CHICAGO, Dec. 6, 2023 /PRNewswire/ -- The report "Metalized Flexible Packaging Market by Material Type (Aluminum Foil based, Metalized Film), Structure, Packaging Type (Pouches, Bags, Wraps), End-Use Industry (Food, Beverage, Personal Care, Pharmaceuticals), and Region - Global Forecast to 2028", is projected to grow from USD 13.5 billion in 2023 to USD 16.8 billion by 2028, at a CAGR of 4.5% during the forecast period. The market is primarily fueled by a rising need for extended product shelf life and a growing demand for packaging that enhances customer convenience. Nevertheless, market growth is hindered by fluctuations in raw material costs. Additionally, the market is anticipated to experience a boost from the adoption of sustainable and innovative metalized flexible packaging.
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Aluminum foil segment is estimated to lead the metalized flexible packaging market during the forecast period.
By type, the aluminum foil-based segment is estimated to lead metalized flexible packaging market during the forecast period. The aluminum foil-based segment is anticipated to dominate the metalized flexible packaging market throughout the forecast period, primarily owing to the prevalence of aluminum as the most widely utilized metal in flexible packaging due to its cost-effectiveness. Derived from bauxite ore, aluminum is a lightweight, silvery-white metal that undergoes enhancement in strength through the addition of magnesium and manganese. Its resistance to various forms of corrosion, coupled with a natural coating of aluminum oxide, establishes it as an efficient barrier against air, temperature fluctuations, moisture, and chemical exposure. Aluminum foil-based flexible packaging finds applications in the packaging of food, beverages, pharmaceuticals, and personal care products.
Pouches is the major packaging type in the global metalized flexible packaging market.
Pouches is the largest packaging type segment of the metalized flexible packaging market. The pouches segment is expected to grow at the highest CAGR from 2023 to 2028. The market for metalized flexible packaging has experienced a notable surge in demand for pouches, particularly in the realm of food packaging. This is attributed to their ability to enhance product visibility and prolong shelf life. The growing preference for metalized flexible pouches is evident in both e-commerce and traditional retail sectors, driven by their space-efficient shelf presence.
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Food is projected to lead the metalized flexible packaging market.
The food segment is projected to witness the 2nd highest CAGR during the forecast period. The rising popularity of metalized flexible packaging for food is driven by shifting consumer preferences and a growing demand for packaged and processed food, fueled by a global population increase. Consumers are increasingly conscious of the nutritional value of their food, leading to a surge in the adoption of metalized flexible packaging in the food and beverage industry. This type of packaging meets the demand for convenience and aligns with a fast-paced lifestyle. Additionally, the need for a longer shelf life for perishable items like meat, milk, and cheese is a key factor propelling the market. Metalized flexible packaging effectively balances convenience, nutritional awareness, and extended product durability, making it a pivotal choice in the evolving landscape of the food industry.
Asia Pacific is expected to witness the fastest growth in the metalized flexible packaging market during the forecast period.
The Asia Pacific region is poised to witness significant growth in the metalized flexible packaging market, with projections indicating the highest Compound Annual Growth Rate (CAGR) between 2023 and 2028. This surge is particularly prominent in key economies such as China, India, and Japan, which collectively contribute to a substantial share of the metalized flexible packaging market in the region throughout the forecast period. The Asia Pacific market stands out as an emerging and highly lucrative sector for metalized flexible packaging, benefiting from robust industrial development and an overall improvement in economic conditions. The region's strategic position is further reinforced by the concentration of numerous plastic products manufacturing plants in China, underscoring the country's pivotal role in driving market dynamics. The rapid pace of industrialization across the broader Asia Pacific landscape adds to the momentum, creating a conducive environment for the expansion of the metalized flexible packaging market. As these factors align, the region is poised to experience sustained growth in this industry over the forecast period.
Major companies such as Amcor plc (Australia), Mondi Plc (UK), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki Oyj (Finland), Transcontinental Inc. (Canada), Cosmo Films Ltd. (India), Polyplex Corporation Ltd. (India), Uflex Limited (India), Jindal Poly Films Ltd. (India), and other leading companies in this market.
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