In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSAmcor Limited latest technology to focus on reducing the weight in packaging. Amcor Rigid Packaging has designed and developed lightweight technology, Quantum, that was able to reduce about 50% of weight from the packaging.
ProAmpac Intermediate, Inc., a leading company in material science and flexible packaging to receive a certificate from Biodegradable Product Institute (BPI). The certificate has been provided to the company for its ProActive Compostable CPM-2000 which is a paper-based laminate for dry fruits.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~USD 65 Billion |
|
Forecast Year Market Size (2033) |
~USD 100 Billion |
The global flexible packaging market is estimated to garner a revenue of USD 100 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 65 billion in the year 2022. The growth of the market can primarily be attributed to the growing health expenditure boosting the demand for R&D, and consumption of medicines across the globe. According to the World Bank statistics, global health expenditure was stated to reach 1,121.9 U.S. dollars per capita in 2019.
Get more information on this report:Download Sample PDF
Global flexible packaging market trends such as, the growing consumption of ready-to-drink beverages is projected to influence the growth of the market positively over the forecast period. The total sales volume of ready-to-drink alcoholic beverages was anticipated to be around 60 million nine-liter cases in 2021. Moreover, the constantly rising demand for beauty products and escalating inclination of men toward personal grooming is further expected to hike the growth of the market over the forecast period. For instance, around USD 500 billion of revenue was generated by the beauty & personal care segment alone in 2022. Such factors are anticipated to hike the growth of the market over the forecast period.
Growing Demand for Flexible Packaging in Pharmaceutical
As of 2021, the pharmaceutical industry was estimated to generate nearly USD 1.5 trillion. Flexible packaging is highly required in the pharmaceutical industry since it can preserve medicines and drugs which is very helpful in the distribution procedure. Flexible packaging can be molded in any shape which becomes quite suitable to pack tablets and capsules. Hence, such a higher utilization is expected to push the growth of the market over the forecast period.
Increasing Sales of Personal Care Products
In 2022, the total revenue generated by the personal care segment was anticipated to be nearly USD 10 billion.
Higher Demand and Distribution of Ready-to-Eat Food
The ready-to-eat meals segment was valued at nearly USD 55 billion in 2022.
Remarkable Increment in the Net National Income
As per the report published by the World Bank, the adjusted net national income worldwide hit approximately USD 8,000 per capita in 2020.
Spiking Utilization of Flexible Packaging in the Automotive Industry
For instance, in 2021-22, the total sales of the passenger vehicle were estimated to be around 3 million units while nearly 1 million units of utility vehicles were sold out in 2021.
The global flexible packaging market is segmented and analyzed for demand and supply by the end-user industry into food & beverage, cosmetics, pharmaceuticals, automotive, and others, out of which, the pharmaceuticals segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the increasing demand and utilization of flexible packaging in the pharmaceutical industry. As of 2021, the revenue generated by pharma was estimated to be nearly USD 1.5 trillion.
Regionally, the global flexible packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be accounted to the rising demand for medicines and growing health expenditure. For instance, in 2019, the health expenditure of China was estimated to hit nearly USD 500 per capita while for India, it was estimated to be approximately USD 60 per capita. Such factors are estimated to hike the growth of the market during the forecast period.
The global flexible packaging market is further classified on the basis of region as follows:
Our in-depth analysis of the global flexible packaging market includes the following segments:
|
By Type |
|
|
By Material |
|
|
By Printing Technology |
|
|
By End-User Industry |
|
FREQUENTLY ASKED QUESTIONS
Growing demand for flexible packaging in pharmaceuticals is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
The requirement for higher initial investment is estimated to challenge the market growth.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Amcor Limited, Printpack, Inc., Bemis Company, Inc., Huhtamäki Oyj, Berry Global Inc., Glenroy, Inc., Mondi plc, DS Smith plc, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, material, printing technology, end-user industry, and by region.
The pharmaceuticals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions | LOB
Copyright © 2022 Research Nester. All Rights Reserved
