As per the report published by Allied Market Research, the global flexible packaging market was pegged at $182.3 billion in 2020, and is estimated to reach $325.6 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.Rise in demand from the food & beverage industries, surge in e-commerce sales, and cost-effective and increased product shelf life drive the growth of the global flexible packaging market.
However, stringent regulations hinder the market growth.
On the contrary, advent of novel and sustainable flexible packaging solutions is expected to open lucrative opportunities for the market players in the future.Download Free PDF Sample Report (Including COVID-19 effect Analysis) @ https://www.alliedmarketresearch.com/request-sample/2028Covid-19 scenario:The prime end-use industries are cosmetics, personal care, and food & beverage, which suffered a great loss during the Covid-19 pandemic.
As governments imposed strict lockdown and regulations regarding social distancing, the manufacturing facilities were closed in several countries.
However, the increased demand for online grocery helped the flexible packaging industry to recover from some losses.The pandemic hampered economy of several countries and disrupted the supply chain.
This reduced the demand for flexible packaging.On the other hand, rise in public awareness regarding health issues and increase in sterilizing solutions would open new opportunities.The report segments the global flexible packaging market on the basis of material, packaging type, end-use industry, and geography.Based on material, the plastic segment held the lion’s share in 2020, accounting for more than one-third of the market.