Page 50 - Plastics news December 2023

BUSINESS NEWS

Global flexible packaging market size projected at USD 445.82-bn by 2032

varied impact on the flexible plastic
packaging market. Initially, the market
encountered challenges such as supply
chain disruptions and temporary fac-
tory closures due to stringent global
lockdown regulations. However, the
global market has experienced a con-
sistent demand for flexible packaging
due to the worldwide surge in online
food and grocery shopping. Addition-
ally, the demand for packaged food
and beverages has increased due to
pandemic-related restrictions and the
need to sustain market stability.
The competitive landscape analy-
ccording to the data published within the packaging industry, offering sis of the flexible packaging market
Aby Towards Packaging, the flex- enhanced value and market appeal for provides a comprehensive overview
ible packaging market is poised for food and non-food items. It leverages of the key players in the industry. It
remarkable expansion. Projections in- the advantageous attributes of plastic, includes detailed information such as
dicate a robust journey from its 2022 film, paper, and aluminum foil, syn- company profiles, financial perfor-
valuation of USD 283-billion, expe- ergistically providing a wide array of mance, revenue generation, market
riencing a compelling 4.7% CAGR protective features while minimising potential, research and development
from 2023 to 2032. This upward material usage. investments, new market initiatives,
trajectory is anticipated to culminate The infusion of cutting-edge tech- global presence, production facilities,
in an impressive market size of USD nologies is revolutionising the flexible and capacities, as well as strengths
445.82-billion by 2032. packaging industry. From smart pack- and weaknesses of each company.
The continuous evolution of consum- aging solutions to innovations in mate- Additionally, the analysis covers prod-
er preferences and industry demands rials, technology plays a pivotal role in uct launches, the breadth and depth
has fueled a paradigm shift in the dy- shaping the future of the market. of product offerings, and dominance
namics of the flexible packaging mar- The surge in eCommerce activities in specific applications within the flex-
ket. Manufacturers and stakeholders globally is creating a substantial de- ible packaging market. It is important
are adapting to this transformative mand for flexible packaging solutions. to note that the data provided per-
landscape with agility, steering the As consumers shift towards online tains specifically to the companies' ac-
market towards unprecedented shopping experiences, the need for tivities and strategies within the con-
growth. efficient, durable, and visually appeal- text of the flexible packaging market.

One of the pivotal factors steering ing packaging becomes paramount. As the flexible packaging market
the growth of the flexible packaging The flexible packaging market is wit- continues its upward trajectory, sev-
sector is the increasing emphasis on nessing a surge in opportunities within eral factors contribute to its sustained
sustainable solutions. As environmen- emerging economies. Rapid indus- growth. The amalgamation of tech-
tal consciousness takes centre stage, trialisation and urbanisation in these nological innovation, sustainability ini-
the market is witnessing a surge in regions contribute significantly to the tiatives, and the surge in e-commerce
demand for eco-friendly and recycla- escalating demand for flexible packag- activities positions the market as a dy-
ble packaging materials. Flexible pack- ing solutions. namic and promising sector within the
aging is a rapidly expanding sector The Covid-19 pandemic has had a global economy.

50 PLASTICS NEWSASTICS NEWS December 2023
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