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| Flexible Packaging Market |
Flexible packaging is a type of packaging that uses materials like plastic, paper, aluminum foil or film that can be easily sealed, closed, opened and resealed for multiple uses and provides protection as well as convenience to the product inside. Flexible packaging offers lightweight, low cost, and uses less material as compared to alternatives while retaining product freshness. They help extend the shelf life of products and maintain product integrity during shipping and storage. The flexible packaging finds its applications in food and beverage, healthcare, cosmetics and personal care, and homecare products. The need for convenient and easy to carry packaging has increased the demand for flexible packaging globally.
The Global Flexible Packaging Market is estimated to be valued at US$ 86.35 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Flexible Packaging are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (china),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany).
The growing Flexible Packaging Market Size for flexible packaging from food and beverage industry is driving the market growth. Changing lifestyle and rise in disposable incomes have increased the demand for convenient and ready-to-eat food items which require flexible packaging.
The flexible packaging market is expanding globally with increasing number of exports of packaged food and pharma products. The emerging economies offer immense growth opportunities with rising middle class population demanding Better living standards.
Market Key Trends
One of the main trends in flexible packaging market is increasing preference for eco-friendly and sustainable packaging materials. With rising environmental concerns, manufacturers are focused on producing packaging with reduced plastic content and use of recyclable or biodegradable materials. Flexible packaging companies are investing in Research and development to offer innovative solutions made from renewable resources, without compromising on functionality and shelf life. This trend is expected to gain more prominence in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the initial investment required for the flexible packaging industry is significantly high.
Bargaining power of buyers: The bargaining power of buyers is high as the flexible packaging industry has many buyers in the food and beverage sector.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers for the flexible packaging industry.
Threat of new substitutes: The threat of new substitutes is low as flexible packaging provides better protection and convenience than rigid packaging alternatives.
Competitive rivalry: The competition is intense with the presence of numerous packaging companies striving to gain market share.
Geographical concentration
North America region dominates the flexible packaging market in terms of value. The USA has the largest packaged food and beverage sector which drives the demand for flexible packaging. Changing lifestyle and growing demand for convenience foods have increased the application of flexible packaging in the country.
Fastest growing region
Asia Pacific region is forecasted to grow at the fastest rate during the forecast period in the flexible packaging market. Rapid urbanization, rising disposable incomes and increasing consumption of packaged foods have contributed to the growth of the flexible packaging industry in emerging economies such as India and China. Additionally, growing middle-class population is favoring the packaging sector growth in the Asia Pacific region.
Geographical Regions
The Middle East and Africa region is projected to offer lucrative opportunities for the flexible packaging market players. The flexible packaging demand is supported by expanding food retail sector and growing tourism industry in the region. Increasing awareness about the benefits of flexible packaging like lightweight and ease of handling is propelling its adoption over traditional rigid containers in countries like UAE, Saudi Arabia and South Africa.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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