Product ID: SQMIG15A2190
Report ID:
SQMIG15A2190 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
59 |
Figures:
75
Global Flexible Packaging Market size was valued at USD 261.05 billion in 2022 and is poised to grow from USD 273.58 billion in 2023 to USD 398.08 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).
The growth of the flexible packaging market is driven by the increasing demand for packaged food, which offers convenience and cost-effectiveness. Flexible packaging provides the advantages of plastic, paper, and aluminum foil without compromising printability, durability, barrier protection, freshness, or ease of use. In addition, flexible packaging has gained popularity due to its environmental benefits, as it uses less material, energy, and water during manufacturing and takes up less space in landfills. The demand for compact packaging has boosted the pouch and flexible bag segment, attracting new market entrants. The rise in sustainable packaging solutions due to regulatory pressures has also contributed to the surge in demand for flexible packaging. The US market is a significant player in the flexible packaging industry, driven by major application industry players and the high market penetration of ready-to-eat meals due to busy lifestyles. Flexible packaging is widely used in food product packaging, such as snacks, dairy, and smoothies. The increase in packaged food consumption globally, driven by consumer lifestyle changes and food processing innovations, has propelled the demand for flexible packaging. The adoption of flexible packaging formats such as pouches has significantly reduced material and transportation costs, improving profit margins for application industry players. Moreover, stand-up pouches serve as a marketing tool in supermarkets, with more space for graphics to entice consumers, attracting application industries such as food and beverage and cosmetics. The flexible packaging market is driven by the advantages it offers, such as sustainability, convenience, and cost-effectiveness, making it an attractive option for packaging solutions.
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Product ID: SQMIG15A2190