The flexible packaging market is expected to grow by $59.22billion during 2020-24, according to Technavic’s Global Flexible Packaging Market report. The report also predicts the market impact and new opportunities created by the Covid-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters, with a limited impact on the full-year economic growth. The growing focus on improving the shelf life of food products is one of the key factors driving the demand for flexible packaging. For instance, bananas packed in flexible plastic packaging ripen slowly and have a prolonged shelf life, as do coffee products packed in pouches.
The growing demand for flexible packaging in the F&B industry is encouraging vendors to come up with innovative resealable packaging solutions that allow consumers to reseal or close the packaging after use. These factors are fuelling the growth of the global flexible packaging market. Technavio says the shift from rigid packaging to flexible packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period.
The report also analyses other significant trends and market drivers that will influence market growth in 2020-24. The market is witnessing a shift from the use of rigid to flexible packaging among end-users across industries such as food and beverage, healthcare, personal care and others. This can be attributed to various benefits offered by flexible packaging such as durability and its lightweight nature. Also, products with flexible packaging are easy to open, carry and store, and are resealable. With the growing consumer focus on convenience and sustainability, the demand for flexible packaging is expected to increase during the forecast period.
“The rising development of new products and the growing popularity of flexible bioplastic packaging will further boost market growth during the forecast period”, says a senior analyst at Technavio, as quoted in the report.