Report : North America 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 4.3% CAGR, the North America Flexible Packaging Market is speculated to be worth US$ 58,888.76 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America flexible packaging market was valued at US$ 43,999.48 million in 2021 and is expected to reach US$ 58,888.76 million by 2028, registering an annual growth rate of 4.3% from 2021 to 2028. Cost effectiveness and increased product shelf-life and increasing demand for snacks and convenience foods and beverages are the critical factors attributed to the market expansion.
The flexible packaging solutions use various flexible and non-rigid materials, including foils, plastics, papers, pouches, bags, and pliable product containers. These materials require less energy to manufacture and transport, and they also generate small quantities of greenhouse gases on their way to market. Flexible packaging solutions such as bags, wraps, and pouches are available at low costs and occupy 35% less retail shelf space, providing them cost-effective compared to other forms of packaging. Moreover, Waste-To-Energy technologies are enabling manufacturing companies to turn waste into fuels and electricity. Waste materials can be repurposed into new products instead of landfills. Several countries have been working to make this a viable option instead of using the landfill to discard materials. There have been advances in incinerator technology, which have reduced harmful emissions. This creates the likelihood of manufacturing companies getting on board with improved environmental processes. Unfortunately, each year approximately one-third of all food produced for human consumption goes to waste due to a lack of resources and technology. Flexible packaging protects products from moisture, UV rays, mold, dust, and other environmental contaminants that can negatively affect the product, thereby maintaining its quality and extending its shelf life up to three times longer than goods not packaged. Fortunately, flexible packaging is also helping to reduce our environmental footprint and driving the flexible packaging market across the region.
On the contrary, fluctuating raw material prices hurdles the growth of North America flexible packaging market.
Based on material, the North America flexible packaging market is segmented into plastics, paper, aluminum foils, and others. The plastics segment held 66.6% market share in 2021, amassing US$ 29,316.38 million. It is projected to garner US$ 39,085.05 million by 2028 to expand at 4.2% CAGR during 2021–2028.
Based on product type, the North America flexible packaging market is segmented into pouches, bags, films and wraps, and others. The bags segment held 49.1% market share in 2021, amassing US$ 21,606.88 million. It is projected to garner US$ 30,219.28 million by 2028 to expand at 4.9% CAGR during 2021–2028.
Based on application, the North America 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 63.5% market share in 2021, amassing US$ 27,959.37 million. It is projected to garner US$ 38,760.35 million by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on country, the North America flexible packaging market has been categorised into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.0% market share in 2021. It was assessed at US$ 38,740.30 million in 2021 and is likely to hit US$ 52,037.04 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the North America flexible packaging market are Amcor plc, Berry Global Inc., Constantia Flexibles, 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 Nov 2019, Huhtamaki launches new packaging solutions for coffee detergents, jams, ketchup , soaps sachets, it has new recyclable, polyolefin-based barriers for packing solutions.