by The global Flexible Packaging Market is estimated to be valued at US$ 74.95 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible packaging refers to packaging made from flexible and easily yielding materials. It includes bags, pouches, wraps, films and liners. Flexible packaging provides advantages such as cost effectiveness, ease of use and preserving the shelf life of products. It is widely used for food packaging, beverages, medical, personal care and other consumer goods. Flexible packaging allows manufacturers to introduce new shapes, sizes and opening options which helps them differentiate their products from competitors.
Market key trends:
One of the major trends in the Flexible Packaging Market Size is increasing demand for sustainable and eco-friendly packaging. Rising environmental concerns have compelled manufacturers to develop bio-based and recyclable flexible packaging solutions. Advancements in materials and printing technologies are allowing flexible packaging manufacturers to enhance product protection, shelf appeal and tamper evidence features. Growing popularity of stand-up pouches and roll stock films are expected to drive market growth over the forecast period. Flexible packaging manufacturers are focusing on innovations to reduce plastic usage through down gauging while maintaining product protection and shelf life.
Porter’s Analysis:
Threat of new entrants: The threat is moderate due to high capital requirements for R&D, manufacturing, marketing and distribution. However, growth opportunities attract new players.
Bargaining power of buyers: The power is high due to availability of substitutes and flexibility of buyers to switch to alternatives. Buyers bargain for lower prices and demand high-quality products.
Bargaining power of suppliers: The power is moderate as raw material suppliers have established supply networks. However, suppliers integrate forward to gain higher margins.
Threat of new substitutes: The threat is high with emergence of bio-based and recyclable products. Technology is driving new sustainable packaging solutions.
Competitive rivalry: The competition is high among global players to gain market share through product differentiation, brand building and contracts.
Key Takeaways:
The global Flexible Packaging Market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for packaged food & beverages. The market size for 2023 is estimated at US$ 74.95 Bn.
Regional analysis:
Asia Pacific dominated over 35% market share in 2023 led by China, India and other developing nations. Growth is driven by increasing population, urbanization and rising disposable incomes. North America and Europe are also significant markets backed by strong economies and health consciousness.
Key players: Key players operating in the flexible packaging market are Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Group, Inc., Mondi Group, Sonoco Products Co., Huhtamäki Oyj, Constantia Flexibles Gmbh, Ampac Holdings, Llc, Bischof + KleinInternational, Wipak Group, AR Packaging, Goglio Group, Schur Flexibles, Clondalkin Group, Flair Flexible Packaging Solution Cellpack Packaging, and Südpack Verpackungen. Companies focus on R&D, acquisitions and new product development to cater changing consumer needs and sustainability issues.
