Flexible Packaging Market Expected to Reach $102.8 Billion by 2031: AMR

According to a new published report by Allied Market Research titled, “Flexible Packaging Market by Material, Packaging Type, and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global flexible packaging market was valued at $68.5 billion in 2021, and is projected to reach $102.8 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

“The high demand for flexible packaging from food and beverages industry owing to change in lifestyles as well as increased consumer awareness regarding health and hygiene, particularly in emerging economies such as China and India, will fuel the market growth during the forecast period,” Eswara Prasad, manager, chemical and materials, Allied Market Research, said. “Moreover, the demand for flexible packaging is growing faster due to growing trends like e-commerce, digital printing, and sustainability, which is anticipated to boost the market growth.”

Flexible packaging combines different benefits of plastics, paper, laminating aluminum foil, and PET films, such as improved protection, increased food safety, and help in prolonging product shelf life. Products are shielded from moisture, UV rays, mold, dust, and other environmental contaminants with flexible packaging. In addition, flexible packaging is less bulky and lighter than traditional options, so it is easier for customers to buy, transport, and store products.

The market for flexible packaging is experiencing growth due to the rise in demand for snack and convenience foods in single-serving or small-serving sizes. The packaging industry is shifting toward flexible packaging due to its numerous energy and environmental benefits.

Flexible packaging combines the qualities of plastic, paper, and aluminum foil without sacrificing the freshness, barrier protection, durability, printability, or simplicity of use of the product. However, recycling of plastic packaging waste is a complex process that requires state-of-the-art infrastructural facilities.

By material, the global flexible packaging market is segmented into paperboard, plastic, aluminum foil and PET films. The plastic segment accounted for the largest share in 2021 owing to increase in usage of bio-degradable plastics for flexible packaging.

Packaging type of flexible packaging include stand-up pouch, films and bag-in-box. The films segment accounted for the largest flexible packaging market share in 2021, owing to high demand films packaging from beverages industry, which is projected to help drive the growth of the market. On the basis of packaging type, the films segment accounted for 78.9% of the global market share in FY2021.

The food & beverage segment dominated the global flexible packaging market in terms of revenue, with more than 56.2% of the market share in 2021, owing to growth in demand for snack and convenience food in small or single serving portions.