Flexible Packaging Market with a Stunning 4.8% CAGR through 2031 | Amplified Adoption of Flexible Packaging
WESTFORD, MASSACHUSETTS, UNITED STATES, July 25, 2024 /EINPresswire.com/ -- Flexible Packaging Market1 size was valued at USD 261.05 billion in 2022 and is poised to grow from USD 273.58 billion in 2023 to USD 398.08 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).
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Flexible packaging or flexpack, is a form of packaging that is prepared by flexible web and is different from materials like molded plastics, cardboard, or glass. Today, companies are highly adopting flexible packaging due to different reasons like performance, cost, marketing opportunity, accessibility, and sustainability. Besides these advantages, flexible packaging is highly preferred over other forms owing to its adaptability. It can be adapted to unique functions and shapes to suit multiple applications and markets. These benefits have helped the market grow considerably in the past years and it is anticipated to grow more progressively with more brands and businesses adopting flexible packaging. In 2022, the global flexible packaging market size is estimated at USD 261.05 billion.
Growing Use of Technologies like AI and Robotics in Flexible Packaging to Drive the Market
Today, technology is playing a key role in literally everything. Similarly, flexible packaging technology has helped the printing of tiny codes, which can also be detected by high resolution cameras. This ultimately enables the sorting machines to understand a product’s reprocessing ability. Packaging sensors can also identify position, touch, motion, temperature, and pressure for improved marketing and storage. Also, AI will soon become an indispensable part of flexible packaging. Market giants are adopting AI-enabled algorithms to realize when flexible packaging should be used to reduce inventory costs and save storage space and energy.
Inclination of Businesses Towards Minimalist Packaging to Support Sustainability Over 4-5 Years
The following are the key Flexible Packaging Trends2 that will shape the growth of the market in the next 5 years
Currently, businesses and brands are progressively adopting flexible packaging instead of conventional forms of packaging to support the environment. Top players in the market are supporting their values with eco-friendly packaging alternatives to address consumer concerns regarding unsustainable options of packaging and its negative impact on surroundings. In the next 5 years, businesses will incline towards simple and clean designs that deliver a sense of authenticity and elegance. Minimalist packaging is exceptional and supports consumers' ever-increasing needs for a transparent and clutter-free appearance.
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Recyclability to Help Brands Support Sustainability, Impacting the Market Growth
One common development seen in the market is the hunt for complete recyclability or reprocessing of packaging materials. Most businesses and prominent players are making commitments to achieve this. There is a growing focus on the development of such packaging that can be reprocessed or recycled, which will ultimately reduce environmental impact and minimize waste. This comprises the use of reusable materials or recyclable materials, such as polyethylene. Besides recyclability, prominent players are also exploring refillable and reusable solutions.
Increased Online Retail to Augment the Demand for Flexible Packaging Over Next 10 years
In the next 10 years, the world will witness a major shift toward online shopping or online retail. This shift to online retail will continue to considerably impact the demands of flexible packaging and conventional value-chain arrangement. E-commerce will satisfy new and increasing demands with strong needs for strength and low emphasis on spending on on-the-shelf printing. B printing. Besides, there will be an extensive need to enhance overall packaging to improve consumers’ unboxing experience, and last-mile shipments, and support efficient and easy returns.
Latest Headlines and Headlights
June 2024: Constantia Flexibles lately launched EcoTwistPaper. This is a ground-breaking packaging solution specially designed to be used by the confectionery industry. The newly made product is a wax-free twist-wrap, entirely paper-designed, to satisfy the global shift towards prioritizing recyclability and sustainability.
June 2024: A sustainable packaging provider, Sonoco Products Company, announced a contract for acquiring Eviosys, a provider of food cans in Europe for USD 3.9 billion.
June 2024: Huhtamäki produces packaging solutions for food and beverages and personal care products. The sustainable packaging solutions leader recently announced the merging of its Flexible Packaging manufacturing facility in the UAE to improve manufacturing efficacy, drive competitiveness, and set a strong ground for growth in future.
February 2024: Berry Global, a forerunner in manufacturing and designing of sustainable and innovative packaging solutions recently unveiled ‘Circular Innovation & Training Center’ in Tulsa, Oklahoma. The newly made 12,000 square foot center will support development and testing of sustainable, flexible packaging, and hands-on training.
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Companies Embracing Sustainable Solutions to Positively Impact the Market
Flexible packaging is currently witnessing major changes, backed by sustainability, technology, and the changing choices of consumers. Companies are embracing these trends to stay competitive in the market and contribute to a more sustainable packaging future. As the packaging sector is shifting towards these trends, it is ready with better innovations, more connectivity, and solutions that take care of the environment.
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1 https://www.skyquestt.com/report/flexible-packaging-market
2 https://www.skyquestt.com/report/flexible-packaging-market
3 https://www.skyquestt.com/report/artificial-intelligence-market
