According to MarketsandMarkets, the global flexible packaging industry is forecast to grow at an annual average rate of 4.5% over the next five years, achieving $200.5 billion by 2025. Witnessing significant growth across food, beverage, cosmetics, personal care, household and pharmaceutical products, flexible packaging continues its trajectory due to its lightweight, durability, graphic impact, convenience and supply chain benefits. When combined with increasing consumer disposable income and the advent of omnichannel retailing, the flexible packaging market projects a bright future.
First, the sustainability agenda is returning to the top of consumer concerns. At the height of the pandemic, hygiene and safety features were paramount for consumers, moving sustainability slightly down the list in importance — according to the Packaging and Processing – Coming Through COVID-19 white paper produced by PMMI Business Intelligence, part of PMMI, The Association for Packaging and Processing Technologies. Sealed packaging with products untouched by human hands became appealing, along with integrated safety features. A plastics renaissance of sorts ensued as the appeal of ‘clean’ hygienically packed goods were deemed attractive and flexible packaging benefitted.