According to the latest report "Flexible Packaging Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2023-2028" by IMARC Group, the global flexible packaging market size will reach USD 130.6 billion in 2022. Looking ahead, IMARC Group expects the market size to reach USD 167.2 billion by 2028, with an average annual growth rate (CAGR) of 4.1% for the period 2023-2028.
Flexible packaging refers to packaging made of yielding and flexible materials that can be easily molded into various shapes. They are crafted from the highest quality film, foil, paper, and more. The flexible packaging material provides comprehensive protection characteristics. They can be obtained in the shape of a pouch, pouch, liner, etc., provide effective resistance to extreme temperatures, and act as an effective moisture-proof sealant. As a result, flexible packaging products are widely used in numerous fields, including food and beverage (F&B), pharmaceuticals, cosmetics and personal care, e-commerce, etc.
In the foodservice segment, rising adoption of products packaging ready-to-eat meals and other products, which are frequently shifted from refrigerators to microwave ovens to enhance their shelf life, provide adequate heat and moisture barrier, and ensure ease of use, is primarily driving flexible packaging market development. At the same time, increasing use of packaging solutions for packaging meat, poultry, and seafood products to enhance sustainability, food safety, transparency, and reduce food waste is another significant growth inducer. Moreover, increasing focus by major manufacturers on developing sustainable and environment-friendly packaging products due to growing concerns about adverse effects of biodegradable polymers used in flexible packaging is also positively affecting the global market.
Apart from this, increasing usage of flexible plastic packaging in e-commerce due to its durable, waterproof, lightweight, and recyclable features is further stimulating the market growth. Moreover, swelling demand for household essentials and medical supplies, and development of novel packaging products such as degradable films, bag-in-box, collapsible pouches, and others are expected to expand the flexible packaging market over the forecast period.
Post time: Apr-04-2023