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Multi-functional Packaging Market Size
- Report ID: GMI11618
- Published Date: Sep 2024
- Report Format: PDF
Multi-functional Packaging Market Size
The global multi-functional packaging market size was valued at USD 12.8 billion in 2023 and is expected to grow at a CAGR of over 7% between 2024 and 2032. The rising consumer preference for convenience-driven products has significantly boosted the demand for multi-functional packaging.
Modern consumers seek packaging solutions that offer ease of use, portability, and extended functionality, such as resealable closures and integrated dispensing mechanisms. This trend is particularly evident in sectors such as food & beverages, where packaging that enhances convenience while maintaining product freshness is highly valued.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Multi-functional Packaging Market Size in 2023: | USD 12.8 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 7% |
| 2024 – 2032 Value Projection: | USD 20 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 210 |
| Tables, Charts & Figures: | 260 |
| Segments covered: | Type, Material Type, End-use Industry |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For instance, in February 2024, American Packaging Corporation (APC), a leader in flexible packaging solutions, announced the commercial launch of another RE design for recycle flexible packaging technology targeted at frozen food products such as frozen fruits and vegetables. This new technology joined a portfolio of packaging technologies in APC's RE sustainable packaging, that also includes design for compost, circular content, and renewable content, as well as several design for recycle options.
The expansion of e-commerce and online retailing has created a need for multi-functional packaging that ensures product safety during transit and enhances the unboxing experience. Packaging solutions that offer protection, tamper-evidence, and ease of handling are crucial for maintaining product quality and customer satisfaction. As online shopping continues to grow, the demand for innovative packaging solutions that address these needs is also increasing.
Developing and producing multi-functional packaging can involve significant costs due to the complexity of design, advanced materials, and manufacturing processes. The integration of additional features and technologies into packaging solutions often requires substantial investments, which can impact profit margins. Companies must carefully evaluate the cost-benefit ratio to ensure that the added functionality justifies the expense.
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Multi-functional Packaging Market Scope
