NEW DELHI, July 5, 2022 (GLOBE NEWSWIRE) — The European flexible packaging market is booming thanks to technological innovation, sustainability concerns and attractive economics, as well as market-friendly customer-friendly packaging and enhanced product protection The growing demand for…
According to a recent study by BlueWeave Consulting, a strategic consulting and market research firm, the European flexible packaging market will be worth $47.62 billion in 2021.The market is expected to grow at a CAGR of 6.1%, with revenue reaching approximately $71.37 billion by the end of 2028.The European flexible packaging market is booming due to the expansion of the food and beverage industry and increasing demand for processed food and beverages.Furthermore, flexible packaging innovations by key market players to improve performance and product functionality will encourage manufacturers to align with flexible packaging, thereby driving the growth of the flexible packaging market.Furthermore, increasing demand for pharmaceuticals and medical supplements supports market growth.In addition, the European flexible packaging market is one of the most emerging markets that continues to grow due to rapid technological developments and innovations in the agrochemicals, nutraceuticals, beverages, and alcohol industries that effectively increase the production of innovative flexible packaging materials.However, recycling plastic packaging waste is a complex process that requires cutting-edge infrastructure.This is a time-consuming process that requires human expertise.This could act as a huge restraining factor for market growth.
Due to changing industry dynamics, such as the implementation of new regulatory initiatives, manufacturers are encouraged to develop new packaging options.Growing environmental concerns over the use of biodegradable plastics in flexible packaging are also driving manufacturers to develop safe and secure sustainable packaging options.Manufacturers are considering sustainable packaging solutions that require less material and energy to manufacture packaging, reduce shipping costs, and provide products with a longer shelf life to reduce cost pressures and maintain product packaging integrity.Hence, European flexible packaging is expected to grow at a significant rate during the forecast period (2022-2028).
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To reduce waste, governments across Europe are encouraging the use of sustainable packaging.For example, the UK overtook China to become the world leader in sustainable packaging in 2018.The government is investing $80 million to challenge innovators to create packaging that reduces the environmental impact of harmful plastics.In addition, Europe developed the Packaging and Packaging Waste Directive with two main objectives: to help prevent trade barriers and reduce the environmental impact of packaging waste.Manufacturers are pivoting their strategies to recycling and using new plastic technologies to develop recyclable and sustainable solutions in response to stringent government regulations, changing consumer preferences and environmental pressures.
Recycling and environmental concerns related to flexible plastic packaging are major restraining factors for market growth.According to research, at least 1 million tons of plastic leak into the ocean every year, the equivalent of dumping a garbage truck into the ocean every minute.This rate is expected to rise to 2 per minute by 2030 and 4 per minute by 2050, threatening the ecosystem.Plastics make up about 90% of all litter in the ocean.It is estimated that flexible plastic packaging accounts for the largest share.As such, recycling has become a major challenge for the flexible plastic packaging industry, providing reuse value and reducing waste.
On the basis of application, the European flexible packaging market is segmented into Food & Beverage, Medical & Pharmaceutical, Personal Care & Cosmetics, Industrial, and others.The food and beverage segment now holds the largest market share and is likely to continue to do so during the forecast period (2022-2028).This is due to the rise in bakery and cereal bars, ready meals and coffee or hot chocolate bars and sachets, dehydrated and instant foods (soups, gravy and sauce packets, rice and food mixes), snacks and nuts, spice foods, chocolate and New products such as candy and ice cream.This is expected to boost the growth of the European flexible packaging market over the forecast period (2022-2028).
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Due to the covid-19 pandemic, restaurants have turned to takeout and delivery during the lockdown, which has increased the demand for packaged foods such as frozen meat, fish, etc., necessitating the use of flexible packaging.Additionally, household refill packaging for household and personal care products has opened up a new market for flexible plastic refill bags that reduce shipping weight and package size.Additionally, the COVID-19 pandemic has accelerated the growth of e-commerce, with many European consumers preferring to shop online rather than lockdown.In addition, demand for sustainable flexible packaging has increased in the region due to growing consumer concerns about packaging due to e-commerce
Key market players in the European flexible packaging market are Amcor Plc, Berry Global Group Inc., Mondi Group, Sealed Air Corporation, Constantia Flexibles, Coveris Holding SA, Transcontinental Inc., Huhtamäki Oyj, Sonoco Products Company, Ahlstrom-MunksjöOyj, Greif, Inc. , Westrock Company, AptarGroup, Inc.. FlexPak Services LLC, Al Invest Bridlicnaa.s. The European flexible packaging market is highly fragmented with several manufacturing companies in the country.Market leaders maintain their dominance by investing in research and development, incorporating cutting-edge technologies into products, and releasing upgraded products for customers.Various strategies are used, including strategic alliances, agreements, mergers and partnerships.
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The in-depth analysis of the report provides information on the growth potential, future trends and statistics of the European Flexible Packaging Market.It also highlights the factors driving the total forecast market size.The report promises to provide the latest technological trends and industry insights on the European Flexible Packaging Market to help decision makers make sound strategic decisions.Furthermore, the report analyzes the market growth drivers, challenges and competitive dynamics.
July 5, 2022 11:00am ET | Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
Post time: Aug-01-2022