Flexible Packaging Market is Estimated To Witness High Growth Owing To Trends Towards Customized Packaging

 

The Flexible Packaging Market is estimated to be valued at US$ 74.95 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Flexible packaging is lightweight and is highly suitable for packaging various foods and beverages products along with pharmaceutical products. Flexible packaging provides advantages of customization, convenient handling and transportation which has increased its demand in packaging applications.

Market key trends:

One of the major trend driving the growth of the Flexible Packaging Market Size is the trend towards customized packaging. Customized packaging allows branding and marketing of products according to customers' choice. Manufacturers are offering flexible packaging solutions with customized shapes, sizes and features to attract customers. This has increased adoption of flexible packaging over rigid packaging. Custom printed packaging helps companies in product differentiation. Growing e-commerce sector is also fueling demand for flexible packaging as it protects products from damage during shipping and transportation.

Here is the Porter's Analysis, SWOT Analysis, and Key Takeaways for the Flexible Packaging Market:

Porter's Analysis:

Threat of new entrants: The threat of new entrants in the flexible packaging market is moderate. While the market has high growth opportunity, it requires substantial capital investment to set up manufacturing units. Barriers to entry in terms of established players and regulations impede new entrants.

Bargaining power of buyers: The bargaining power of buyers is high in the flexible packaging market due to the presence of many regional and global players providing highly customisable products. Buyers can negotiate on price and demand innovative packaging solutions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material producers have established relationships with packaging converters and brand owners. Suppliers also have low switching costs.

Threat of new substitutes: Threat from new substitutes is low as flexible packaging has advantages over rigid packaging in terms of cost, ease of handling and manufacturing process. However, substitutes like pouches or stand-up pouches are a looming threat.

Competitive rivalry: The competitive rivalry in the flexible packaging market is high due to the presence of numerous global and regional players competing on the basis of product differentiation, price, and innovation.

SWOT Analysis:

Strengths: Wide application in various end-use industries, convenience in terms of sealing and transportation, lower raw material cost compared to rigid packaging.

Weaknesses: Vulnerability to tearing or puncturing, limited shelf life for certain products, non-recyclable nature raises sustainability concerns.

Opportunities: Growth of e-commerce sector fueling demand, shift towards sustainable packaging solutions, increasing promotional packaging usage.

Threats: Stringent regulatory policies regarding plastic waste, fluctuating raw material prices, substitution threat from alternative packaging formats.

Key Takeaways:

The global flexible packaging market size is expected to witness high growth at a CAGR of 4.6% over the forecast period due to increasing demand from the food and beverage industry. The flexible packaging caters to the growth in the packaged food sector, marked by changing lifestyles and innovations in flexible formats.

Regionally, Asia Pacific dominates the flexible packaging market and is projected to continue its dominance during the forecast period. This is attributed to the rapid growth of the food and retail sectors especially in China, India, Japan and other ASEAN countries.

Key players operating in the flexible packaging market are Amcor Limited, Bemis Company, Sealed Air Corporation, Berry Plastics Group, Inc., Mondi Group, Sonoco Products Co., Huhtamäki Oyj, Constantia Flexibles Gmbh, Ampac Holdings, Llc, Bischof + KleinInternational, Wipak Group

Read Our More Blogs : https://www.dailyprbulletin.com/flexible-packaging-market-forecast-outlook-trend-2023-2030/


Comments

Post a Comment

Popular posts from this blog

Macrophage Marker Market Poised to Grow at a Robust Pace Due to Rising Demand in Medical Diagnostics

Image
  The macrophage marker market has witnessed significant growth in recent years owing to the growing applications of macrophage markers in medical diagnostics. Macrophage markers are proteins or cell surface receptors that are expressed by macrophages and are used to identify and study macrophages and their functions. Some of the key macrophage markers include CD14, CD68, CD163, CD206, and LAMP-3. These markers play a vital role in studying the functions of macrophages in various diseases like cancer, inflammatory disorders, and infectious diseases. The global macrophage marker market is estimated to be valued at US$ 295.15 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024-2030. The growing prevalence of various chronic and infectious diseases and increase in R&D spending for drug discovery are some of the key factors driving the demand for macrophage markers in recent years. Macrophage markers help in evaluating disease progression, drug
Read more

The global Cancer Diagnostics Market is growing at an accelerated pace

Image
  Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival. The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Immunohistochemistry is one of the key diagnostic trends gaining populari
Read more

Cloud-Based Solutions is Fastest Growing Segment Fueling Growth of the Global Desktop Virtualization Market

Image
  Desktop virtualization allows an organization to host desktop operating systems and applications in a centralized data center instead of individual desktop computers. It helps in resource optimization, increased security, reduced IT support costs and easy access to business data from remote locations. The global Desktop Virtualization Market is estimated to be valued at US$ 12.3 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Desktop virtualization involves separating the physical desktop environment from the computing hardware to allow employees to securely access virtual desktops from any device or location with an internet connection. It helps organizations to simplify desktop management, enhance mobility and enable BYOD policies for remote working. Market key trends: One of the key trends in the Global Desktop Virtualization Market Size i
Read more