The various characteristics of plastics and films, including enhanced protection, food safety, and help increase shelf life of product, are combined in flexible packaging. These versatile packaging supplies functional solution that requires minimal production costs. From consumer goods to cosmetics to medical supplies, flexible packaging is an important component in the supply chain of many industries and products. Flexible packaging adds value and marketability of both food and non-food products by combining the finest qualities of plastic, film, paper, and aluminum foil to provide a wide range of protective properties with the least amount of material.
According to a new published report by Allied Market Research titled, “Flexible packaging Market by Fragrance Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global flexible packaging market was valued at $182.3 billion in 2020 and is projected to reach $325.6 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Download Free PDF Sample Report (Including COVID-19 effect Analysis) @ https://www.alliedmarketresearch.com/request-sample/2028
Increase in demand for snack and convenience foods in small or single size portions. The packaging industry is moving toward flexible packaging, owing to its multi-fold energy and environmental advantages. Flexible packaging combines the greatest qualities of plastic, paper, and aluminum foil without sacrificing the freshness, barrier protection, durability, printability, or simplicity of use of the product. With these advantages of flexible packaging, the market will grow during the forecast period. However, recycling of plastic packaging waste is a complex process that requires state-of-the-art infrastructural facilities. It is a time-consuming process that needs personnel expertise. This may hamper the growth of the flexible packaging market.
The global flexible packaging market is segmented on the basis of material, packaging type, end-use industry, and region.
Based on the material, the global flexible packaging market is segmented into paperboard, plastic, and aluminum foil. The plastic segment accounted for the largest share in 2020, while the paperboard segment is projected to grow at the highest CAGR of 6.8%.
Packaging type of flexible packaging include stand-up pouch, films, bag-in-box, and others. The films segment accounted for the largest flexible packaging market share in 2020, while the stand-up pouch segment is projected to be the fastest growing segment at a CAGR of 9.4%.
On the basis of end use industry, the global flexible packaging market is segmented into food & beverage, personal care, pharmaceutical, household care, industrial, and others. The food & beverage segment accounted for the largest flexible packaging market share in 2020, while the pharmaceutical segment is projected to be the fastest growing segment at a CAGR of 9.0%.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020, while North America was the fastest growing region during the forecast period. Asia-Pacific has a well-established and growing demand potential for pharmaceutical and cosmetic products.
The global flexible packaging market is consolidated in nature with a few players, such as Berry Global Inc., Amcor Plc, FlexPak Services LLC, Mondi Group, Sealed Air Corporation, Constantia Flexibles, Transcontinental Inc., Coveris Holding SA, Huhtamaki, and Sonoco, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2028
Key Findings Of The Study
- On the basis of material, the plastic segment emerged as the global leader by acquiring more than 34% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of packaging type, the films segment accounted for 70% of the global market share in FY2020.
- On the basis of end-use industry, the food & beverage segment emerged as the global leader by acquiring more than 57% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of region, Asia-Pacific is the major consumer of flexible packaging among other regions. It accounted for around 37% of the global market share in 2020.
Impact Of Covid-19 On The Global Flexible Packaging Market
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- Flexible packaging is primarily used in food & beverages, cosmetics, industrial, and personal care. Online grocery sales are expected to account for 12.4% of all e-commerce sales in the U.S. by 2021.
- During and after the lockdown, a large number of people switched to online food shopping, a trend that will surely continue.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The COVID-19 epidemic has impacted negatively on the manufacturing and industrial industries due to a scarcity of resources in various parts of the world. The industry’s top players are concerned about the market’s prospects and are rethinking their strategies to meet the challenge.
- The companies are incorporating various techniques to increase production volume and are attempting to develop innovative solutions at an affordable price that can meet customer requirements at a lower cost and support the overall breakthrough required for increased fragrance product penetration sustainability.
- The rise in public awareness about health issues is one of the factors propelling the flexible packaging market throughout the forecast period. Increase in use of sterilizing solutions as a result of the coronavirus epidemic is also driving the demand for the overall industry.
Obtain Report Details: https://www.alliedmarketresearch.com/flexible-packaging-market
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Portland, OR, United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research