Global Flexible Packaging Market to Exhibit 4.66% CAGR by 2028

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Global Flexible Packaging Market to Exhibit 4.66
CAGR by 2028
Triton Market Research presents the Global
Flexible Packaging Market segmented by Raw
Material (Paper, Bioplastic, Aluminum, Plastic),
Application (Food Beverage, Pharmaceuticals,
Cosmetics, Others), Type (Stand-Up Pouches, Flat
Pouches, Rollstock, Gusseted Bags, Wicketed Bags,
Wraps), Printing Technology (Flexography,
Rotogravure, Digital Printing, Others), and
Geography (North America, Latin America, Europe,
Asia-Pacific, and Middle East and Africa). It
further discusses the Market Summary, Industry
Outlook, Impact of COVID-19, Key Insights,
Porters Five Forces Model, Market Attractiveness
Index, Vendor Scorecard, Industry Components, Key
Market Strategies, Drivers, Challenges,
Opportunities, Competitive Landscape, Research
Methodology Scope, Global Market Size,
Forecasts Analysis (2022-2028). Triton Market
Researchs report states that the global market
for flexible packaging will expand with a 4.66
of CAGR during the forecasted period of 2022 to
2028. In terms of volume, the market is expected
to progress at a CAGR of 4.01 by 2028.
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Flexible packaging is the least-expensive
material that comes with great durability and
ensures product protection. These are an ideal
solution for businesses looking for eco-friendly
and customized packages that suit the product,
brand, and other needs. Moreover, the shift to a
green environment has influenced industries to
adopt convenient and environment-friendly
packaging. Besides, the rising trend of portable
products such as food, beverages,
pharmaceuticals, etc., has significantly boosted
the demand for flexible packaging. The growing
urbanization has also increased consumers focus
on convenience in packaging, allowing
manufacturers to provide innovation in packaging
options. Hence, these factors are driving the
markets growth. However, the cost of operations
has constantly increased over the years. The
materials account for 60 of the total expenses,
followed by labor, manufacturing, and marketing
costs. Therefore, manufacturers are increasing
product costs to overcome the price rise of
materials, especially aluminum, plastic, and
resin. Such an increase in operational costs is
restraining the growth of the flexible packaging
market. The Asia-Pacific holds the largest
market for flexible packaging and is expected to
bolster over the forthcoming years. The upsurge
in the market is attributed to the rising
packaged food market, growing plastic production,
and private investments in flexible packaging.
Moreover, due to the availability of low-cost
labor and increasing domestic demand, the
regional manufacturers are focusing on
investments, expansions, acquisitions, and new
product launches to expand their market share.
Thus, these developments are expected to augment
the growth of the flexible packaging market. The
key companies profiled in the flexible packaging
market are Bryce Corporation, TCL Packaging,
Takigawa Corporation, KM Packaging Services Ltd,
Okura Industrial, American Packaging Corporation,
Coveris Management GmbH, Solvay SA, Sealed Air
Corporation, Kohjin Film Chemicals Co Ltd,
Mitsui Bussan Packaging Co Ltd, Bischof Klein
SE Co KG, EPAC, Rengo Co Ltd, Michelman Japan
LLC, Flair Flexible Packaging Corporation, Dai
Nippon Printing Co Ltd, Hosokawa Yoko Co Ltd,
Amerplast, Amcor Ltd, Mondi Group, Korpack
Corporation, Asahi Kasei, and Handoo Package Co
Ltd. The market shows a high degree of
competition due to a large number of
manufacturers providing product differentiation.
Such manufacturers introduce application-specific
products along with technological innovation in
product design and raw materials, thus increasing
the competitive rivalry.
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