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SEATTLE , Nov. 29, 2021 /PRNewswire/ -- According to Latest Report, The global flexible packaging market is estimated to account for US$ 400 Bn in terms of value by the end of 2027 witnessing a CAGR of 5.40%.
A wide variety of flexible packaging options are now available on the market. Examples of commonly flexible packaging includes tubes, sealants, pouches, bags, and seals. The term "flexible" describes the ability of the product to be tailor made to meet specific needs. Various forms of these new packaging options have emerged over the last two decades and gained increasing popularity. These flexible products are highly useful for several applications including packaging, pharmaceuticals, medical devices, cosmetic products, food and cosmetic products, and garments.
In recent times, manufacturers of packaging materials have started using a number of these flexible packaging solutions for maximum benefit. Examples of such flexible packaging solutions are clear pouches, snap seals, liquid seals, double-sided tapes, adhesive labels, garment rolls, and reusable bags. Rigid packaging is more durable than its flexible counterpart. It is also capable of withstanding heavy weight. The rigid option is preferred for high volume, heavy duty packaging applications. One major advantage of rigid packaging is that it can resist leakage.
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Flexible packaging is able to create a sustainable circular economy. The benefits of this circular economy approach include reduced energy consumption, savings in the resources of the earth, reduction in toxic substances, improved competitiveness, and income generation through employment generation. Another major advantage offered by the use of such materials is that it does not require any inputs from its users. These materials are completely replenished once used, making the use of such packaging the most eco-friendly and economical.
The global flexible packaging market growth is driven by investment in compostable flexible food packaging. For instance, in December 2020 , TIPA, an Israeli-based startup developing sustainable packaging solutions, raised US$4 million from the Millennium Food-Tech, a Tel Aviv -listed investment vehicle, for its compostable flexible food packaging
Moreover, development and launch of new products is also expected to propel growth of the global flexible packaging market over the forecast period. For instance, in September 2020 , Amcor Ltd. announced the world's first recyclable flexible retort pouch, which uses Amcor's AmLite HeatFlex Recyclable solution.
Increasing funding for sustainable plastic packaging is expected to offer lucrative growth opportunities for players in the global flexible packaging market. For instance, in December 2020 , UK Research and Innovation (UKRI) announced US$ 35.25 million worth of funding for projects that improve plastic packaging across the retail supply chain.
Moreover, acquisition of other companies is also expected to offer lucrative growth opportunities for players in the global flexible packaging market. For instance, in October 2021 , C-P Flexible Packaging acquired Preferred Packaging, a privately-held packaging manufacturer.
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There has been an increase in concerns regarding plastic pollution, which is expected limit demand for flexible packaging. For instance, the study, 'Plastic pollution is killing marine megafauna, but how do we prioritize policies to reduce mortality?', published in December 2020 , in Conservation Letters, reported that flexible plastic is responsible for the largest proportion of debris deaths, primarily due to gastric obstructions, in oceans.
Major players operating in the global flexible packaging market are focused on adopting expansion strategies to enhance their market share. For instance, in December 2020 , Plastic Packaging Technologies LLC started a 130,000-square-foot "Center of Excellence for Flexible Pouching" in a portion of Turner Logistics Center's third building in Kansas City , U.S.
Major players operating in the global flexible packaging market include, AR Packaging, Amcor Limited, Ampac Holdings, Llc, Bischof + KleinInternational, Bemis Company, BBC Cellpack Packaging, Berry Plastics Group, Inc., Constantia Flexibles Gmbh, Clondalkin Group, Flair Flexible Packaging Corporation, Goglio Group, Huhtamäki Oyj, Mondi Group, Schur Flexibles, Sealed Air Corporation, Südpack Verpackungen, Sonoco Products Co., and Wipak Group.
Global Flexible Packaging Market, By Region:
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