The scope of our recent study on "Flexible Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material, Product Type, Application, and Geography" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. The report also identifies significant market players and their key developments.   

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Market Overview

The global flexible packaging market was valued at US$ 176,173.61 million in 2021 and is estimated to increase to US$ 237,975.67 million by 2028, growing at a CAGR of 4.4% from 2021 to 2028. This growth is due to the use of a variety of materials, such as foil, plastic and paper, to manufacture pouches, bags, and other flexible containers. The increasing demand for flexible packaging products is driven by various industries including food and beverage, personal care, and pharmaceuticals. This type of packaging boasts lower shipping and handling costs due to its smaller size and lighter weight compared to rigid packaging. Additionally, it is more convenient for customers to purchase, transport, and store products because of its reduced bulkiness and weight.

Market Dynamics

The demand for flexible packaging is projected to rise in the coming years due to the increasing popularity of e-commerce, the changing retail landscape, and the substitution of plastic with sustainable and eco-friendly alternatives. The growth of the e-commerce sector and the demand for green solutions are the primary drivers of the flexible packaging market. Groceries, food, and other daily necessities are being purchased regularly by Indian consumers through online platforms. As flexible packaging products are cost-effective and recyclable, they are in high demand from both online and offline retailers.

Impact of COVID-19

The COVID-19 pandemic caused the temporary shutdown of many chemical and material-related manufacturing companies in the Middle East and Africa, leading to a decrease in the production of flexible packaging. Nevertheless, the pharmaceutical industry saw an increase in the demand for a variety of packaging types, including rigid packaging, pumps, closures, and flexible blister foils. The demand for flexible packaging to deliver dietary supplements, such as vitamins, essential supplies like allergy medication, as well as medical supplies, including gowns, masks, and other protective equipment, surged during the pandemic.

Market Segmentation 

On the basis of material, the flexible packaging market is segmented into plastics, paper, aluminum foils, and others. In 2020, the plastics segment held the largest share of the flexible packaging market. It is a highly versatile form of packaging, allowing manufacturers to customize it in terms of shape, size, and style as needed. It is made of high-grade polymers such as PVC, polyamide, polypropylene, and polyethylene, which protect the packaged products from moisture, oxygen, dust, light, and odors. Other materials such as paper, aluminum foils, and others are also used in the market. Based on product type, the market is segmented into pouches, bags, films and wraps, and others. The flexible packaging market, by application, is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. The flexible packaging market in North America is further segmented into the US, Canada, and Mexico. The European market is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is sub segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The flexible packaging market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The flexible packaging market in South and Central America is sub segmented into Brazil, Argentina, and the Rest of South and Central America.

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