The global converted flexible packaging market is poised for significant growth over the next decade, according to a report by Future Market Insights. The market is expected to reach a valuation of US$ 302.5 billion in 2023 and expand at a CAGR of 4.7% between 2023 and 2033, reaching a total value of US$ 478.9 billion by the end of the forecast period. The top five companies in the market are expected to hold 10-15% of the global converted flexible packaging market share in 2021, indicating a highly competitive landscape.
In terms of material, plastic is expected to remain the dominant segment, accounting for approximately 57% of the market value share by the end of 2033. This is due to its versatility, durability, and cost-effectiveness, making it a popular choice for packaging applications across various industries.
However, other materials such as paper and biodegradable polymers are also gaining traction, driven by growing consumer preference for sustainable and eco-friendly options. Overall, the converted flexible packaging market is set to experience steady growth in the coming years, driven by changing consumer preferences, advancements in technology, and increasing demand from emerging markets.
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The report conducts an in-depth analysis into factors causing the change in consumer behavior and purchasing patterns. It also provides refined sales projections to assist market players in identifying remunerative segments.
Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Converted Flexible Packaging
With rising environmental concerns and the implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Converted Flexible Packaging market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Converted Flexible Packaging Market Takeaways and Projections
- The U.S. is expected to lead the North America Converted Flexible Packaging market, projecting the fastest growth in the region between 2023 and 2033
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2033.
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Report Benefits & Key Questions Answered
- Converted Flexible Packaging Historical Market Analysis: The detailed survey by FMI, examines key factors in the Converted Flexible Packaging market that affected the growth in the market for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Converted Flexible Packaging market for the forecast period 2023-2033.
- Converted Flexible Packaging Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Converted Flexible Packaging for the assessment period. As per the study, the demand for Converted Flexible Packaging will grow at a robust CAGR between 2023 and 2033.
- Converted Flexible Packaging Market Trend Analysis: The latest study by FMI on the Converted Flexible Packaging market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Converted Flexible Packaging market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Converted Flexible Packaging Market by Category
By Material, Converted Flexible Packaging Market is segmented as:
- Plastic
- Synthetic Polymers
- Bio-based Polymers
- Paper
- Metal(Foil)
By Product Type, Converted Flexible Packaging Market is Segmented as:
- Bags & Sacks
- Pouches
- Sachets & Stick Packs
- Tapes
- Labels
- Tubes
- Liners
By End Use, Converted Flexible Packaging Market is Segmented as:
- Food & Beverage
- Healthcare
- Cosmetics & Personal Care
- Electronical & Electronics
- Agriculture
- Building & Construction
- Other Consumer Goods
By Region, Converted Flexible Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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