New Delhi, July 05, 2022 (GLOBE NEWSWIRE) — Flexible packaging market in Europe is booming due to technological innovation, sustainability concerns, and attractive economics, as well as increasing market demand for user-friendly packaging and enhanced product protection…
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the European flexible packaging market was worth USD 47.62 billion in 2021. The market is expected to grow at a CAGR of 6.1%, generating revenue of approximately USD 71.37 billion by the end of 2028. European flexible packaging Market is booming due to the expansion of the food and beverage industry as well as the growing demand for processed foods and beverages. Additionally, innovations in flexible packaging by leading market players to improve product performance and functionality will encourage manufacturers to align themselves with flexible packaging, thereby driving the growth of flexible packaging market. Additionally, increased demand for pharmaceuticals and medical supplements is supporting the growth of the market. In addition, the European flexible packaging market is one of the most emerging markets which is continuously growing owing to the rapid technological developments and innovations in the agrochemicals, nutraceuticals, beverages and alcohol sectors. which effectively increase the production of innovative flexible packaging materials. However, recycling plastic packaging waste is a complex process that requires state-of-the-art infrastructure. It is a time-consuming process that requires staff expertise. This can be a huge restraining factor in the growth of the market.
Development of new and sustainable flexible plastic packaging solutions
Manufacturers have been encouraged to develop new packaging options following dynamic industry changes such as the implementation of new regulatory initiatives. Growing environmental concerns over the use of biodegradable plastics in flexible packaging have also driven 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 transportation costs and provide longer product shelf life to reduce cost pressure and maintain product quality. integrity of product packaging. As a result, flexible packaging in Europe is expected to grow at a significant rate over the forecast period (2022-2028).
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Increase government support for sustainable packaging
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. With an investment of $80 million, the government has challenged innovators to create packaging that will reduce the environmental impact of harmful plastics. Additionally, the Packaging and Packaging Waste Directive was established in Europe with two main objectives: to help prevent trade barriers and to reduce the environmental impact of packaging waste. Manufacturers are shifting their strategies towards circularity and leveraging new plastics technologies to develop recyclable and sustainable solutions in response to stringent government regulations, changing consumer preferences and environmental pressures.
Challenge: Recycling and environmental concerns
Recycling and environmental concerns associated with flexible plastic packaging act as a major restraining factor for market growth. According to research, at least 1 million tons of plastic leak into the ocean each year, which is equivalent to dumping a garbage truck into the ocean every minute. This flow is expected to increase to two per minute by 2030 and four per minute by 2050, threatening the ecosystem. Plastic accounts for around 90% of all waste in the oceans. According to estimates, flexible plastic packaging takes the lion’s share. As a result, recycling has become a major challenge in the flexible plastic packaging industry, providing reuse value and resulting in less waste.
On the basis of application, the European flexible packaging market is segmented into food and beverage, medical and pharmaceutical, personal care and cosmetics, industrial and others. The food and beverage segment now holds the largest market share and is expected to continue to do so during the forecast period (2022-2028). This is due to increased spending on bakery and cereal bars, ready meals and coffee or hot chocolate sticks and packets, dehydrated and instant foods (soup, gravy and gravy packets, rice and food mixes), snacks and nuts, spices, chocolates and sweets, frozen novelties and others. This is expected to drive the growth of the European flexible packaging market over the forecast period (2022-2028).
Please see the press release from European flexible packaging pcb Market: https://www.blueweaveconsulting.com/press-release/europe-flexible-packaging-market-to-projected-to-cross-usd-71-3-billion-by-2028
Impact of COVID-19 on European flexible packaging pcb Market
Due to the covid-19 pandemic, restaurants have shifted to take-out and food delivery during closures, increasing the demand for packaged foods such as frozen meat, fish, etc., necessitating the use flexible packaging. Additionally, the use of home refill packaging for household and personal care products has opened up a new market for flexible plastic refill pouches that reduce shipping weight and package size in transit. Additionally, the COVID-19 pandemic has accelerated the growth of e-commerce, with many European consumers preferring online shopping to lockdown. Additionally, as consumer concerns about packaging have increased due to e-commerce, there has been an increase in demand in the region for durable and flexible packaging.
The major 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., HuhtamäkiOyj, 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 the presence of several manufacturing companies in the country. Market leaders maintain their supremacy by investing in research and development, incorporating advanced technologies into their products and offering improved items to customers. Various tactics including strategic alliances, agreements, mergers and partnerships are used.
Don’t miss the business opportunity in the European flexible packaging Market. Consult our analysts to gain crucial insights and facilitate the growth of your business.
The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the Europe Flexible Packaging Market. It also highlights the factors driving the forecast of the total market size. The report promises to provide European flexible packaging market recent technology trends and industry insights to help decision-makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- June 2021- Mondi Group has expanded its range of plastic-free e-commerce packaging with the MailerBAG range of sustainable paper solutions, which is fully recyclable in existing paper waste streams and replaces the need for plastic packaging. The company has also recently invested in its European factories to deliver around 350 million paper bags per year for the online retail sector. Additionally, in the same month, Mondi’s paper EcoWicketBag won gold at the 2021 EUROSAC Grand Prix for its overall performance, lower CO2 emissions and customer convenience.
|Years considered||Historical data – 2018-2021
Base year – 2021
Forecast – 2022 – 2028
|Facts Covered||Revenue in billions of dollars|
By material, by product type, by application, by country
|Key players||Amcor Plc, Berry Global Group Inc., Mondi Group, Sealed Air Corporation, Constantia Flexibles, Coveris Holding SA, Transcontinental Inc., HuhtamäkiOyj, Sonoco Products Company, Ahlstrom-MunksjöOyj, Greif, Inc., Westrock Company, AptarGroup, Inc.. FlexPak Services LLC, Al Invest Bridlicnaa.s.|
- Aluminum sheets
By product type
- Films and Wraps
- Food and drinks
- Medical and Pharmaceutical
- Personal care and cosmetics
- The rest of Europe
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