Flexible Food and Beverage Packaging Market Size, Share, Growth, and Industry Growth by Type (PET, PE, PP, and Others) By Application (Meat, Vegetables and Fruits, Deli and Dry Product, and Other) Regional Forecast To 2031

Updated On: 08 April 2024

Flexible Food and Beverage Packaging Market Report Overview

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The flexible food and beverage packaging market size is expected to be USD 261.39 billion in 2022 and the market is projected to touch USD 337.2576 billion by 2030, exhibiting a CAGR of 3.2% during the forecast period. The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

Flexible food and beverage packaging combines the best qualities of plastics and films. Such adaptable packaging provides a useful option at a low cost of manufacture. Flexible food and beverage packaging is a crucial part of the supply chain for many different sectors and products, from consumer goods to electronics, cosmetics to medical supplies. Flexible packaging for food and drinks increases the value and marketability of both food and non-food goods by fusing the best attributes of plastic, film, paper, and aluminum foil to offer a variety of protective capabilities with the least amount of material.

COVID-19 Impact: Suspension of Businesses Hampered the Market Growth

Due to an excessive dependence on China, the flexible food & beverage packaging industry had supply chain and production capacity problems during the Covid-19 pandemic, which had a substantial impact on the market.

As a result of the suspension of various businesses, particularly transportation and supply chains, the economy has suffered in several nations. Due to the lockout, there has been no development, which has hampered demand for the product. Resources being scarce in many regions of the world has had a severe influence on the manufacturing and industrial sectors as a result of the COVID-19 outbreak. The leading companies in the sector are reevaluating their strategy to tackle the challenge since they are worried about the market's future

LATEST TRENDS

"Demand for Snack and Convenience Foods in Small or Single Serving Portions to Propel the Market"

Increased spending on bakery and cereal bars, ready-to-cook meals, coffee or hot chocolate sticks and pouches, dehydrated and instant food snack foods & nuts, spice foods, chocolates & sweets, ice-cream novelty items, and others. Growth in demand for snack and convenience foods in small or single serving portions. This will have a favorable effect on the market for flexible food & beverages packaging.

The businesses are using a variety of methods to boost production volume while also working to provide cost-effective, creative solutions that can satisfy customer needs and support the overall innovation needed for higher flexible packaging penetration sustainability.

Flexible Food and Beverage Packaging Market Segmentation

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• By Type Analysis

By type, market is segmented into PET, PE, PP and other. The PET segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into meat, vegetables and fruits, deli and dry product and other. The meat segment will lead the global share through 2030.

DRIVING FACTORS

"Corrosion Prevention and Moisture Free Benefits to Drive the Market"

Flexible plastic packaging uses a variety of plastic materials to package a wide range of products. The application and kind of product that needs to be packaged determine the kind of material that is used in packaging. Polyethylene, polypropylene, polystyrene, and polyvinyl chloride are common plastic materials used in flexible plastic packaging. The most effective and economical method for preserving, distributing, and packaging food items, beverages, pharmaceuticals, and a variety of consumables is flexible food and beverage packaging.

Flexible packaging for food and beverages keeps the contents from corroding and keeps moisture out. During the forecast period, the market growth will be driven by these benefits of flexible food and beverage packaging.

"Longer Shelf Life and Sustainable Nature to Augment the Market"

The market for flexible food & beverage packaging is expanding as a result of rising consumer demand for snack and convenience foods in single-serving or small-portion sizes. Due to its numerous energy and environmental benefits, the packaging industry is shifting toward flexible food and beverage packaging. Additionally, manufacturers have been compelled to provide environmentally friendly packaging choices that are safe and secure due to growing worries about the usage of biodegradable polymers for flexible packaging and its effects on the environment. Manufacturers are looking into sustainable packaging options that use less resources and energy during production, require less money for transportation, and give products a longer shelf life in order to ease cost pressure and preserve the integrity of product packages.

RESTRAINING FACTORS

"Need of Cutting- Edge Recycling Infrastructure to Hinder the Demands"

It takes cutting-edge infrastructure to recycle plastic packaging trash, which is a complicated procedure. It takes time and requires individuals with specialized knowledge. The flexible food and beverage packaging market's expansion may be hampered as a result.

Flexible Food and Beverage Packaging Market REGIONAL INSIGHTS

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"Asia Pacific’s Global Flexible Food & Beverage Packaging Market Share to Grow Exponentially"

The flexible food and beverage packaging market was headed by Asia Pacific, which also had the highest revenue share. Due to the expanding organized retail and e-commerce sectors, as well as the simplicity with which raw materials can be obtained, countries in the Asia Pacific region, including China and India, are also anticipated to present prospective development possibilities for market participants. The demand for packaged food goods is anticipated to increase due to rising consumer buying power in China, India, and Indonesia, which would ultimately fuel market expansion.

Additionally, the region's increased consumption of packaged beverages and preference for small-sized packs due to their cost and convenience are likely to lead to a significant need for flexible food & beverage packaging. Extra Americans are prepared to pay more for flexible packaging that holds food and drinks, according to the Flexible Packaging Association, because of its ecological profile. Additionally, it is anticipated that the region's product demand would benefit from manufacturers' growing preference for flexible food and beverage packaging due to its marketing benefits.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Amcor (Austrailia)
• Sealed Air Corporation (U.S.)
• Wihuri (Finland)
• Coveris (UK.)
• Lock&Lock (South Korea)
• Huhtamaki (Finland)
• Sabert (U.S.)
• Printpack (U.S.)
• Visy Proprietary Limited (Australia)
• Tupperware (U.S.)
• Silgan (U.S.)
• Consolidated Container (U.S.)
• Reynolds (U.S.)
• PakPlast (Australia)
• LINPAC Packaging (UK.)
• Amcor Limited (Australia)
• Dart Container (U.S.)
• D&W Fine Pack (U.S.)
• Genpak (U.S.)
• Bryce Corporation (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.