Market research firm Research and Markets has released its latest report, forecasting that the global flexible packaging market will grow from a value of USD 210.62 billion in 2023 to USD 238.91 billion by 2029, representing a compound annual growth rate (CAGR) of 2.12%.
According to the report, the primary drivers of growth in the global flexible packaging market are the increasing adoption of flexible packaging over rigid packaging, coupled with rising demand for processed and packaged foods.
The shift from rigid to flexible packaging is a major trend in the global packaging industry. It is driven by various factors, including sustainability, cost-effectiveness, convenience, and advancements in materials.
This shift has seen significant growth, particularly in industries such as food and beverages, pharmaceuticals, personal care, and consumer goods. One of the most important factors driving the adoption of flexible packaging is its lower environmental footprint. Since it uses fewer materials, it reduces waste and has a lighter weight, thereby decreasing energy consumption during transportation.
The report also notes that sustainability is one of the limiting factors for industry growth. Many flexible packaging products are made from multi-layer films, where different materials (such as plastic, aluminium, and paper) are laminated together to achieve specific performance characteristics, such as moisture resistance, durability, or light protection.
These materials are difficult to separate during recycling, and most recycling facilities lack the equipment to handle complex multi-layer packaging.
The global soft packaging market is primarily dominated by the Asia-Pacific, Europe, and North America regions, with the Asia-Pacific region holding the largest market share.
Driven by growing demand and cost-effective labour, the Asia-Pacific region is expected to lead the soft packaging market. These factors make the region highly attractive to manufacturers seeking to expand their market presence and enhance profitability.
In response, key industry players are intensifying their focus on the region through strategies such as market expansion, increased investment, acquisitions, strategic agreements, and the introduction of innovative products.
The soft packaging market in the Asia-Pacific region is characterised by demand spanning a wide range of products, from cost-effective pouches to high-end luxury packaging. With rising consumer demand for more convenient and protective packaging, the industry is expected to experience strong growth, particularly in the food, pharmaceutical, and industrial packaging sectors.