Flexible Industrial Packaging Market Trends

Growth Drivers

• Escalating penetration in the food & beverage sector - Flexible wrapping options improve flavor and maintain freshness. These useful packaging choices may effectively manage any kind of edible product, liquid or solid. For edible goods, flexible packaging has several uses and provides an environmentally responsible option.
  
  71% of the demand for converted flexible packaging was met by the food markets in 2016, and by 2021, it was predicted that this share would increase to USD 15.5 billion. Flexible pouches are replacing rigid packaging containers for goods with high-liquid contents, such as soups.
   
• High demand in the pharmaceutical sector - The pharmaceutical sector is an excellent opportunity to diversify and innovate for the flexible packaging industry.
  
  The pharmaceutical packaging sector is showing strong growth as a result of increasing health awareness, increased production units, and demand for convenient packaging, which also means that flexible packaging will continue to be sought in the future. In 2021 the world pharmaceutical sector is estimated to be worth USD 1,256,863 million at an ex-factory price.

Challenges

• Escalating raw material prices - Paperboard, paper, plastic, polymers, films, and glues are some of the main raw materials employed by flexible packaging manufacturers. In recent years, particularly about the prices of these raw materials, the flexible packaging cost has seen a significant increase. Moreover, due to the reduced supply, prices for polypropylene used in packaging films, resins, and bottles have been increasing.
   
• Growing competition from alternatives is predicted to hamper the market growth in the future times.
• Concern regarding the environment and recycling to hamper the flexible industrial packaging market expansion in the forecast period