The "North America Flexible Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The North American flexible packaging market was valued at USD 40.14 billion in 2020 and is expected to reach USD 48.39 billion by 2026 and grow at a CAGR of 3.16% over the forecast period
Technological innovation, sustainability trepidations, and attractive economics are among the reasons for the remarkable growth of flexible packaging in the last two decades in the United States.
The way consumers view and interact with packages is altering. Due to the rising focus on sustainability, traditional rigid packaging solutions are being substituted by innovative and more sustainable, flexible packaging. The growing market demand for customer-friendly packages and heightened product protection is expected to boost flexible packaging as a viable and cost-effective substitute.
Flexible packaging in North America is rising faster than many other forms. It includes trends, like e-commerce, digital printing, and sustainability, which can be used to drive market development and growth. Customers in the region are eager to pay more for certain product attributes boosted by flexible packaging.
For instance, according to the Flexible Packaging Association, more than 60% of North American consumers are keen to pay more for tangible and functional packaging benefits, such as product protection, shipping friendly, and supply chain efficacy, among others.
Customers in the region are willing to pay an additional amount for food stored in flexible packaging. For instance, more than 46% of Americans are willing to pay more for food and beverage products stored in flexible packaging than for food products kept in non-flexible packaging. Moreover, 71% of Americans said they may prefer flexible packaging over non-flexible packaging when asked to pick between flexible and non-flexible packaging for a product they consider purchasing (Flexible Packaging Association, 2017).
Flexible packaging is mainly used for food, contributing to more than 60% of the total market. The US flexible packaging industry is witnessing healthy growth, as the industry was able to implement innovative solutions for many packaging challenges it faced. According to the Flexible Packaging Association, brand owners are taking on films, pouches, and bags as a go-to packaging solution, acknowledgments in part to extensive acceptance by American consumers.
The impact of COVID-19 on the market is significant in the short-run, as the global lockdown has brought the entire packaging supply chain to an almost grinding halt due to the United States having the largest number of confirmed cases across the world. However, with online shopping on the rise, the market is expected to rebound in the long-run.
Key Market Trends
The Increased Demand for Convenient Packaging by Millennial Customers may Drive the Market Growth
The demand for flexible packaging products is generally driven by millennial customers in the region, as they have an ardent preference for single-serving and on-the-go style food and beverage foodstuffs. As these products are generally designed to be durable, portable, and lightweight, flexible packaging stands to be a famous option to pack such products. Firmest growing areas of snack foods, both in terms of processed foods and fresh items, are anticipated to govern the demand for flexible packaging from the food and beverage industry of the region.
Additionally, the advanced packaging styles, such as collapsible/reusable pouches, bag-in-box, among others, are raising the usage of flexible packaging in combination with rigid packaging formats. Products, such as pouches, liners, bags, and shrink wraps, are opening an extensive range of new applications to the flexible packaging market in the region. Moreover, consolidation of the e-commerce sector in the region is anticipated to make flexible packaging one of the quickly growing packaging approaches over the forecast period.
E-commerce is an example of the convenience trend. Its efficiencies, coupled with the comfort of comparison shopping, are also motivating down prices in several sectors. As business insider reports, e-commerce is driving virtually wholly retail growth, and its influence on flexible packaging may develop with it in the region.
The North American flexible packaging market is fragmented and consists of several major players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries.
American Packaging Corporation
Sit Group SpA
Toppan Printing Co. Ltd
Sigma Plastics Group Inc.
Novolex Holdings Inc.
Berry Global Inc.
Sealed Air Corp.
Tetra Pak International SA
Cascades Flexible Packaging
Covertech Flexible Packaging Inc.
Sonoco Products Co.
St. Johns Packaging
For more information about this report visit https://www.researchandmarkets.com/r/6fl4td
View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005617/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900