Global flexible packaging market at over US$237 billion by 2028

The report on the global flexible markets released by ResearchAndMarkets.com shows that the flexible packaging market is projected to reach US$ 237,975.67 million by 2028 from US$ 176,173.61 million in 2021; with projected CAGR of 4.4% from 2021 to 2028.

Flexible packaging is a box or container composed of flexible materials that can easily change shape as per the contents. Paper, plastic, film, foil, or any combination of these materials are used in flexible packaging. Growth in modern retailing, high consumer income, and acceleration in e-commerce activities, especially in the emerging economies, are likely to support the growth of the flexible packaging market during the forecast period.

Based on application, the flexible packaging market is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. In 2020, the food & beverage segment accounted for the largest revenue share. Flexible packaging helps reduce energy consumption, raw materials use, and CO2 emissions during the transportation of food products. The form of flexible packaging available with food retailers includes films, flexible pouches, skin packs, clamshells, modified atmosphere packaging (MAP).

In 2020, Asia Pacific held the largest revenue share of the global flexible packaging market. The demand for flexible packaging is derived from the growth of various end-user industries such as healthcare and food & beverages.

Some of the key factors behind the significant growth of the Asia Pacific flexible packaging market are rising disposable income, improvement in the standard of living, and growing consumer demand for convenient packaging solutions. Hectic work lifestyle has induced the demand for easy-to-use and carry packaged food & beverage products, thereby driving the growth of the Asia Pacific flexible packaging market.

Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill customers' requirements.

A few of the key players operating in the global flexible packaging market include Amcor plc, Huhtamaki, Mondi, Berry Global Inc., Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, FlexPak Services, and Transcontinental Inc.