TAKE OFF

Flexible Packaging

Fuels Growth

The global trends in flexible packaging with materials such as paper, foil, RCF, EVOH, PVC, PE, BOPET, BOPA, CPP, and BOPP are set to take off.

Market Growth

The market value for flexible packaging is forecasted to grow at a CAGR of 3.2% to $341.6 billion from 2023 to 2028. Consumption is expected to grow at a CAGR of 4.2% to 41.23 million tons.

Material Usage

Plastic is the most used material for flexible packaging, with an 89.1% market share in 2023, followed by paper (7.7%) and foil (3.2%).

Source: Smithers.com

BOPP Growth

BOPP (Biaxially Oriented Polypropylene) is forecasted to grow at the fastest rate, at 5.2% CAGR to 2028.

Applications

Flexible stand-up pouches are challenging rigid packaging in applications like ready meals, soups, rice, and sauces. BOPP film is strong in savory snack packaging, replacing traditional materials like RCF.

Sustainability

Sustainable technology developments include mono-materials, which are more recyclable, and improved barrier solutions for monomaterial packaging.

Market Segments

Pharmaceuticals and medical, and cosmetics and toiletries are the largest non-food markets for flexible packaging. Food markets dominate, accounting for a projected 2023 share of 76%.