Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 938 Pages
Delivery time: 1-2 business days
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Global Flexible Packaging Market to Reach US$261.1 Billion by the Year 2026
Flexible packaging is a type of packaging that involves packaging containers made using flexible materials that alter shape with the filled-in products. Flexible packaging is emerging as one of the high growth segments in the overall packaging industry. Across several applications, flexible packaging is gaining preference over traditional rigid packaging, given inherent advantages in their usage including low raw material use, lower costs of shipping final products, and low storage space. Brand owners are increasingly showing preference for flexible packaging driven by convenience benefits, growing consumer appeal, and ability to differentiate their offerings from competition. Growth in the global market is largely driven by the expansion of processed food sector. The changing consumer preferences and growing demand for fast food and convenience foods are propelling demand for lightweight packaging, thus boosting market prospects. Growing population, increasing incomes and changing eating habits along with growing consumption of various other products in emerging markets are significant opportunities that lie ahead for flexible packaging. Another key trend in the global market for flexible packaging in the coming years would be increasing popularity of innovative packaging shapes. Significant improvements are seen in flexographic printing abilities, which enable production of more detailed and colorful packaging for products.
Amid the COVID-19 crisis, the global market for Flexible Packaging estimated at US$164.4 Billion in the year 2020, is projected to reach a revised size of US$261.1 Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Plastic, one of the segments analyzed in the report, is projected to grow at a 7.9% CAGR to reach US$181.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Paper segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 19.4% share of the global Flexible Packaging market. Plastic films are the leading types of material along with polyethylene and polypropylene in flexible packaging products. The favorable position enjoyed by the material is due to the large market coverage and better availability of superior products such as metallocene grades Paper and paperboard represent another widely used material for converted flexible packaging. Manufacturers are developing new paperboard packaging solutions to address the demand for simple, lightweight and convenient packaging.
The U.S. Market is Estimated at $43.3 Billion in 2021, While China is Forecast to Reach $58.1 Billion by 2026
The Flexible Packaging market in the U.S. is estimated at US$43.3 Billion in the year 2021. The country currently accounts for a 24.3% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$58.1 Billion in the year 2026 trailing a CAGR of 9.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 6.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR while Rest of European market (as defined in the study) will reach US$63.3 Billion by the end of the analysis period. Major factors that are likely to drive demand for flexible packaging in Asia-Pacific include rising incomes, growing demand for retail pharmaceutical and non-food products, rising demand for packaged food, growing reach of organized retail distribution and changing eating habits and lifestyles. In the coming years, developed markets of Europe and North America are expected to exhibit a steady demand for flexible packaging in applications such as dairy and cheese, medical products/pharmaceuticals, confectionery and dried fruits.
By Application, Food & Beverages Segment to Reach 176.5 Billion by 2026
Growth in the food packaging market is attributed to a surge in packaged food consumption due to busy lifestyles, changing food habits and rapid growth in organized retail distribution. Demand is anticipated to be steady from this end-use sector, as food products consumption would remain steady irrespective of economic conditions. In the global Food & Beverages (Application) segment, USA, Canada, Japan, China and Europe will drive the 7.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$80.7 Billion in the year 2020 will reach a projected size of US$137.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$29.1 Billion by the year 2026, while Latin America will expand at a 9.3% CAGR through the analysis period.
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