Flexible Packaging Market To Reach $319.9 Billion The Global Flexible Packaging Market revenue is expected to reach a value $319.9 Billion in 2028, according to a new report from Vantage Market Re- search. The global market revenue was valued at $248.5 billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.3 percent during the forecast period. • In terms of revenue, the application segment held the largest revenue share in 2021 and is es- timated to maintain its dominance for the forecast period. • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period. • The growth can be attributed to rapid urban- ization, technological advancement, an increase in investment by developing countries. • Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Flexible Packaging indus- try companies and the high adoption rate owing to government measures that stimulate the industry in this region. The production of 780,000 flexible pouches uses 87 percent less coal, 74 percent less natural gas, and 64 percent less crude oil than the production of rigid clamshell containers, according to Robbie Fantastic Flexibles, a member of the Flexible Pack- aging Market Association. Avery Dennison, Mitsubishi Sign Agreement Avery Dennison Label and Packaging Materials has signed an exclusive agreement with Mitsubishi Chemical Group’s Polyester Film division in North America. Through the agreement, Mitsubishi will offer a closed-loop process for PET liner recycling, helping to increase the recycled content in PET liners sup- plied to Avery Dennison and the industry. Avery Dennison will identify converters and brands utilizing film liners, working to collect this material at Mitsubishi. The recycled content will be added into the film liner manufactured, moving towards circularity, and helping to meet growing demand for film liners with recycled content.
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8 September 12, 2022 Flexo Market News
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