Converted Flexible Packaging Market

Converted Flexible Packaging Market Snapshot (2023 to 2033)

According to Future Market Insights research, during the projected period, the global converted flexible packaging market is set to enjoy a valuation of US$ 302.5 billion in 2023, and further expand at a CAGR of 4.7% to reach US$ 478.9 billion by the year 2033. The sales of converted flexible packaging will boost with the top 5 companies projected to hold 10-15% of the global converted flexible packaging market in 2021.

Based on the material, the plastic segment is expected to remain the leading segment for the global converted flexible packaging market. The same segment is estimated to account for around 57% of the market value share by the end of 2033.

According to the FMI analysis, the converted flexible packaging market totaled US$ 291.6 billion in 2022 and is estimated to be worth US$ 478.9 billion by the end of the next ten years, expanding at a CAGR of 4.7% from 2023 to 2033. The sales of converted flexible packaging will boost with the top 3 countries projected to hold 25-30% of the global converted flexible packaging market by the end of 2023.

The converted flexible packaging market is estimated to experience a positive growth outlook by the end of 2023. A new forecast by FMI estimates that the sales of converted flexible packaging will rise during the forecast period and are projected to create a growth incremental growth opportunity of US$ 187.3 billion.

The increased demand for sustainable and convenient packaging solutions propels the demand for converted flexible packaging across the globe. The converted flexible packaging market is projected to grow 1.6x the current market value from 2023 to 2033.

Historic Market Outlook for Converted Flexible Packaging Market

The global converted flexible packaging market expanded at a CAGR of 3.8% during the historic period and reached US$ 219.6 billion in 2022.

The global rise in demand for user-friendly packaging solutions results in higher demand for converted flexible packaging solutions, as consumers are stimulated to buy convenient packaging solutions over other alternatives. The outcome of the growing popularity of converted flexible packaging solutions is a sharp rise in sales of plastic packaging solutions for packing their products & offerings by various end-user industries. As compared to other rigid packaging solutions used for packaging food & beverages, pharmaceutical goods, personal care & cosmetics products, the usage of converted flexible packaging solutions for the same goods results in increased shelf lives of the product. End-user industries can cater to advanced market needs of delivering products such as foods, vegetables, and seafood, by keeping the freshness of the product intact.

The converted flexible packaging solutions such as pouches, sachets, and bags in comparison to rigid clamshells, trays, and boxes maintain the freshness of the product and keep it free from external moisture and harsh atmospheric repercussions. Above mentioned factors drive the demand for converted flexible packaging solutions across all parts of the world and result in the future growth of the global converted flexible packaging market.

How does the Upward Rise of Food & Beverage and Pharmaceutical Industry Drives the Demand for the Converted Flexible Packaging?

The impressive rise in the food & beverages market in recent years has forced key market players in the packaging industry to come up with distinctive packaging solutions that cater to the needs of present-day consumer demands. Recent studies have indicated a rise in easy-to-carry packaging for food & beverage products; consumers choose products with packaging that allows them to enjoy their product in their most suitable way and time. Therefore, according to recent consumer preferences, buyer is willing to pay more for the latest packaging solution, which solves the problems they used to face from traditional rigid packaging solutions.

So, modern-day producers are designing flexible packaging solutions that are specifically made for advanced food and beverage products. Recent developments and expansion of the pharmaceutical industry have also led to the growing demand for a flexible plastic packaging solution, which provides pharmaceutical drugs and equipment against the risk of contamination. The converted flexible packaging pouches and bags have emerged as tested packaging solutions for the packing of different medical supplies and other drugs.

Ismail Sutaria

Principal Consultant

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Category-wise Insights

Which Product Type Segment is Projected to Create High Demand for Converted Flexible Packaging?

Based on product type, the pouches segment followed by the bags & sacks segment is estimated to hold around 58% of the market value share by the end of 2023. The reason behind the same is the increasing adoption of easy-to-use flexible packaging solutions by the end-use industries to augment the sales of pouches and bags & sacks.

Which End Use offers Productive Growth Opportunity for the Global Converted Flexible Packaging Market?

The food & beverage segment by end use is projected to grow 1.7 times the current market value from 2023 to 2033. The surge in demand for convenient packaging solutions among food & beverage brands along with increased consumption of packed & ready-to-eat food products propel the demand for easy-to-handle and easy-to-carry packaging solutions. This is expected to offer productive growth opportunities for the global converted flexible packaging market.

Country-wise insights

How will the USA Supplement the Sales of Converted Flexible Packaging?

The majority of the North American converted flexible packaging market is projected to hold by the USA The USA-converted flexible packaging market is anticipated to register a CAGR of 4.4% from 2023 to 2033. The USA is anticipated to augment the sales of converted flexible packaging due to the growing food industry as well as per capita spending on food rising in the USA According to the USA Department of Agriculture (USDA), in 2020 food stands in the third position in terms of the expenditures of the average USA household.

How will India Create a Growth Opportunity for the Converted Flexible Packaging Market?

India is projected to hold around 48% by the end of 2033 and is estimated to expand 1.9 times the current market value during the forecast period. The largely rural population in India is the major factor creating a growth opportunity for small packs such as sachets & stick packs in India as these flexible small packaging packs with low prices & less quantity are best suitable for these populations to purchase. According to the World Bank, around 65% of the total population in India was the rural population in 2020. Thus, the high rural population in India will create a growth opportunity for the converted flexible packaging market.

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Competitive Landscape

With the presence of various local and regional competitors in the market, the global stick packaging market is highly competitive. Key players are focusing on various different strategies to increase their revenue and market share in the global market such as capacity expansion, mergers & acquisitions, expansions, collaborations, and partnerships. Some of the recent developments in the market are as follows -

• In September 2022, Amcor plc announced its strategic partnership with ePac Flexible Packaging by investing US$ 45 million which will help the company to expand its resources and presence.
• In July 2022, Mondi plc expanded its production capacity for sustainable pet food packaging solutions.

Scope of the Report

Converted Flexible Packaging Market by Category

By Material, Converted Flexible Packaging Market is Segmented as:

• Plastic
  • Synthetic Polymers
  • Bio-based Polymers
• Paper
• Metal(Foil)

By Product Type, Converted Flexible Packaging Market is Segmented as:

• Bags & Sacks
• Pouches
• Sachets & Stick Packs
• Tapes
• Labels
• Tubes
• Liners

By End Use, Converted Flexible Packaging Market is Segmented as:

• Food & Beverage
• Healthcare
• Cosmetics & Personal Care
• Electronical & Electronics
• Agriculture
• Building & Construction
• Other Consumer Goods

By Region, Converted Flexible Packaging Market is Segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa (MEA)
• Oceania