The Flexible Packaging Market is being driven by Rising focus on improving shelf life of products
The Flexible Packaging Market is expected to grow at a CAGR of 3.93% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 45.1 billion. The global flexible packaging market is witnessing significant trends towards sustainability, innovation, and improved functionality. A key development is the growing preference for recyclable and compostable materials to mitigate environmental concerns and cater to the increasing demand for eco-friendly packaging solutions. Notably, manufacturers are focusing on creating packaging films and pouches using bio-based plastics derived from renewable sources like corn starch or sugarcane, thereby reducing the reliance on traditional petroleum-based plastics. For instance, Berry Global introduced NordiVent, a high-performance form-fill-seal film, comprising 50% recycled content, in July 2023. This waterproof film offers dust and moisture resistance, making it suitable for powdered products, aligning with customers' sustainability objectives.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Pouches, Bags, Films and wraps, Others) Type (Food and beverage, Healthcare, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Flexible Packaging Market Research Report
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The flexible packaging market encompasses various industries, including personal care and consumer goods, where plastic, paper, metals, and bioplastic materials are used to create pouches, bags, films and wraps, aluminum foil, and smart packaging solutions. These include stand-up pouches, bag-in-box systems, cartons, Tetra packs, and biodegradable films. Applications range from food and non-food products to electronics, cosmetics, and smart packaging, aiming to extend food shelf life, reduce wastage, and offer sustainable alternatives to glass and metal containers. Recycling and bioplastics are key trends in this market.
In the dynamic personal care industry, the market for flexible packaging encompasses various materials such as plastic, paper, and metals. The supply chain for this sector is intricately layered, involving raw material procurement from suppliers of metal container inputs like steel, aluminum, and tin; glass container raw materials including borosilicate, neutral glass, soda-lime-silica glass, treated soda-lime glass, de-alkalized soda-lime glass, and regular soda-lime glass; and plastic container raw materials such as high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC). This complex web of procurement, research and development, manufacturing, and distribution culminates in delivering high-quality, flexible packaging solutions to end-users in the personal care sector. The recycling aspect is also crucial in this industry, ensuring sustainability and reducing environmental impact.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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