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Flexible Packaging Market: Key Trends Influence Shift from Rigid to Sustainable

Flexible packaging market size is anticipated to grow at a significant rate over the forecast period owing to its potential applications in food, pharmaceuticals and beverages.

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Flexible Packaging Market: Key Trends Influence Shift from Rigid to Sustainable

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  1. Flexible Packaging Market: Key Trends Influence Shift from Rigid to Sustainable Packaging Duringaproduct’slifecycle,packagingemergesasavitalstepinenhancingthedurabilityandappearanceofgoods.Inrecentyears,consumers’ interactionwithpackagedproductshasevolvedsignificantly,resultinginhighdemandforconvenientpackagingsolutions.Moreover,risingenvironmentalconcernsandecommercegrowthhaveinfluencedprominentbrandstooptforflexiblepackagingtogainacompetitiveedge. Flexiblepackagingmaterialshaveshownsignificantprominenceoverrigidpackagingastheyrequirelesstransportationandstoragespace,resultinginreducedresourcewastage,energyconsumption,andCO2emissions.Forinstance,flexibleplasticsenablemorethan78%weightsavingsthanrigidsolutions.Thishasledcompaniestooptforflexiblesolutionstoreducetheircarbonfootprint.Forexample,MondiGrouppartneredwithHenkeltolaunchafullyrecyclablemono-materialrefillpouchforPrildishwashliquid. AsperTriton’sestimates,theglobal flexible packaging marketisexpectedtowitnesssubstantialgrowthintermsofrevenueandvolumeataCAGRof4.66%and4.01%,respectively,overtheforecastperiod2022-2028.

  2. RegionalConsiderations– KeyGrowthTrends&Segmentation • Globally,theimprovementsinconsumergoodsmanufacturinghaveinfluencedpackagingmanufacturerstodevelopinnovativepackagingsolutionstoensureahighershelflifeofproducts.Sinceflexiblepackagingiseasytouseandlightweight,ithasbecomeintegralacrossF&B,cosmetic,andpharmaceuticalsectorsinmajorregions,includingtheAsia-PacificandEurope. • Asia-Pacifictodominatewitharevenueshareof$142.87billionby2028 • Theregion’smarketisexpectedtogrowsignificantlyduringtheforecastperiod,owingtoariseinprivateinvestments,low-costlabor,andhigherdomesticdemand.Thishasledvariousmarketplayerstoestablishtheiroperationsintheregiontogainahighermarketshare.Forinstance,RengoCoLtdopenedtheYashioSecondLogisticsCenterintheKantoregion,Japan,toexpandthecapabilitiesofitsfirstlogisticscenter. • Additionally,therisingdemandforfoodandpharmaceuticalproductsisanticipatedtoaugmenttheconsumptionofflexiblepackagingsolutions.Thefood&beveragecategorydominatesintheapplicationsegment.Anincreaseinpopulationandfoodexpenditure,especiallyinChinaandIndia,arekeygrowthdriversofvacuumpackaging.Ourestimatesthusindicatethatasurgeinpackagedfoodproducts’ demandandrisingR&DwillpropeltheAsia-Pacific flexible packaging marketonagrowthpath. • EuropetowitnessaCAGRof4.47%during2022-2028 • Giventhedeclininggrowthofthepharmaceuticalindustryonaccountofshiftingmanufacturingbasestolow-costregionshasnegativelyimpactedthemarket.Nevertheless,theEurope flexiblepackaging marketisexpectedtowitnesslucrativegrowthovertheforecastperiod,owingtoariseinR&Dexpenditureinthepharmaceuticalsector. • Inthepharmaceuticalsector,significantR&Dinvestmentshavefueledtheadoptionofflexiblepackagingsolutionstoensurechemicalresistanceandenabledispensingwithprecision.Flatpouches,gussetedbags,andwicketedbagshaveemergedasprominentflexiblepackagingtypesintheindustry.Forinstance,pouchsolutionsreducetheneedforaheatsealandoffertearnotchesandergonomichandles,extendingshelflifeanddecreasingproductwastage. • Additionally,productdifferentiationhasbecomeamajortrendasconsumersoptforsingle-serveoptions.OurestimatesindicatethatthedemandforflexiblesolutionsineasternEuropeancountriesisexpectedtosoar,owingtochangingconsumerpreferencesandrisingincome. • MarketExpansionthroughStrategicInitiatives • Theflexiblepackagingmarketismoderatelyconsolidated,withproductdifferentiationincreasingcompetition.Inthisregard,thedevelopmentofapplication-specificproductsandtechnologicalinnovationshavecompelledmarketplayerstoexpandtheirfootingsthroughacquisitions,productlaunches,andpartnerships.Someofthenotablestrategiesundertakenbyplayersinclude: • InMarch2022,RengoCoLtdacquired100%sharesofNagaiTekkoCoLtd,makingNagaiaRengosubsidiary. • InApril2022,MondiGroupcollaboratedwithThimonnier,aFrenchmachinesupplier,todeveloprecyclablepackagingsolutionstoreduceplasticwaste.

  3. SealedAirCorporationannouncedexpandinganddoublingitsequipmentmanufacturingcapacityinthenextthreeyearsinMay2022.SealedAirCorporationannouncedexpandinganddoublingitsequipmentmanufacturingcapacityinthenextthreeyearsinMay2022. • DifferentiatedPackagingtoBoostSales • Therapidsurgeine-commercesales,especiallyduringCOVID-19,fuelledthedemandforsafeandefficientflexiblepackaging.Insomecases,productsmarketedinaretailenvironmentdonothavethesamedemandwhensoldonline.Hence,manufacturersandretailersoptfordistinctpackagingformatstoensureaseamlessconsumerexperienceandmaintainbrandreputationviae-commerceplatforms.Therefore,theexpansionofthee-commerceindustryisexpectedtocreatenumerousopportunitiesforflexiblepackagingplayersovertheupcomingyears. • FAQs: • Q1)Isflexiblepackagingaviableoption? • FlexiblepackagingisgainingsignificanttractionintheF&Bsectorasithelpspreservefood.Airtightpackagingusingflexiblepackagingmaterialshelpsincreasetheshelflifeofperishablegoods. • Q2)Howbigistheflexiblepackagingmarket? • In2021,theflexiblepackagingmarketattainedrevenueworth$255.26billion.Itisexpectedtogarner$350.17billionby2028.

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