Home > Pressrelease > Flexible Packaging Market size to exceed USD 390 billion by 2028

Flexible Packaging Market size to exceed USD 390 billion by 2028

  • Published Date: May 20, 2022

According to a new research report by Global Market Insights, Inc the global Flexible Packaging Market size is estimated to surpass USD 390 billion by 2028 owing to a surge in demand of food and beverages by rising population.
 

In recent years, the food processing industry witnessed a substantial development for the supply and distribution of preservative-free inputs to improve the food service sector. Companies are investing heavily in research & development of new and sustainable packaging solutions to gain a competitive advantage in the market.
 

The initial investment in flexible packaging market is high due to the involvement of expensive machinery and equipment along with raw material procurement. However, adoption of modern production technologies and raw material innovations has increased the overall efficiency and reduced the cost of manufacturing providing lucrative return of investment to manufacturers.
 

Flexible packaging are viable effective materials for the storage and preservation of varied range of products comprising of food and beverage, personal care, and pharmaceuticals. The formulation of appropriate regulations related to sectors will also have impact on the market. Producers are expected to form strategic alliances, creating greater opportunities for the development of the flexible packaging market during the projected time frame.
 

Growing demand for non-hazardous flexible packaging in medical and nutraceutical industry will foster cellulosic film packaging demand

Flexible packaging market for cellulosic material is expected to surpass USD 28.5 billion by 2028 owing to high consumer preference towards eco-friendly and sustainable products packaging sector. Moreover, the product offers significant potential for prevention and storage of products from various climatic and non-climatic deteriorating factors. Key properties such as shelf-life enhancement and biodegradability will continue to fuel the market growth for the cellulosic flexible packaging.
 

Cellulose film packaging, also known as bio-compostable packaging, is becoming more popular in the personal care and food & beverage industries as pouches or bags. With increased awareness of environmental concerns, the biodegradable nature of cellulose film has made it an ideal choice for the development of sustainable packaging solutions. Growing consumer awareness for environment friendly products and preference for green products will further propel the flexible packaging market growth.
 

“As per industry forecasts, cellulose film flexible packaging is forecasted to witness a substantial growth of 4.5% at the end of 2028 owing to sprouting application in prepared dry food service industry”

 Browse key industry insights spread across 300 pages with 270 market data tables & 15 figures & charts from the report, “Global Flexible Packaging Market Size By Material (Polymer [Polyester, Polyethylene, Polystyrene, Polypropylene], Paper, Aluminum, Cellulosic), By Product (Pillow Pouches, Stand-up Pouches, Four Side Seal Pouches), By Application (Food & Beverage, Personal Care, Healthcare, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/flexible-packaging-market
 

Growing demand for durable and convenient flexible packaging in food and beverage industry will promote the four-side sealed pouch demand

Four-sided seal pouches of the product type segment is projected to account for over USD 90 billion in 2028, owing to its excessive tensile strength for product safety. These four side seal pouches are multilayered form of film and are completely sealed on all its sides with one side open for filling purposes. The sealing of all pouch sides ensures a consistent appearance and better product protection. Four side seal pouches display superiority in the segment with better sealing strength and vacuum finish.
 

“As per the analysis, four-sided seal pouch packaging is forecasted to reach a growth over 5% by 2028 owing to surging product adoption in food processing industries”
 

 Advancements in the existing medical devices and pharmaceuticals will promote the expansion of flexible packaging in the healthcare industry

Based on application the healthcare segment is estimated to surpass USD 45 billion by 2028. The healthcare industry has witnessed major technological changes and has progressed from its traditional practices to the current state, where advanced technology is being deployed to improve efficiency and meet the growing demand for sustainable packaging. Rising environmental awareness and government regulations are putting pressure on pharmaceutical companies to adopt more sustainable processes. These advancements by medical device and pharmaceutical manufacturers provide opportunities for the flexible packaging manufacturers.
 

“Recent industry insights suggest that the healthcare industry is forecasted to reach a growth over 6% by 2028 owing to germinating implementation in pharmaceuticals.”
 

Strong growth of the consumer goods industries in Europe will foster the product demand

The Europe region is projected to achieve more than USD 95 billion by the end of 2028. Consumer goods industry witnessed a substantial growth in the recent years owing to the changing consumer preferences, rapid urbanization promoting the consumers to adopt modern and eco-friendly products. The lifted need for more attractive and sustainable packaging in the region shall boost the market demand.
 

Rising consumer consciousness toward clean-label products has increased the need of flexible packaging in the region, driving market growth. The drive for redefined sustainability coupled with increased hygiene and consumer-safety concerns due to covid-19 pandemic has increased the demand for flexible packaging in the region.
 

Key market participants in flexible packaging industry are Bemis, Ampac holdings LLC, Amcor Limited, Constantia Flexibles GROUP Gmbh, Sonoco Products Company, Mondi Group, Coveris Holdings S.A., Sealed Air Corporation, Clondalkin Group Holdings B.V. and Wipak Group among many others. These players are also involved in various strategies and initiatives including technological advancements, product launches, and mergers & acquisitions in order to gain substantial market share.
 

For instance, In February 2022, Mondi Group has created fully recyclable mono- PE refill pouch for Henkel’s Pril hand dishwashing liquid. This product development will help Henkel to move closer to its sustainability targets of making 100% of its packaging recyclable or reusable.
 

Authors: Kunal Ahuja, Amit Rawat