BlueWeave Consulting revealed that the Europe Flexible Packaging Market was worth USD 47.62 billion in the year 2021. The market is projected to grow at a CAGR of 6.1%, earning revenues of around USD 71.37 billion by the end of 2028. The Europe Flexible Packaging Market is booming because of the expanding food and beverage industry along with the increasing demand for processed food and beverages.
Moreover, the flexible packaging innovations by key market players to improve performance and product functionality will encourage manufacturers to align with flexible packaging, boosting flexible packaging market growth. Also, increased demand for pharmaceuticals and medical supplements supports market growth.
Europe Flexible Packaging Market is one of the most emerging markets that grow continuously owing to the rapid technological developments and innovations in the agrochemicals, nutraceuticals, beverage, and alcohol sectors that effectively increase the production of innovative flexible packaging materials. However, recycling plastic packaging waste is a complex process that necessitates cutting-edge infrastructure. It is a time-consuming process that necessitates the expertise of personnel. This may act as a huge restraining factor for market growth.
Growing New and sustainable Flexible Plastic Packaging Solutions
Manufacturers have been encouraged to develop new packaging options as a result of dynamic industry changes such as the implementation of new regulatory initiatives. Growing environmental concerns about the use of biodegradable plastics in flexible packaging have also pushed manufacturers to develop safe and secure sustainable packaging options. Manufacturers are considering sustainable packaging solutions that require fewer materials and energy to manufacture a package, reduce transportation expenses, and offer a longer shelf-life to the product to reduce cost pressure and maintain the integrity of product packages. As a result, the Europe Flexible Packaging is predicted to develop at a significant rate during the forecast period (2022-2028).
Increasing Government Support for Sustainable Packaging
To reduce waste, governments across Europe are encouraging the use of sustainable packaging. For instance, the United Kingdom surpassed China to become the world leader in sustainable packaging in 2018. With an investment of USD 80 million, the government 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 goals in mind: to help prevent trade barriers and to reduce the environmental impact of packaging waste. Manufacturers are shifting their strategies toward circularity and leveraging new plastic technologies to develop recyclable and sustainable solutions in response to stringent government regulations, changing consumer preferences, and environmental pressures.
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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 the research, at least 1 million tonnes of plastic leak into the ocean each year, which is equivalent to emptying one garbage truck into the ocean every minute. This rate is expected to rise to two per minute by 2030 and four per minute by 2050, threatening the ecosystem. Plastic accounts for approximately 90% of all trash in the oceans. According to estimates, flexible plastic packaging accounts for the lion’s share. As a result, recycling has become a major challenge in the flexible plastic packaging industry, providing re-use value and resulting in less waste.
Based on application, the Europe Flexible Packaging Market is segmented into Food and Beverages, Medical and Pharmaceutical, Personal Care and Cosmetic, Industrial, and Others. The Food and Beverages segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). This is due to the increased spending on bakery and cereal bars, ready-to-cook meals and coffee or hot chocolate sticks and pouches, dehydrated and instant food (soup, gravy & sauce packets, rice, and food mixes), snack foods & nuts, spice foods, chocolates & sweets, ice-cream novelties, and others. This is expected to boost the growth of the Europe Flexible Packaging Market during the forecast period (2022-2028).
Impact of COVID-19 on Europe Flexible Packaging PCB Market
Due to the covid-19 pandemic, restaurants have shifted to take-out and food deliveries during lockdowns, increasing demand for packaged food such as frozen meat, fish, and so on, necessitating the use of flexible packaging. Furthermore, the use of at-home refill packaging for home and personal care products has opened up a new market for flexible plastic refill pouches that reduce shipping weight and parcel size in transit. Furthermore, the COVID-19 pandemic has accelerated E-commerce growth, with many European consumers preferring online shopping over lockdown. Furthermore, as consumer concerns about packaging have grown as a result of E-commerce, there has been an increase in demand in the region for sustainable, flexible packaging
The leading market players in the Europe 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 Europe Flexible Packaging Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe Flexible Packaging Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Flexible Packaging Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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