Converted Flexible Packaging Market Size, Share, and COVID-19 Impact Analysis, By Material (Plastic, Paper, and Aluminum), By Product Type (Bags & Pouches, Sachets & Stick Packs, Films & Labels, Cartons, and Others), By Application (Food & Beverage, Healthcare, Personal Care & Cosmetics, Retail, Electrical & Electronics, and Others), and Regional Forecast, 2024-2032

Converted flexible packaging combines raw materials such as plastics, polyesters, adhesives, and paper to manufacture new packaging products, such as bags, pouches, cartons, and films. The converted flexible packaging products are essential for easy storage, easy to open/close, convenient for transportation, and offer longer shelf life. The conversion of rigid packaging to converted flexible packaging due to the rising consumer preference for packaged food drives the market growth. The material is highly cost-efficient, perishable, and heat-resistant, gaining traction in several applications. The augmenting technological advancements by leading global manufacturers will offer profitable growth opportunities to the market.

• For instance, in December 2022, SABIC & Scientex introduced flexible packaging for a Malaysian noodles brand. The company developed the new flexible packaging by chemically recycling "ocean-bound" plastic refuse (OBP). OBP is utilized as a feedstock in the manufacture of polypropylene, which is further converted into a BOPP film.

The on-the-go food trend among consumers and increased demand for packaged goods is the key factor propelling the demand for converted flexible packaging. The growing innovations by top manufacturers for new products enhance the growth of converted flexible packaging for meat & poultry, seafood, e-commerce, personal care, and healthcare applications. It is also gaining momentum as the material is significant in storing, preserving, and transporting the contents without damage and retaining the quality. Furthermore, the growing food and beverages industry and changing lifestyle trends enhance the market's expansion.

The limited packaging for dry food products and not liquid-based products is anticipated to hinder market growth. Moreover, the increasing investments in rigid packaging also hamper the market growth. Rigid packaging shields the packaged products, preventing external pressure from harming them. It also protects the products from environmental factors, which is a major factor limiting the growth of the converted flexible packaging market.

IMPACT OF COVID-19 ON THE CONVERTED FLEXIBLE PACKAGING MARKET

The emergence of the novel coronavirus worldwide harmed the growth of several industries. The imposed lockdowns and shutdowns led to a rapid fall in raw materials and labor availability. It impacted the production activities in the packaging industry, further leading to the declining growth of the converted flexible packaging market. However, customers' increasing preference to purchase groceries online and the growing e-commerce sector enhanced the demand for converted flexible packaging solutions. The increasing retail and food & beverages sales also contributed to the market growth in the mid-pandemic era. Furthermore, with the ease of restrictions, the market is estimated to experience noteworthy growth in developing countries.

SEGMENTATION

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in the Converted Flexible Packaging Market


• Key Industry Trends


• Regulatory Landscape for the Converted Flexible Packaging Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY MATERIAL

Based on material, the market is segmented into plastic, paper, and aluminum. Plastic dominated the material segment of the global converted flexible packaging market. Plastic material is gaining huge importance as it is highly resistant to microbes & is essential in preventing the attack of air, moisture, or other particles on the packed substances. Features such as zip locks, spouts, and seals can be easily executed on the plastic material, thus making it essential for the converted flexible packaging industry.

ANALYSIS BY PRODUCT TYPE

Based on product type, the market is segmented into bags & pouches, sachets & stick packs, films & labels, cartons, and others. Bags & pouches holds the largest product type segment share and are estimated to witness remarkable growth in the forthcoming years. Bags & pouches are a sustainable way of packaging as they hold more product, and less packaging, reducing landfill waste. They are durable, transportable, and customizable, so they have gained immense demand from several end-use industries.

ANALYSIS BY APPLICATION

Based on application, the market is segmented into food & beverage, healthcare, personal care & cosmetics, retail, electrical & electronics, and others. Food & beverages are the dominating application segment of the converted flexible packaging market worldwide. Seafood is one of the major contributors to the segmental growth. The rising demand for convenience & processed food has thrived the demand for converted flexible packaging. Moreover, the increasing demand for easy-in-carrying packaging for food & beverages also contributes to the segment’s growth.

REGIONAL ANALYSIS

The converted flexible packaging market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading region of the global converted flexible packaging market. The major contributor to the rapid regional growth is the rising food demand and the growing food & beverage industry in the U.S. The increasing per capita consumer spending on food contributes to North America's converted flexible packaging market growth. Asia Pacific is the second-dominating region of the converted flexible packaging market worldwide. The rapidly augmenting supermarkets and retail stores in the region encourage the utilization of converted flexible packaging, thus driving regional market growth. The increasing consumption of baked goods in Europe drives the regional market growth. The converted flexible packaging market in Latin America is projected to rise rapidly owing to increased meat product consumption. The Middle East will witness moderate growth in the upcoming years due to the region's growing personal care & cosmetics and healthcare sectors.

KEY PLAYERS COVERED

The report will include profiles of key players such as Graphics Packaging Holding Company, Sonoco Products Company, Sealed Air Corporation, Bischof + Klein SE & Co. KG, Amcor Plc, Constantia Flexibles Group GmbH, ProAmpac, Eagle Flexible Packaging, UFlex Limited, Transcontinental Inc., among others.

KEY INDUSTRY DEVELOPMENTS:

• September 2022 - A worldwide leader in manufacturing significant packaging solutions, Amcor, announced a strategic investment of USD 45 million in a leading digitally-based flexible packaging company, ePac Flexible Packaging. The investment is aimed at boosting Amcor’s minority shareholding in ePac Holdings.


• September 2021 - Jujo Thermal announced the launch of three new SHIELDPLUS® grades specially designed for flexible food packaging. The new product grades are identified as SHIELDPLUS® Graphic 65, SHIELDPLUS® BR 60, and SHIELDPLUS® 58, effectively offering a sustainable packaging solution for dry, moist & fatty foods.


• October 2019 - A flexible packaging manufacturer, GOpak, collaborated with HP Indigo 20000 digital press and EBeam curing technology to supply the increasing demand for pouches. The Wisconsin converter focuses on delivering sustainable products such as compostable & recyclable packaging solutions.