September 08, 2022 07:31 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 08, 2022 (GLOBE NEWSWIRE) -- With the rising demand for Flexible Packaging Market in end-use industries including the food, beverage, cosmetic & personal care, and pharmaceutical sectors, the market is anticipated to have considerable expansion in the coming years. During the projected period, expansion in contemporary retailing, high consumer income, and an acceleration in e-commerce activities, particularly in emerging nations, are likely to drive the growth of the market.
The Global Flexible Packaging Market revenue is expected to reach a value USD 319.9 Billion in 2028.
The Global Market revenue was valued at USD 248.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period; states Vantage Market Research, in a report, titled “Flexible Packaging Market Size, Share & Trends Analysis Report by Materials (Paperboards, Plastics, Aluminum Foils, Other Materials), by Packaging Types (Stand-up Pouches, Films, Bag-in-Box, Other Packaging Types), by End Users (Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
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Cost-Effectiveness and Increased Product Shelf-Life
Flexible Packaging Market is in higher demand due to consumers' increasingly hectic lifestyles and growing need for handy items. Flexible Packaging Market is more cost-effective than other types of packaging because it uses fewer resources and energy during the packaging process. Additionally, flexible packs cost less to produce and take up 35% less retail shelf space. The production of 780,000 flexible pouches uses 87% less coal, 74% less natural gas, and 64% less crude oil than the production of rigid clamshell containers, according to Robbie Fantastic Flexibles, a member of the Flexible Packaging Market Association. Additionally, consumers' preferences have gradually shifted from using conventional home cooking methods to purchasing packaged goods.
Flexible Packaging Market utilizes less energy and less natural resources and emits fewer greenhouse gases during production. Up to 40% of the food consumed in the US in 2016 went to waste, according to the Natural Resources Defense Council. Flexible Packaging Market extends product shelf life and decreases product waste. For example, bananas packaged in flexible plastic ripen more slowly, extending shelf life. While maintaining or improving product protection, this sort of packing can be done with the least amount of packaging, which lowers product warehousing and transportation costs.
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Sustainable and New Flexible Packaging Market Solutions
Manufacturers have been prompted to create new packaging solutions due to the dynamic changes in the sector, such as implementing new regulatory initiatives. Manufacturers have designed sustainable packaging choices that are safe and secure in response to growing environmental concerns about the use of biodegradable polymers for flexible packaging. Manufacturers are looking toward sustainable packaging options that use fewer resources and energy during production, need less money for transportation, and provide products with a longer shelf life to ease cost pressure and preserve the integrity of product packages.
To reduce trash, governments all over the world are promoting the use of sustainable packaging. The UK made strides in 2018 to take the top spot in the world for sustainable packaging. The government challenged inventors to create packaging that would lessen the adverse environmental effects of toxic plastics, with an expenditure of USD 80 million (£60 million). In order to assist minimize trade barriers and lessen the environmental impact of packaging waste, Europe has adopted the Packaging and Packaging Waste Directive. This directive requires the EU States to ensure that packaging is appropriately recovered and recycled and that the number of hazardous materials used in packaging is maintained to a minimum.
The COVID-19 outbreak has affected various industries worldwide and the Global Flexible Packaging Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries which are technology partners to the Flexible Packaging Market companies suffered impact due to the pandemic. In addition, the Flexible Packaging Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Flexible Packaging Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Flexible Packaging Market has considered the end-to-end impact of COVID-19 on the Global Flexible Packaging Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Flexible Packaging Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Flexible Packaging Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Flexible Packaging Market highlights:
Asia Pacific is expected to dominate the growth of Flexible Packaging Market in 2021. Asia Pacific is predicted to steer the Flexible Packaging Marketplace proportion due to improving global economy, expanding working population, and rising domestic demand for ready-to-eat & convenience food products. Additionally, due to the functional qualities offered by Flexible Packaging Market, such as safety, cost-effectiveness, durability, strength, lightweight, environmental friendliness, and handling convenience, the market for Flexible Packaging Market in Asia Pacific is expanding in the food, beverage, pharmaceutical, and personal care & cosmetics industries.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Flexible Packaging Market Size, Share & Trends Analysis Report by Materials (Paperboards, Plastics, Aluminum Foils, Other Materials), by Packaging Types (Stand-up Pouches, Films, Bag-in-Box, Other Packaging Types), by End Users (Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
In May 2020, Berry Global Group, Inc. announced its collaboration with the long time customer, Mondelez International, to supply packaging containing recycled plastic for Philadelphia, the world’s most popular cream cheese. The package contains plastic material recovered using advanced recycling technology from Berry’s partnership with SABIC, announced earlier this year.
In March 2020, Berry Global Group, Inc. announced the investment of USD 30 million to increase its production capacity of ultra-high performance stretch films. The investment is allocated for new lines and upgrades to existing assets in nine of the company’s North American locations that currently manufacture stretch films.
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