The global flexible packaging market size reached US$ 124.9 Billion in 2021. Looking forward, the market intelligence sources expect the market to reach US$ 162.4 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are also continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. Technical advances have dramatically changed how flexible packaging is viewed. Product differentiation, technical development and innovation will continue to reign as key growth drivers for the industry. Catalyzed by advancements in packaging technology, the global demand of flexible packaging material is exhibiting strong growth. Moreover, the popularity of flexible packaging among consumers has also increased as it is a cost-effective alternative for storage issues, minimizes product wastage along with keeping the food safe and healthy.
The circular economy represents an alternative, more sustainable model to the traditional linear economy, which will further enhance industry competitiveness and resource efficiency. The unique characteristics of plastics enable them to play a major role on the road to a more sustainable and resource efficient future. Lightweight, versatile and durable plastics can help save key resources such as energy and water in strategic sectors that include packaging, building and construction, automotive and renewable energy, to name but a few. In addition, plastics applications in packaging can help reduce food waste. However, to improve the circularity of plastics, it is essential to make sure that more and more plastic waste is recovered and doesn’t end up in landfill or in the environment. The challenge of curbing plastic waste dates to the dawn of the modern environmental movement. More recently, concerns over plastic litter, particularly in marine environments, has reached feverish pitch among consumers, governments and companies themselves. Addressing the waste challenge requires engaging the entire plastics value chain, from polymer manufacturers to brands to waste haulers, in order to create truly systemic solutions.
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