Flexible Packaging Market size to surpass $474 Bn by 2032

Flexible Packaging Market size is set to reach USD 474 billion by 2032, as per the recent research report announced by Global Market Insights Inc.
 

Rising consumer spending on a wide range of products, including cosmetics and textiles that are required to conveniently be transported has fueled the demand for flexible packaging solutions. Rapid growth in the e-commerce sector has offered as a considerable push to the requirement for these packing materials. Many product manufacturers and suppliers are adding key emphasis on product safety. As the need for goods to be transported has increased over the years, innovative packaging methods and materials have been developed to protect the contents.
 

With Europe emerging as a major hub for global trade, the demand for consumer goods like cosmetics, health care, textiles, and many others is likely to increase over time. Flexible and innovative packaging will gain significance due to the enormous quantities of goods being packed and exported from the region.
 

Use of polyester as plastic packaging substitute

As per the report, flexible packaging market revenue from the polyester segment is expected to reach more than USD 45 billion by 2032. With the booming retail and e-commerce sectors, the demand for efficient and robust packaging materials is expected to increase over the business demand. Polyester is predicted to be used as a key material in flexible packaging solutions owing to its excellent heat resistance, impact resistance, and odor-keeping and ductile properties. The development of substitutes for conventional plastics by manufacturers for renewable feedstock and biopolymers will boost polyester demand.
 

Browse key industry insights spread across 300 pages with 275 market data tables & 17 figures & charts from the report, “Flexible Packaging Market - By Material (Polymer [Polyester, Polyethylene, Polystyrene, Polypropylene], Paper, Aluminum, Cellulosic), Product (Pillow, Stand-up) and Application (Food & Beverage, Personal Care, Healthcare, Industrial) ) - Global Forecast to 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/flexible-packaging-market
 

Robust use of stand-up pouches in the food packaging sector

The stand-up pouches segment is predicted to record more than 5.5% growth rate from 2023 to 2032. Retailers, dealers, and customers are preferring the use of stand-up pouches due to their affordability, lightweight, extended shelf life, and low production costs. The shifting consumer preferences for handy, portable, and healthful snacks with set serving sizes will drive product demand. The development of multiple ready-to-eat foods like sauces, curries, etc. would elevate the demand for stand-up pouches.
 

Safety needs in the healthcare sector to surge flexible packaging solutions demand

Based on the report, flexible packaging market value from the healthcare segment is forecasted to surpass USD 57 billion by 2032. The packaging of medical equipment is vital as it keeps it safe and sterile on the inside and outside. The cleanliness of these devices is of utmost importance to prevent patients from getting infected. The increasing number of eco-friendly packaging options has triggered the need for multiple-layered coverings for healthcare equipment.
 

Robust sales of snacks and fast food products across North America

North America flexible packaging market is projected  to cross USD 93 billion by 2032. Ongoing trends of sustainability, e-commerce, and digital printing are expected to drive market expansion in the region. With the growing preference for fast food and snacks, the demand for flexible packaging solutions would elevate across the region. Furthermore, with the shift in preference in food and beverage choices of the millennials and young generations, the market is anticipated to record substantial growth.
 

Competitive landscape of the global flexible packaging industry

Some of the leading players in the flexible packaging market include Plater AR Packaging, Ampac Holdings, LLC, Constantia Flexibles Group GmbH, Sonoco Products Company, Coveris Holdings S.A, Clondalkin Group Holdings B.V, Wipak Group, Loba Goglio Group, Südpack Verpackungen, ExxonMobil Chemical, and Berry Plastic Group, among others. These companies are creating strategic initiatives for the improvement of their business presence. The initiative is to have a positive impact on society by using 15% recycled plastic in these jars.