Overview of the market
Detailed market research has revealed that the value of the global flexible packaging market is estimated at $ 230 billion (approximately) during the 2022-2028 forecast period. The market is expected to have a CAGR of 4.9% during this period.
Due to population growth, busy lifestyles, rising incomes, urbanization and increased internet use, the need for safe and long-term packaging has increased significantly. These factors will drive the market and help the size of the global flexible packaging market reach the estimated value by the end of 2028.
The COVID-19 epidemic has adversely affected the growth of the global flexible packaging market. Due to a strict closure, the supply chain was broken. At the same time, the demand for ready-to-eat food items is growing. E-commerce sales also rose, which helped boost the global flexible packaging market.
Market segmentation
The global flexible packaging market is huge. To better study current trends, the market is segmented based on region, technology, material and product type.
Based on the type, the market is further divided into bags, bags, wrappers, bags and others.
Based on the material, the flexible packaging market is further divided into plastic, aluminum foil, paper, and others. In 2020, the maximum share of the market is dominated by plastic packaging materials.
Based on end users or application, the market is divided into pharmaceuticals, food and beverages, cosmetics, furniture and others.
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Regional classifications
The global flexible packaging market is divided into Europe, North America, Asia-Pacific and the rest of the world. North America occupies a significant share of the flexible packaging market revenue. Supportive government policies and regulations have helped this region achieve significant growth in the flexible packaging sector.
The report predicts that the Asia-Pacific region will dominate the market within the forecast period 2022 to 2028. Rising industrialization, economic development and rising consumer awareness of food safety are the main factors in the steady growth of the flexible packaging market in the Asia-Pacific region. Consistently.
Within the forecast period, the market for flexible packaging materials in the European region is also expected to grow significantly. The growing demand for cosmetics and beauty care in countries like Germany, France and the UK is going to create opportunities for the flexible packaging market in the coming years.
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Industry News
New product launches, joint ventures, business expansion and huge investments in research and development by the global and local companies of the flexible packaging market are the main market engines for continuous growth.
Amcor Limited acquired the Bemis Corporation in 2018 and expanded its business. In 2019, Amcor opened testing laboratories in Manchester (England) and Michigan (USA) to expand its worldwide operations in the personal care, beauty and pet food sectors.
In 2020, Smurfit Kappa launched a new product, ‘Bag-in-Box’, which keeps the products fresh for more than two years after opening.
Fujifilm launched a new product, FP790, a water-based jet extruder for easy packing in June 2021.
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