According to Arizton’s latest research report, the global flexible packaging market to grow at a CAGR of 5% during 2022-2028. The increased focus on sustainable, flexible packaging, profit volatility in the APAC region, usage of high-barrier plastic packaging materials, increasing adoption of flexible packaging over rigid packaging, growing e-commerce industry, and shift in food service from frozen packaging to modified atmospheric packaging (MAP) products are the growing trends in the flexible packaging market.
APAC is expected to lead the global flexible packaging market from 2022 to 2028. Higher domestic demand and the availability of low-cost labour make this region the most appealing market for flexible packaging manufacturers. As a result, market participants are focusing on increasing their market share and profitability across APAC. Expansions and investments, acquisitions, agreements, and the launch of new products are some of the major strategies used by key players to strengthen their positions in the flexible packaging market.
The market for flexible packaging is expected to grow as the global economy improves, the labour force expands, and domestic demand for food and pharmaceutical products rises. As the packaging market and end-user industries are highly fragmented in the APAC region, differentiation is critical. With China and India included in the geography, there are supply chain challenges in procuring raw materials. Brand owners in India and China prefer packaging companies with the lowest supply chain risk (diversified procurement). The region has a high demand for both low-cost sachets and premium luxury packaging.
High-barrier films are widely used in the flexible plastic packaging market for superior food protection. However, its market share is currently hovering around 10%. High-barrier films are not used in lower-priced or non-premium food products. The process of selecting the appropriate barrier film is determined by the product to be packaged. The chances of food spoilage at any point in the entire supply chain have been a substantial motivator for the usage of high-barrier packaging materials. With the increasing demand for high-barrier packaging in the vacuum packaging industry, there is also a rising inclination toward recyclable high-barrier plastics. Consumer awareness of convenience and eco-friendly packaging in the food industry is also driving the expected increase in demand for high-barrier vacuum packaging. Along with high-barrier vacuum packaging, plastic materials such as PET, BOPP, and PVC are expected to gain popularity.
The increasing usage of frozen food gaining momentum. Modified atmospheric packaging products (MAP) is highly preferable over frozen food packaging with decreased exposure to oxygen, preventing it from discoloration, spoilage, textures, and off-flavors. By this, the food remains fresh for a longer period, thus, extending its shelf life and retaining its attractiveness for the customers. Thus, MAP improves the freshness of vegetables or fruits during storage. Hence, there has been a shift in food packaging from frozen food packaging to modified atmosphere packaging, thereby increasing the demand for flexible packaging in the market.
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