Flexible Packaging Market Projected to Reach $315.5 Billion by 2027, with a 4.8% CAGR
The global flexible packaging market is approximated to be USD 248.9 billion in 2022, and it is projected to reach USD 315.5 billion by 2027, at a CAGR of 4.8%. Any component of a package that can easily alter shape is said to be flexible packaging. Bags, pouches, shrink film, tubes, sachets, roll stocks, and sleeves are typical types of flexible packaging. Manufacturers can produce appealing packages with the use of flexible packaging. These packages provide greater convenience to consumers. Flexible packaging is also a type of eco-friendly packaging. These substitutes include stiff packaging made of cardboard, glass, and other materials.
Food and beverage, consumer and household goods, pharmaceutical and medical, healthcare, cosmetics and toiletries, retail non-food, industrial applications, nutritional and supplement products, agricultural, horticulture, and veterinary and pet foods are the main market sectors for flexible packaging.
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The demand for flexible packaging is mainly furnished by global players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of flexible packaging are Huhtamaki Oyj (Finland), Berry Global Group Inc. (US), Amcor Limited. (Australia), Mondi Group.(UK), and Sonoco Products Company (US). These companies, along with other regional companies, cater to the demand for flexible packaging products globally.
Huhtamaki Oyj (Finland) offers packaging solutions for food & beverages, personal care & household, and healthcare industries. It offers customized designs, standardized products, and total packaging systems and solutions. The company operates through four business segments, namely, North America, flexible packaging, Foodservice Europe-Asia-Oceania, and fiber packaging. It serves packaging products to the cosmetics market through its flexible packaging segment. The company has a strong foothold globally, with 114 locations in 38 countries.
Berry Global Group Inc (US) is a well-known international provider of plastic packaging goods with a focus on consumer-oriented end markets. The four business divisions are engineered materials; consumer packaging international; consumer packaging North America; and health, hygiene, & specialty. The company sells its products predominantly into stable, consumer-oriented end markets, such as the healthcare, personal care, and food & beverage industry.
Amcor Limited (Australia) is a global packaging manufacturer that offers innovative packaging solutions. The company operates through two business groups, namely, flexibles and rigid plastics.The flexible business of Amcor Limited is one of the world’s largest producers and suppliers of flexible packaging products and speciality folding cartons. The flexible packaging business produces several products for beverage, food, medical, pharmaceutical, personal care, cosmetics, and other industries.
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Other companies have initiated the following developments:
- In September 2022, Berry Global Group Inc. teams up with The Ingreendients LLC. to launch shampoo and conditioner bottles that are made from 100% recycled plastic. With this, the company achieves its sustainable goals by reducing plastic waste which has undergone in landfills.
- In August 2022, Amcor Limited acquired DG Pack, which is currently known as Amcor Flexibles CZ • Prostìjov, a world-class flexible packaging plant. This acquisition helps the company to fulfill the growing demands for flexible packaging in Europe.
- In April 2022, Huhtamaki Oyj introduced Push Tab® blister lid, a first-to-market, mono-material PET blister lidding that is free of aluminum.
- In January 2022, Huhtamaki Oyj acquired full ownership of its Polish joint venture firm, Huhtamaki Smith Anderson sp. z o.o, from Smith Anderson Group Ltd. At Huhtamakis location in Czeladz, Poland, the company makes and sells food service paper bags across Eastern Europe.
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