The global market for converted flexible packaging is anticipated to reach a value of US$ 302.5 billion in 2023 and continue to grow at a CAGR of 4.7% to reach US$ 478.9 billion by the year 2033, according to data from Future Market Insights. With the top 5 businesses expected to control 10-15% of the worldwide market for converted flexible packaging in 2021, sales of converted flexible packaging will increase.
The plastic segment is anticipated to continue to dominate the global market for converted flexible packaging based on material. By the end of 2033, the same category is anticipated to have about 57% of the market value share.
The report conducts an in-depth analysis into factors causing the change in consumer behavior and purchasing patterns. It also provides refined sales projections to assist market players in identifying remunerative segments.
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Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Converted Flexible Packaging
With rising environmental concerns and the implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Converted Flexible Packaging market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Converted Flexible Packaging Market Takeaways and Projections
- The U.S. is expected to lead the North America Converted Flexible Packaging market, projecting the fastest growth in the region between 2023 and 2033
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2033.
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Report Benefits & Key Questions Answered
- Converted Flexible Packaging Historical Market Analysis: The detailed survey by FMI, examines key factors in the Converted Flexible Packaging market that affected the growth in the market for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Converted Flexible Packaging market for the forecast period 2023-2033.
- Converted Flexible Packaging Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Converted Flexible Packaging for the assessment period. As per the study, the demand for Converted Flexible Packaging will grow at a robust CAGR between 2023 and 2033.
- Converted Flexible Packaging Market Trend Analysis: The latest study by FMI on the Converted Flexible Packaging market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Converted Flexible Packaging market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Converted Flexible Packaging Market by Category
By Material, Converted Flexible Packaging Market is segmented as:
- Plastic
- Synthetic Polymers
- Bio-based Polymers
- Paper
- Metal(Foil)
By Product Type, Converted Flexible Packaging Market is Segmented as:
- Bags & Sacks
- Pouches
- Sachets & Stick Packs
- Tapes
- Labels
- Tubes
- Liners
By End Use, Converted Flexible Packaging Market is Segmented as:
- Food & Beverage
- Healthcare
- Cosmetics & Personal Care
- Electronical & Electronics
- Agriculture
- Building & Construction
- Other Consumer Goods
By Region, Converted Flexible Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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