Allied Market Research recently published a report that predicts that the global flexible packaging market is to attain a value of $325.8 billion by 2032 with a growing CAGR of 5.1% from 2023 to 2032. The industry was previously estimated at $197.4 billion in 2022. 

What does the study offer? 

This report delivers a detailed quantitative analysis of market segments, current trends, projections, and dynamics within the flexible packaging market from 2022 to 2032, aiming to pinpoint emerging opportunities. It includes insights into key drivers, constraints, and potential prospects. Additionally, Porter's five forces framework assesses the power of buyers and suppliers, helping stakeholders make informed, profit-driven decisions and enhance their supplier-buyer relationships. The report also outlines the revenue contributions of major countries across regions and competitive scenario for an effective and clearer understanding of the landscape. 

Key questions covered in the report:

Regional insight:

In 2022, the Asia-Pacific region captured the largest share of the global flexible packaging market, accounting for nearly 40% of total revenue, and is expected to maintain its leading position throughout the forecast period. Meanwhile, North America is projected to experience the highest compound annual growth rate (CAGR) of 6.03% from 2023 to 2032. The U.S. holds the largest share in this region, followed by Canada, while Mexico has the smallest market share. This growth is motivated by increased on-site applications of flexible packaging. The demand for flexible packaging is boosted by the presence of major corporations and industrial leaders. Furthermore, the expansion of the personal care sector in Mexico significantly contributes to market growth in North America, along with the rising need for pharmaceuticals in Canada. 

Major industry players:

The report covers an extensive observation of key players, including strategic steps such as mergers, acquisitions, collaborations, and partnerships, embraced to stay afloat in the competitive landscape of the industry.  

These leading companies are:  

Contemporary trends that are changing the industry landscape :

Flexible packaging provides significant convenience for both consumers and manufacturers of baked goods and snacks. Shoppers value the user-friendly design and resealable features of flexible packaging, particularly for products such as cookies and bread that are typically enjoyed over multiple servings. 

Factors like hectic lifestyles, an increase in women entering the workforce, and rising industrialization have amplified the demand for ready-to-eat packaged foods and snacks in the region over the past decade. Households with dual incomes have particularly driven the market for snacks, often consumed as meal replacements or treats after a long day at work. 

With its comprehensive yet impactful insights, the report provides an overview of the flexible packaging industry's whereabouts that can assist stakeholders in making informed business decisions in the future.