Flexible Packaging Market Trends

Growth Drivers

• Growing Demand for Flexible Packaging in Pharmaceuticals with the Rising Need to Prevent Damage- As of 2021, the global medicines spending was estimated to spend nearly USD 1.5 trillion.  Flexible packaging is highly required in the pharmaceutical industry since it can preserve medicines and drugs, which is very helpful in the distribution procedure. Flexible packaging can be molded into any shape, making it quite suitable to pack tablets and capsules. Hence, such a higher utilization is expected to push the growth of the flexible packaging market over the forecast period.
• Increasing Sales of Personal Care Products – There has been rise in the sale of personal care products followed by the increasing concern of people on personal care that also includes oral care products for the oral hygiene. Therefore, it is predicted to boost the market’s growth. In 2022, the total revenue generated by the personal care segment was anticipated to be nearly USD 10 billion across the globe.
• Higher Demand and Distribution of Ready-to-Eat Food with Long Hours of Work Time - The ready-to-eat meals was valued at more than USD 140 billion in the year 2023 around the world.
• Remarkable Increment in the Net National Income Which Increases the Spending Capacity of People on Shopping- As per the report published by the World Bank, the adjusted net national income worldwide hit approximately USD 8,000 per capita in 2020.  
• Spiking Utilization of Flexible Packaging in the Automotive Industry to Replace Metal and Reduce the Weight of Vehicles- For instance, in 2021-22, the global total sales of the passenger cars were estimated to be more than 55 million.

Challenges

• Presence of Alternatives in the Market
• Less Availability of Recycling Infrastructure Facilities - The recycling facilities for flexible packaging are very limited and require experienced personnel to manage the recycling units. Many countries still lack these facilities, which limits the market growth. As per the data of the Organisation for Economic Co-operation and Development, only 9% of the world’s total plastic packaging waste is recycled successfully as of 2022.
• Disrupted Supply-Chain due to COVID-19