging trends, such as product protection, design and performance, consumer convenience, and sustainability. Besides, traditional rigid packaging solutions are being replaced with creative and more sustainable flexible packaging due to the growing emphasis on sustainability. As a viable and cost-effective alternative, the increasing consumer demand for customer-friendly packages and improved quality security is expected to improve flexible packaging.
For instance, manufacturers of beauty goods, such as L’Oréal and Unilever, are now investing in environmentally friendly packaging techniques to make the use of plastics in the personal care industry more sustainable. For example, L’Oréal participated in the capital increase carried out by Carbios in June 2019, which is developing new bio-industrial solutions to reinvent the life cycle of plastics.
Improving E-commerce, digital printing, and sustainability increases the demand for flexible packaging, thus driving market development and growth.
Flexible packaging is best suited to e-commerce, minimizing shipping costs as a lightweight packaging medium, and it can be built to precisely match small package transport. Shipping containers can protect difficult-to-ship goods with built-in air pockets, and pouches that stand up to air pressure and drop through the logistics channels can be used. Manufacturers are developing a business focus that caters to flexible packaging for this channel, including the specific requirements and durability solutions needed.
For instance, increasing demand from Amazon and other e-commerce retailers for specific flexible packaging standards and packaging that should withstand the parcel shipping process has created immense opportunities for key players to bring the latest technology to the market. Amazon also required extra shrink bands to prevent leaking or that liquid be packaged in a pouch. This can drive the manufacturer to produce liquids in pouches as they are a less cost-effective alternative.
September 2019 – In Manchester, Michigan, USA, Amcor opened an e-commerce testing laboratory. With this, the company will cater to customers’ online sales, particularly in pet food, sauces, cosmetics, and personal care, and home cleaning products. This laboratory is accredited for analyzing ISTA 6A packaged goods.
The growing demand for flexible plastic packaging among different end-users leads to an increase in the percentage of pollution, which hurdles the growth of flexible packaging in recent times
According to the World Economic Forum, at least 8 million tons of plastic leak into the ocean every year, which is equal to pouring the contents of one garbage truck into the ocean every minute. This is predicted to rise to two per minute by 2030 and four per minute by 2050, causing the ecosystem to be destroyed. About 90% of all the pollution in the oceans is made from plastic. Estimates say that the largest share is flexible plastic packaging. Recycling is also a big challenge in the flexible packaging industry, which offers value for re-use and contributes to lower waste; thus, increasing demand for flexible plastic packaging is hurdling the market’s growth in recent times.
COVID-19 Impact Analysis
In 2020-2021, the global demand for flexible packaging is projected to see a modest decline in its growth rate, as the packaging industry is experiencing a major decline in production. Nevertheless, there appears to be a rise in demand for flexible packaging for food, beverage, and pharmaceutical packaging applications during COVID-19. In the pharmaceutical industry, demand for flexible packaging is expected to remain robust as hospitals, medications, and PPE manufacturers respond to the crisis. It is not anticipated that demand for household necessities, healthcare, and medical supplies will decline significantly, and retail distribution via online delivery for these types of items can be expected to increase. Thus, the outbreak of COVID-19 has shown a moderate impact on the flexible packaging market’s growth, particularly in the 2020-2021 period.
The global flexible packaging market is segmented based on material, product, printing technology, end-user, and region.
Growing demand for prepared foods, including ready-to-eat meals, frozen meals, snack foods, and cake mixes, would push suppliers to increase production capacity, thus increasing demand for food & beverages goods over the forecast period.
The global flexible packaging market is segmented into food & beverages, personal care, pharmaceutical, and others in terms of end-user. The food & beverages segment is expected to build the largest market share of flexible packaging in the forecast period. It is expected that growing demand for prepared foods, including ready-to-eat meals, frozen meals, snack foods, and cake mixes, would push suppliers to increase production capacity, thus increasing demand for goods over the forecast period. It is estimated that the growing popularity of nutritional enrichment, together with the European Commission’s support to regulate the application of flexible packaging in food applications at the domestic level, would increase industry demand. In the near future, key manufacturers’ involvement and increased R&D investment to develop innovative, flexible packaging products in Europe are expected to fuel demand.
For instance, in April 2020 – A new Bag-in-Box filling solution for organic birch sap drinks has been introduced by Smurfit Kappa, providing the ideal packaging solution for a drink that keeps it fresh for up to 24 months before opening and 8 weeks after opening.
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Growing demand for packaged food, combined with the increasing flourishing food & beverage industry, is expected to spur demand over the forecast period for flexible packaging in the Asia-Pacific region
Asia-Pacific region is reported to show significant growth in the flexible packaging market in recent times and is expected to maintain dominance in the projected time frame. The growth of the regional market, especially in China and India, is due to the flourishing food & beverage industry. Growing demand for packaged food, combined with increasing customer disposable income, is expected to spur demand over the forecast period for flexible packaging. Packaging is the fifth-largest industry in the Indian economy and is one of the country’s fastest-growing industries. The sector is rising at 22 -25 percent per annum, according to the Packaging Industry Association of India (PIAI). Furthermore, India has experienced sustainable packaging growth in recent years due to increased consumption and awareness of packaged foods and the demand for quality products. Consumer awareness of packaged food, specifically packaged food shipments, has increased the demand for flexible packaging in the region, thereby uplifting its market share.
The flexible packaging market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market’s growth include CLONDALKIN GROUP, Berry Global Inc, Amcor, Reynolds, Bemis Company, Inc, Sonoco, Mondi Group, Constantia Flexibles Group GmbH, Huhtamaki Group, Coveris Holdings S.A., and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the flexible packaging market’s growth globally. Key players are favoring expansion as the growth strategy to build their business.