Various businesses, including in pharmaceutical and food industries, are leveraging an array of characteristics of flexible packaging to improve the marketability of their products.
Key advantages these industries reap include high environmental sustainability, better product safety, lower shipping cost, and shelf appeal.
In addition, customizable barrier properties of flexible packaging have helped the demand in food sector to grow at the rate of ~5% during 2019 – 2027.
The global flexible packaging market is projected to clock a CAGR of ~5%, vis-à-vis value, from 2019 to 2027 and reach worth of ~US$ 535 Bn by 2027-end.
TMR analysts for this market opine that stakeholders will gain revenues by leveraging the quotient of sustainability. They further affirm that those offering multi-layered packaging will unlock competitive value in flexible packaging market.
Flexible Packaging Market: Key Driving Factors and Promising Avenues
The conscious shift of industries and end consumers toward packaging that are environmentally sustainable, offer better product protection, and use relatively less materials has been key to steady evolution of the flexible packaging market.
Some of the notable drivers and trends supporting this are:
A wide range of protection properties has also nudged pharmaceutical companies to prefer flexible packaging over others.
Adoption of flexible packaging helps them maintain product integrity over long duration.
- World over, packaging sector and its end users have strongly echoing the demand for new materials that boost their sustainability profile. A key trend spurring their efforts is constant innovations in materials and technologies used to produce flexible packaging. A case in point is their focus on high-end plastic polymers.
- Advent of biodegradable plastics has opened a new canvas for players in the flexible packaging market to make a transition towards environmental sustainability.
- Demand for consumer goods with high shelf-life and appeal spurs brands to adopt different types of flexible packaging.
Flexible Packaging Market: Competitive Dynamics
- The flexible packaging market is characterized by fragmented competitive landscape. The top ten players jointly accounted for mere ~7% of the total revenue share.
- Leading players include Huhtamäki Oyj, Coveris Holdings S.A., Berry Global Group, Inc., Sealed Air Corporation, Amcor Plc, and Winpak Ltd. These players are gearing toward acquisition as a key strategy to consolidate their shares or the global standing.
- Numerous prominent producers of flexible packaging are engaged in research and development to unveil new materials that might make end-use industries reap competitive gains. These materials reflect high barrier properties and custom qualities.
Flexible Packaging Market: Regional Landscape
Geographically, Asia Pacific is expected to be a remarkably emerging market.
The opportunities in the regional market are expected to grow at ~6% during the forecast years.
A strong macroeconomic framework and presence of numerous aspiring packaging producers have kept the region increasingly lucrative.
The market’s expansion has also been spurred the rise in demand for flexible packaging for food products.
A healthy growth stimulus has also come from widespread demand for sachets and stick packets in the region.
The region is expected to hold ~45% share in the global flexible packaging market by 2027.
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