According to research conducted by Future Market Insights, the global converted flexible packaging market is poised for significant expansion, with a projected valuation of US$ 302.5 billion in 2023. Furthermore, the market is expected to achieve a robust Compound Annual Growth Rate (CAGR) of 4.7%, reaching US$ 478.9 billion by the year 2033.
One of the key drivers behind the soaring demand for converted flexible packaging is the upward surge of the food & beverage and pharmaceutical industries. As the food & beverages market experiences remarkable growth, packaging industry leaders are compelled to innovate and develop distinctive packaging solutions tailored to meet the evolving demands of modern consumers.
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Recent consumer studies have highlighted a preference for easy-to-carry packaging options for food & beverage products, with consumers seeking packaging that offers convenience and enhances their overall product experience. Consequently, consumers are increasingly willing to invest in the latest packaging solutions that address the limitations of traditional rigid packaging options.
Business Trends:
- Sustainability Drive: Consumers are increasingly demanding eco-friendly packaging solutions. Converted flexible packaging companies are adopting sustainable materials, recyclable packaging, and reducing their carbon footprint to align with market demands.
- Advanced Technology Integration: Automation, robotics, and digital printing are revolutionizing the converted flexible packaging industry. Companies are investing in state-of-the-art technologies to enhance efficiency, reduce costs, and improve product quality.
- Customization and Personalization: With the rise of e-commerce and direct-to-consumer brands, there’s a growing need for customized packaging solutions. Converted flexible packaging companies are offering personalized designs, sizes, and features to meet the unique requirements of various brands and products.
- Health and Safety Standards: Stringent regulations regarding food safety and hygiene are driving innovation in converted flexible packaging. Companies are developing packaging solutions with enhanced barrier properties, antimicrobial coatings, and tamper-evident features to ensure product integrity and consumer safety.
- Supply Chain Resilience: The COVID-19 pandemic highlighted the importance of supply chain resilience. Converted flexible packaging companies are diversifying their supplier base, implementing robust contingency plans, and adopting agile manufacturing practices to mitigate risks and ensure continuity of operations.
Future Growth Opportunities in Converted Flexible Packaging Industry:
- Biodegradable Materials: There’s a growing demand for biodegradable and compostable packaging solutions. Companies investing in research and development of biodegradable materials like bio-based plastics or cellulose-based films can capitalize on this emerging trend.
- Smart Packaging Solutions: Integration of smart technologies like RFID tags, QR codes, and sensors into flexible packaging enables functionalities such as product tracking, authentication, and temperature monitoring. Investing in smart packaging solutions offers opportunities for enhanced product differentiation and consumer engagement.
- E-commerce Packaging Solutions: The rapid growth of e-commerce is driving demand for packaging solutions optimized for online retail. Companies focusing on developing packaging designs that minimize shipping costs, reduce packaging waste, and enhance product presentation stand to benefit from this trend.
- Convenience Features: Consumers are increasingly seeking convenience in packaging, such as resealable closures, easy-open features, and portion control options. Developing packaging solutions that prioritize convenience while maintaining product freshness and shelf life presents a significant growth opportunity.
- Functional Packaging: There’s a rising demand for packaging that serves additional functions beyond containment and protection, such as microwaveability, oven-safe properties, or extended shelf life features. Investing in innovative functional packaging solutions can cater to evolving consumer preferences and market needs.
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Market by Category:
By Material,
- Plastic
- Synthetic Polymers
- Bio-based Polymers
- Paper
- Metal(Foil)
By Product Type,
- Bags & Sacks
- Pouches
- Sachets & Stick Packs
- Tapes
- Labels
- Tubes
- Liners
By End Use,
- Food & Beverage
- Healthcare
- Cosmetics & Personal Care
- Electronical & Electronics
- Agriculture
- Building & Construction
- Other Consumer Goods
By Region,
- 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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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