Flexible Packaging Market is Anticipated to Reach USD 230.78 billion by 2030 | (4.9% CAGR)
Feb 07, 2023
By 2030, the flexible packaging market is expected to be worth USD 230.78 billion, growing at a 4.9% CAGR (2022 to 2030). In 2021, the market was worth USD 168.52 billion.
The market trends for flexible packaging are anticipated to rise during the anticipated period due to a number of variables. The significant shift in consumer preference for processed meals is one of the main motivators. The parts are stylish and portable. Today’s consumers are aware of the negative effects of non-degradable products. The flexible packaging ensures that the items are wrapped effectively and responsibly. Plastic, paper, metal, and foil all require less storage than other types of packaging. In addition, the price of packaging for bakery, candy, and other goods is much lower.
One of the primary obstacles to industry expansion is the government’s stringent laws and regulations. The development of various technologically advanced products and the rising demand for environmentally friendly packaging would partially restrain market expansion, claims the flexible packaging market projection. Additionally, industry growth in the upcoming years will be hampered by the need to keep high standards.
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The advancement of nanotechnology has led to better packaging in the pharmaceutical, cosmetic, food, and industrial sectors. Due to flexible materials that are recyclable, biodegradable, and advantageous to the environment, the market share for flexible packaging will increase. It is simple to handle, effective for transportation, and very resistant to the impacts of the outer environment. It will lower the cost of shipping. Easy packaging will successfully encourage the international trade of varied goods as a result.
North America, Asia-Pacific, Europe, and the Rest of the World are the segments of this market, according to the market analysis. The market is largely dominated by the North American region. Government policies, laws, and regulations that are supportive have made it easier for new industrial facilities to be developed across North America.
During the forecast period, the market is anticipated to be led by the Asia-Pacific region. Two growing countries, India and China, have experienced significant growth. Among the key drivers are population growth, rising economic worth, and the rate of industrialization expansion. Because consumers are more aware of food safety, they now appreciate packaging that is lightweight and efficient.
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The Asia-Pacific region is ranked first, followed by the European region. Several pharmaceutical businesses are helping to increase the market share for flexible packaging. The makeup and cosmetics industries in Italy, France, Germany, and the UK also contribute to the market’s growth.
During the projection period, significant growth is also expected in the countries of the rest of the globe. Governments in countries like Saudi Arabia have been investing in research and development. owing to these enabling laws. The size of the pharmaceutical industry has grown significantly in recent years. The TC Transcontinental recycle-ready PCR flexible packaging material viewer comes in two different versions, one with 38% PCR and the other with 50% PCR.
Flexible packaging is broken down into many market sectors based on application, type, technology, and material. Based on technology, the market is further divided into flexography and digital printing. Based on type, the market is segmented into pouches, bags, sachets, wraps, and other items.
Depending on the type of material, the market is further segmented into foil, paper, aluminium, plastic, and other categories.
Furniture, beverages, cosmetics, food, pharmaceuticals, and other products are among the application-based segments into which the market is further subdivided. To improve its sorting and recycling operations by providing traceability, Dow Packaging and Speciality Plastics is collaborating with Reifenhäuser, HP Indigo, Cadel Deinking, and Karlville to integrate the R-Cycle digital product passport with its pouch-to-pouch mechanical recycling.
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Since flexible packaging cannot be differentiated based on its components, the type of plastics it is made of, or the sort of object it is attached to, Dow claims that downcycling and thermal recycling are on the rise. Cycle envisioned that when flexible packaging uses R-technology to move through the waste, it might be separated in this manner.
Clondalkin Group (Netherlands), Reynolds (New Zealand), Berry Global Inc. (US), Sealed Air Corporation (US), Sonoco Products Company (US), Mondi Group (Austria), CONSTANTIA (Austria), Amcor Limited (Australia), HUHTAMAKI Group (Finland), Coveris Holdings SA
Aluminum Foil Packaging market; https://www.marketresearchfuture.com/reports/aluminum-foil-packaging-market-5117
Biodegradable Mulch Films Market: https://www.marketresearchfuture.com/reports/biodegradable-mulch-films-market-2489
Corrugated Boxes Market: https://www.marketresearchfuture.com/reports/corrugated-boxes-market-4179
Corrugated Packaging market: https://www.marketresearchfuture.com/reports/corrugated-packaging-market-1205
Cosmetic Packaging market: https://www.marketresearchfuture.com/reports/cosmetic-packaging-market-1778
Digital Printing Packaging Market: https://www.marketresearchfuture.com/reports/digital-printing-packaging-market-2782
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