Flexible Packaging Market size is estimated to cross USD 100 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of flexible packaging was USD 65 Billion. The growth of the market can primarily be attributed to the growing demand for cosmetics, boosting the demand for eCommerce sales, and the utilization of all types of products by people across the globe to maintain their skin and hair. As per the estimations, in the United States alone about USD 50 billion is spent on cosmetics every year with USD 240 to USD 300 for one month. Cosmetic manufacturers love flexible packaging, as it helps to pack liquid forms of products without spillage or leak issues. Creams, lotions, oils, and spray tan liquids are packed using flexible packaging, which reduces cost and occupies less space in warehouse and on salon counters. Additionally, flexible packaging helps to minimize carbon emissions into the environment, making it ecofriendly and a consumer preference.
Global flexible packaging market trends such as the growing consumption of ready-to-drink beverages are projected to influence the growth of the market positively over the forecast period. The total sales volume of ready-to-drink alcoholic beverages increased by 38 percent from 2018 to 2022 in the United States. Moreover, the constantly rising demand for beauty products and the escalating inclination of men toward personal grooming are 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 across the globe. Such factors are anticipated to hike the growth of the market over the forecast period.
Growth Drivers
Challenges
|
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 |
|
Regional Scope |
|
Printing Technology (Digital, Flexography, Flexography, Rotogravure)
The global flexible packaging market is segmented and analyzed for demand and supply by printing technology into digital, flexography, rotogravure, and others. Among all the three segments, the digital segment is estimated to garner a significant market share by 2033 owing to the easy printing procedure, precise use of ink, flexibility of the printing machine structure with high speed, and quality printing. The flexible packaging uses digital technology, as it offers a clear and vibrant finish that aids manufacturers. This printing process provides a rich print and a full range of tonal values. Digital printing is gaining huge popularity owing to its low cost, short-run, and sustainable properties. Applications of digital printing include newspaper supplements such as color magazines, catalogs, illustrated images, books, calendars, and advertising material. There were over 7400 magazine consumers in the U.S. in 2020, increasing from 7300 in 2019.
End-user (Food & Beverage, Cosmetics, Pharmaceuticals, Automotive)
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 for and utilization of flexible packaging in the pharmaceutical industry. The packaging of medicines is really important to protect the products from loss or damage caused during handling and transport. Medicines must be protected from weather changes, including humidity, heat, and cold. Flexible packaging is extremely flexible and customizable, so it can be tailored to fit the needs of manufacturers. The material used in the manufacturing of flexible packages is high-grade material pouches and stand-up bags which are approved by Food and Drug Administration.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Material
|
|
|
By Printing Technology |
|
|
By End-User Industry |
|
APAC Market Statistics
The Asia Pacific flexible packaging market 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 growing demand for food and beverages and increasing use of flexible packaging for drugs, followed by rising healthcare 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 increasing demand for ready-to-eat food is very high, as many people work around the clock with less time to cook. Additionally, the healthcare industry uses flexible packaging as it can withstand the sterilization process, which includes agents of ethylene oxide and gamma radiation. The easy-to-open feature of tamper evident stickers helps healthcare workers to slide or unzip the packages. Clear package printing is crucial in the medical sector to read the components, manufacturing, and expiration dates of the product. All these factors are estimated to drive market growth during the forecast period.
Amcor 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.
Author Credits: Sadaf Naaz, Mohd Shadab
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?