Flexible Packaging Paper Market Size, Scope 2022-2028
The global flexible packaging paper market size was valued at USD 25.1 billion in 2021 and is poised to grow at a significant CAGR of 2.1% during the forecast period 2022-28. Growing demand for several food items like snacks, beverages, coffee, and sugar packaging drives the flexible packaging paper market. Flexible packaging is also used in retail, non-food, industrial applications, consumer storage and trash bags, wraps, shrink, and stretch films which all are creating demand for the market. In addition, growing concern related to disposal of plastic waste has created growth opportunities for flexible packaging paper market.
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The global flexible packaging paper market segmention:
- By Product Type (Kraft Paper, Parchment Paper, Greaseproof Paper, Sulfite Paper, and Glassine Paper),
- By Product (Bags & Sacks, Pouches, Envelopes, Wraps, and Sachets),
- By End User (Food, Pharmaceuticals, Consumer Goods, Agriculture, Personal care & Cosmetics, and Others)
Kraft paper Segment Dominates the Flexible Packaging Paper Market
The kraft paper segment holds a major share of the flexible packaging paper market owing to the rise in demand for kraft papers in various end-use industries, such as food & beverages, building & construction, cosmetics & personal care automotive, and consumer durables. Factors such as cost-efficient, lightweight, safer distribution are driving the demand for flexible packaging paper market.
Asia Pacific Leads Flexible Packaging Paper Market
The Asia Pacific flexible packaging market is anticipated to grow with a CAGR of 44.2% during the forecast period of 2022-2028. Increase in demand for the flexible packaging, R& D development, increasing key market players across the region are boosting the flexible packaging paper market in this region. Furthermore, the Middle East and Africa are expected to increase at the fastest rate over the forecast period.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
The global flexible packaging paper market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In Jan 2022, JK Paper begins commercial production at packaging board plant. The plant will upscale the company’s annual capacity from 455,000t to 625,000t. In Oct 2021, Smurfit Kappa completes €360m acquisition of containerboard mill in Italy.
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Key player’s profiles in the flexible packaging paper market report are Canadian Kraft Paper Ltd., KRPA Holding., Emami paper mills Ltd., Gulf Paper Manufacturing Company, JK Paper, Mondi Group., WestRock Company, Smurfit Kappa, Amcor plc.
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