Report : Europe Flexible Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Plastics, Paper, Aluminum Foils, and Others), Product Type (Pouches, Bags, Films and Wraps, and Others), and Application (Food and Beverages, Medical and Pharmaceutical, Personal Care and Cosmetic, Industrial, and Others)
At 3.9% CAGR, the Europe Flexible Packaging Market is speculated to be worth US$ 48,070.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe flexible packaging market was valued at US$ 36,823.31 million in 2021 and is expected to reach US$ 48,070.55 million by 2028, registering an annual growth rate of 3.9% from 2021 to 2028. The increasing demand for snacks and convenience foods and beverages cost effectiveness and increased product shelf-life and are the critical factors attributed to the market expansion.
The on-the-go snacking concept is closely associated with the easy consumption and handling of food products. Thus, the demand for convenience food products is increasing due to the linked convenience of consumption, aided by flexible and disposable packaging that prevents the bars, rolls, drinks, and many products from coming in contact with hands, keeping them clean to work simultaneously. Also, working professionals increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Moreover, flexible packaging of food and beverages product are more convenient for end users to handle it safely and appropriately. Flexible packaging comes in various materials, shapes, and sizes and is typically produced in either formed or unformed configurations. Formed products are pre-shaped with the option of filling and sealing yourself in-house, while unformed products usually come on a roll sent to co-packers for forming and filling. The materials used in flexible packaging are easy to manipulate and combine into innovative and customizable styles, such as pouches, sachets, printed roll stocks, stock bags and others. So, increasing demand for snacks and convenience foods and beverages is expected to fuel the market growth across the region.
On the contrary, fluctuating raw material prices hurdles the growth of Europe flexible packaging market.
Based on material, the Europe flexible packaging market is segmented into plastics, paper, aluminum foils, and others. The plastics segment held 57.1% market share in 2021, amassing US$ 21,035.56 million. It is projected to garner US$ 27,406.97 million by 2028 to expand at 3.9% CAGR during 2021–2028.
Based on product type, the Europe flexible packaging market is segmented into pouches, bags, films and wraps, and others. The bags segment held 50.6% market share in 2021, amassing US$ 18,627.56 million. It is projected to garner US$ 25,327.86 million by 2028 to expand at 4.5% CAGR during 2021–2028.
Based on application, the Europe flexible packaging market is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. The food and beverages segment held 67.8% market share in 2021, amassing US$ 24,976.32 million. It is projected to garner US$ 33,612.48 million by 2028 to expand at 4.3% CAGR during 2021–2028.
Based on country, the Europe flexible packaging market has been categorised into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that Germany captured 22.0% market share in 2021. It was assessed at US$ 8,111.85 million in 2021 and is likely to hit US$ 10,688.88 million by 2028, exhibiting a CAGR of 4.0% during the forecast period.
Key players dominating the Europe flexible packaging market are Amcor plc, Berry Global Inc., Constantia Flexibles, Coveris, Flexpak services, Huhtamaki, Mondi, Sealed Air, Sonoco Products Company, and Transcontinental Inc. among others.
- In Dec 2021, Amcor plc has introduced its first ever high barrier, high speed, heat- resistant, recycle- ready liquid pouch packaging solution for the product protection of shelf stable liquid foods which are highly durable with fitmented seals.
- In Sep 2021, Berry Global Inc.has expanded polypropylene thermoforming capabilities to make clear drink cups and lids for quick-service restaurants, coffee shops, convenience stores and other food service markets. It improves the restaurant operation efficiencies while offering a more sustainable packaging option.