Report says global flexible packaging to notch up USD 445-bn

The flexible packaging market is poised for remarkable expansion. Projections indicate a journey from its 2022 valuation of USD 283-billion, experiencing a 4.7% CAGR from 2023 to 2032. This upward trajectory is anticipated to culminate in a market size of USD 445.82-billion by 2032.

As per a note issued by Towards Packaging, "One of the pivotal factors steering the growth of the flexible packaging sector is the increasing emphasis on sustainable solutions. As environmental consciousness takes centre stage, the market is witnessing a surge in demand for eco-friendly and recyclable packaging materials."

The report adds, "Flexible packaging is a rapidly expanding sector within the packaging industry, offering enhanced value and market appeal for food and non-food items. It leverages the advantageous attributes of plastic, film, paper, and aluminium foil, synergistically providing a wide array of protective features while minimizing material usage.

The report looks at growth trends and provides analysis. Three notable trends are technological advancements, eCommerce boom, and emerging economies.

The report says, "The infusion of cutting-edge technologies is revolutionising the flexible packaging industry. From smart packaging solutions to innovations in materials, technology plays a pivotal role in shaping the future of the market."

It adds, "The surge in eCommerce activities globally is creating a substantial demand for flexible packaging solutions. As consumers shift towards online shopping experiences, the need for efficient, durable, and visually appealing packaging becomes paramount."

And finally, it shared, "The flexible packaging market is witnessing a surge in opportunities within emerging economies. Rapid industrialisation and urbanisation in these regions contribute significantly to the escalating demand for flexible packaging solutions. 

The Towards Packaging report talks about the Covid-19 crisis and the transformation of the flexible packaging industry. It says, "Initially, the market encountered challenges such as supply chain disruptions and temporary factory closures due to stringent global lockdown regulations. However, the global market has experienced a consistent demand for flexible packaging due to the worldwide surge in online food and grocery shopping. Additionally, the demand for packaged food and beverages has increased due to pandemic-related restrictions and the need to sustain market stability.

The study provides an analysis of the flexible packaging market along with a comprehensive overview of the key players in the industry. It includes detailed information such as company profiles, financial performance, revenue generation, market potential, research and development investments, new market initiatives, global presence, production facilities, and capacities, as well as strengths and weaknesses of each company.

Additionally, the analysis covers product launches, the breadth and depth of product offerings, and dominance in specific applications within the flexible packaging market. It is important to note that the data provided pertains specifically to the company's activities and strategies within the context of the flexible packaging market.

Some of the key players who have been mapped in the report include Cosmo Films, Polyplex, UFlex, Jindal Poly Films, and SRF among the global packaging giants.