Global Flexible Packaging Market to Exhibit 4.66% CAGR by 2028

 

 Triton Market Research presents the Global Flexible Packaging Market segmented by Raw Material (Paper, Bioplastic, Aluminum, Plastic), Application (Food & Beverage, Pharmaceuticals, Cosmetics, Others), Type (Stand-Up Pouches, Flat Pouches, Rollstock, Gusseted Bags, Wicketed Bags, Wraps), Printing Technology (Flexography, Rotogravure, Digital Printing, Others), and Geography (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research’s report states that the global market for flexible packaging will expand with a 4.66% of CAGR during the forecasted period of 2022 to 2028. In terms of volume, the market is expected to progress at a CAGR of 4.01% by 2028.

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Flexible packaging is the least-expensive material that comes with great durability and ensures product protection. These are an ideal solution for businesses looking for eco-friendly and customized packages that suit the product, brand, and other needs. Moreover, the shift to a green environment has influenced industries to adopt convenient and environment-friendly packaging. Besides, the rising trend of portable products such as food, beverages, pharmaceuticals, etc., has significantly boosted the demand for flexible packaging. The growing urbanization has also increased consumers’ focus on convenience in packaging, allowing manufacturers to provide innovation in packaging options. Hence, these factors are driving the market’s growth.

However, the cost of operations has constantly increased over the years. The materials account for 60% of the total expenses, followed by labor, manufacturing, and marketing costs. Therefore, manufacturers are increasing product costs to overcome the price rise of materials, especially aluminum, plastic, and resin. Such an increase in operational costs is restraining the growth of the flexible packaging market.

The Asia-Pacific holds the largest market for flexible packaging and is expected to bolster over the forthcoming years. The upsurge in the market is attributed to the rising packaged food market, growing plastic production, and private investments in flexible packaging. Moreover, due to the availability of low-cost labor and increasing domestic demand, the regional manufacturers are focusing on investments, expansions, acquisitions, and new product launches to expand their market share. Thus, these developments are expected to augment the growth of the flexible packaging market.

The key companies profiled in the flexible packaging market are Bryce Corporation, TCL Packaging, Takigawa Corporation, KM Packaging Services Ltd, Okura Industrial, American Packaging Corporation, Coveris Management GmbH, Solvay SA, Sealed Air Corporation, Kohjin Film & Chemicals Co Ltd, Mitsui Bussan Packaging Co Ltd, Bischof + Klein SE & Co KG, EPAC, Rengo Co Ltd, Michelman Japan LLC, Flair Flexible Packaging Corporation, Dai Nippon Printing Co Ltd, Hosokawa Yoko Co Ltd, Amerplast, Amcor Ltd, Mondi Group, Korpack Corporation, Asahi Kasei, and Handoo Package Co Ltd.

The market shows a high degree of competition due to a large number of manufacturers providing product differentiation. Such manufacturers introduce application-specific products along with technological innovation in product design and raw materials, thus increasing the competitive rivalry.

 

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