Flexible Packaging Market Growth Analysis: Segmentation and Future Outlook
The global flexible packaging market was valued at approximately USD 270.96 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. This expansion is largely driven by rising demand for flexible packaging products within medical and pharmaceutical sectors. The appeal of flexible packaging stems from its various benefits, including the availability of diverse container types, reduced raw material requirements, ease of disposal, and its lightweight characteristics, which are expected to further increase demand throughout the forecast period.
Data from the Flexible Packaging Association reveals that around 34.7 million tons of food are discarded in landfills annually, with this food waste contributing 27 million tons of carbon dioxide emissions. Additionally, food production has indirect environmental effects, such as greenhouse gases from livestock farming, emissions from agricultural machinery and food transportation, and nutrient runoff from fertilizers, which often results in water pollution. Lengthening the shelf life of food products is essential to minimizing food waste. Factors like oxygen and moisture can degrade the freshness of food, making it unsafe for consumption due to potential mold growth. Food shelf life is influenced by conditions such as storage methods, packaging materials, and exposure to environmental factors like microorganisms, oxygen, light, and moisture.
Gather more insights about the market drivers, restrains and growth of the Global Flexible Packaging Market
Flexible packaging is often composed of plastic films with high-barrier properties that effectively prevent moisture, light, and oxygen from reaching sensitive food items. Additionally, resealable closures provided in flexible packaging allow users to securely close bags or pouches, maintaining food freshness across multiple uses. The market landscape includes a high number of small and medium-sized companies, resulting in a fragmented market, particularly in the downstream segment. Major companies leverage product differentiation as a key strategy to drive demand, alongside approaches such as economies of scale, competitive pricing, improved product quality, and portfolio expansion, which provide them a competitive edge over regional players.
Increasingly, companies are focusing on sustainable packaging materials within the flexible packaging market. For example, in April 2024, Sealed Air and Ossid launched a global partnership to offer a comprehensive solution for tray overwrapping machinery and material requirements. Through this collaboration, customers can purchase a complete overwrapping solution combining Ossid’s machinery and SEE’s trays and film, bringing together SEE’s sustainable food packaging expertise with Ossid’s extensive range of packaging machinery. In February 2024, Amcor entered into an agreement with Cadbury to supply 1,000 tons of post-consumer recycled plastic for Cadbury’s core chocolate range packaging. This partnership supports Cadbury’s aim to reduce its virgin plastic usage, with a goal of using 50% recycled plastic in chocolate packaging across its blocks, bars, and pieces range produced in Australia.
Application Insights
The primary applications of flexible packaging include food, beverages, pharmaceuticals and healthcare, and personal care and cosmetics, among others. The food sector led the market with the highest revenue share in 2023. Growing demand for packaged foods such as ready-to-eat meals, frozen foods, snack items, and baking mixes is expected to prompt flexible packaging manufacturers to expand production, thereby supporting market growth during the forecast period.
Within pharmaceuticals, flexible packaging encompasses non-rigid forms used to protect various drug products, including powders, tablets, and capsules. Common types include pouches, blister packs, and strip packs, with examples in this sector including ointments, creams, wipes, and medical swabs.
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