The global flexible packaging market is slated to expand at a substantial rate through 2028, driven by the growing consumer awareness regarding the importance of sustainable and safe food packaging.
Recently, major companies in the industry have been turning to new packaging technology to cater to numerous consumer needs across the world. Several big brands in the food & beverage and personal care industry are making efforts to introduce smart packaging solutions through flexible packaging films. In fact, the use of these films reduces energy usage, CO2 emissions, and raw material use during food product transportation, which has been favorable for market growth.
The flexible packaging market has been bifurcated in terms of material, product, applications, and region.
Based on material, the industry has been divided into polymer, paper, aluminum, and cellulosic. The polymer segment has been further classified into polyester, polyethylene, polystyrene, and polypropylene.
The polyester segment is projected to build an exponential market share of around $35 billion, with a sturdy growth rate of more than 6% over the review timeline. Meanwhile, the polyethylene segment is expected to reach a market valuation of over $125 billion with a positive growth rate of around 5.5% through 2028 due to the barrier capabilities to the product.
The polystyrene segment is slated to register substantial growth of approximately 6.5%, with sales surpassing $18 billion through the forecast period. The polypropylene segment is anticipated to exceed a valuation of $110 billion, registering a CAGR of more than 5% over the projected timeframe due to the material’s increasing use in industrial applications.
On the basis of product, the flexible packaging market has been categorized into four side seal pouches, stand-up pouches, pillow pouches, and others. The others flexible packaging segment includes product types such as spout packages and center-seal pouches, which are expected to reach a market value of more than $30 billion through 2028, recording a rate of growth that exceeds 4.5% between 2021 and 2028.
Under application, the sector has been segmented into food & beverage, personal care, healthcare, industrial, and others. The other application segment comprises electronic, electrical, and retail packaging, which is expected to exceed $23 billion through the projected years, driven by its diverse landscape of suitability and implementation.
From the regional standpoint, the Latin America flexible packaging market, which is still in its early stages, is estimated to grow to a valuation of more than $16 billion by 2028, with a CAGR of more than 5% during the forecast period.
Meanwhile, the Middle East & Africa flexible packaging industry is anticipated to rise at a rate of approximately 5.5% between 2021 to 2028. In fact, the MEA region is projected to register sales of more than $20 billion through the forecast years.