The worldwide flexible-packaging market was valued at $210.62 billion in 2023, and is projected to reach $238.91 billion by 2029, rising at a CAGR of 2.12%, according to a new study via Research and Markets.

In 2023, leading global packaging solutions company Huhtamaki introduced groundbreaking mono-material technology through advanced scientific development. This sustainable flexible packaging, available in paper, PE, and PP retort-pouch formats, is designed to meet the evolving needs of both customers and consumers. In line with its 2020 commitment, Huhtamaki aims to ensure that all of its packaging is 100% recyclable, compostable, or reusable by 2030.

In 2022, PPC Flexible Packaging, a leading custom flexible packaging provider, announced the acquisition of Plastic Packaging Technologies, based in Kansas City, KS. This acquisition expands PPC’s operations to 13 manufacturing facilities across the US, including locations in Kansas, Illinois, Georgia, Texas, Ohio, Utah, Wisconsin, and Colombia.

In 2022, Greif, a global leader in industrial packaging solutions, announced the completion of its previously announced sale of the Flexible Packaging joint venture (FPS) to Gulf Refined Packaging for cash consideration of $123 million. The agenda of this sale is to use the proceeds for debt repayment and align with the company’s strategy to strengthen its financial position.

More info: Flexible Packaging Market – Focused Insights 2024-2029

Key Takeaways

By Product: The bags & sacks segment holds the most significant segmental market share, the growth is driven by the usage of these products in various applications such as healthcare, personal-care, pet-food, and others.

By Material: The flexible-plastic segment holds the largest market share, the growth is driven by the high demand for packaging solutions within the food industry.

By Application: The consumer-packaging segment shows the highest growth due to increasing demand for convenient and sustainable packaging solutions.

By Geography: Asia-Pacific dominates the global flexible-packaging market share, the growth is driven by a rapidly expanding retail landscape and the growth of organized packaging sectors.

Growth Factor: The global flexible-packaging market is set to grow due to the increased adoption of flexibles over rigid packaging and the increase in processed and packaged food.