Flexible Packaging Market to Show Momentum with a Notable 4.8% CAGR through 2031

Skyquest Technology

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 flexible packaging market has dramatically transformed over the years. It is one such trend that has been chosen over other forms of packaging in several other industries like consumer electronics, retail, and food and beverages. Hence, growing demand for convenience products that need this kind of packaging along with preference of flexible packaging over traditional methods is driving the market.

Flexible packaging offers high sustainability advantages and great value to manufacturers, consumers and retailers. This packaging demands less transportation and less storage space than other forms, thus reducing fuel consumption and hazardous emissions. Continuing the trend, today, most producing companies are following the concept of plant-based packaging to contribute to sustainability. Moreover, in the past few years, online shopping has been boosted to new levels due to COVID-19 and plethora e-commerce platforms. This forced the solution providers to transform the way customers purchase products. This eventually shifted the trend towards this form of packaging in e-commerce. The solution is the best option for online sales, home-delivery, snacks, cosmetics, fresh pet food, and more.

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Artificial Intelligence and Robotics to be the Key Drivers of Flexible Packaging, Fuelling the Market

Artificial intelligence, as with most others, is today considered a highly convenient tool for flexible packaging. Bigger firms like Amazon are utilizing AI-enabled algorithms to understand when to use cardboard boxes and when to use flexible packaging. This eventually helps to save space, inventory costs, and energy as well. Robotics is another crucial factor contributing to the sustainability of the market. Producers can now print small codes that can be detected by high-resolution cameras, allowing the sorting devices to determine the recycling capability of the product. Here packaging sensors also capably identify touch, pressure, and motion for improved marketing and storage. Moreover, GenZ is another vital component in the flexible packaging market with unboxing videos. Most digital content creators prefer personalized items that are decoratively packaged. Here, flexible packaging plays a major role in attracting a large consumer base.

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• In August 2023, Amcor, a forerunner in developing & producing packaging solutions, declared that it signed a deal for the acquisition of Phoenix Flexibles. This will grow Amcor’s competencies in ever-growing Indian market in sales of flexible packaging for home care, food, and personal care products.
• In March 2024, Bemis Company Incorporation announced full acquisition Alcan Packaging, a business component of Rio Tinto plc. Bemis gained 23 Food Americas flexible packaging businesses in Canada, Mexico, the U.S., Argentina, Brazil, and New Zealand, recording net sales of approximate USD 1.4 billion.
• In May 2024, Mondi, a leading in sustainable paper and packaging, joined hands with Scan Sverige. This team-up aims to produce polypropylene-based mono-material packaging, which is specially designed for reprocessing.
• In April 2024, Berry Global and Peel Plastics Products’ novel flexible packaging portfolio received a Gold Award for its Sustainability from the (FPA) Flexible Packaging Association, in Flexible Packaging Achievement Awards 2024.

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New trends are anticipated to shape the market and is expected to grow considerably in the years to come. Apart from the food and beverage industry, personal care and healthcare applications are expected to drive the flexible packaging market substantially. Also, increasing spending power in the developing economies holds great potential for cosmetics, packaged foods producing companies to boost their business by inclining towards the trend of flexible packaging materials.

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