Confectionery Flexible Packaging Market to Surpass US$ 7.6 Bn by 2030 | FMI
confectionery flexible packaging market
With improving food processing and rising preference for snacks and nibbles, the confectionery flexible packaging market in regions like the Asia Pacific and the Middle East and Africa is expanding. Improved product choices with better product range and packaging are attracting customers.
The pandemic-induced homebound population is heavily dependent on food and snack delivery. E-commerce is playing a chief role in pushing snack delivery. With many food and grocery delivery giants entering the arena, the demand for confectionery grew drastically in 2020-2021. This is trend is expected to continue in the forthcoming years, thereby spurring demand for confectionery flexible packaging.
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Further, growing preference and demand for sustainable packaging and food products is compelling manufacturers to launch recyclable confectionery packaging. For animal warfare, health benefits and climate change, it is estimated that in 2020 almost ~10% of the US population turned vegan or is believed to consume vegan food, compared to 1% in 2014.
The HORECA sector all over the world has taken note of the same, with snack and confectionery manufacturers producing vegan victuals, saying no to animal produce ingredients to cater for to niche section of consumers.
Vegan confectionery is expected to be a very lucrative market and is anticipated to provide opportunities for confectionery and snack packaging manufacturers. This is expected to boost sales for the confectionery flexible packaging over the forecast period.
“Improvements in packaging machinery, along with surging demand for leak-proof and recyclable confectionery packaging will continue fueling the growth in the market through 2030,” says an FMI analyst.
Key Takeaways:
· Based on product type, sales in the films and wraps segment are forecast to increase at a 2.5% CAGR through 2030.
· Demand for bioplastics will increase by 1.4x over the assessment period.
· In terms of applications, sales in the jelly segment will grow at a 5.8% CAGR over the forecast period.
· Demand for confectionery flexible packaging in the U.S. will increase at a 2.9% CAGR through 2030.
· Total confectionery flexible packaging consumption in Europe will reach 1.5 Mn Tonnes in 2022.
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Competition Landscape
Some of the global key players operating in the confectionery flexible packaging market are WestRock Company, DS Smith plc, Sonoco Products Company, Amcor plc, Huhtamaki Oyj, Constantia Flexibles Group GmbH, Ahlstrom-Munksjö Oyj, Bomarko Inc., Printpack Inc. and Stanpac Inc. are some of the leading players operating in the global confectionery market.
Key manufacturers are investing in mergers and acquisitions to expand their production facilities to cater to the growing demand for sustainable packaging. They are also launching innovative packaging materials to improve sales. For instance:
In April 2022, Sonoco completely acquired Sonoco do Brasil Participacoes, Ltda, which is a Brazilian flexible packaging joint venture.
Confectionery Flexible Packaging Market by Category
By Product Type:
Films & Wraps
Pouches
Sachets & Stick Packs
Tubes
Laminates
By Material Type:
Plastics
PE
PP
PET
PVC
PA
EVOH
Bioplastics
PLA
PHA
Starch Based Plastic
Cellulose Fibers
Other Plastics
Paper
By Application:
Chocolate
Candy & Toffees
Gum
Jelly
Snack Bars
Biscuits
Rest of Others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Ankush Nikam
FMI
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