North America Flexible Plastic Packaging Market Size and Growth, Rising Trends, Demand, Revenue, CAGR Status, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research

North America Flexible Packaging Market is projected to be worth USD 64.39 billion by 2033 and is anticipated to surge at a CAGR of 3.36%.

Business Jun 26, 2024 12 Add to Reading List

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Packaging made of materials that are readily yielding, flexible, and moldable into a variety of shapes is referred to as "flexible packaging". Because of the high-quality film, paper, and aluminum foil that make up its composition, it may provide a range of protective properties. It may be produced in a variety of shapes, such as pouches, lines, and bags, and it functions well with all types of packaging. In many different sectors, such as the food and beverage, pharmaceutical, cosmetic, and automotive ones, flexible packaging is used to shield products from damage, dust, filth, leakage, theft, evaporation, and water.

According to SPER market research, ‘North America Flexible Packaging Market Size- By Product Type, By Raw Material, By Printing Technology, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the North America Flexible Packaging Market is predicted to reach USD 64.39 billion by 2033 with a CAGR of 3.36%.

Drivers:

The flexible packaging market in North America is currently being driven by a number of reasons. The growing popularity of flexible packaging among consumers has led to a rise in its demand in the local market as a result of advancements in packaging technology. In addition to saving product wastes, it preserves the food's safety and quality, making it an affordable solution to storage issues. The market is expanding due to other factors including its customizable capabilities, safety assurance, reusability, transparency, and dependability. Flexible packaging also helps consumers who lead busy lives by enabling them to bring food items with them wherever they go. Furthermore, the market for eco-friendly flexible packaging products and materials is expected to continue expanding in the coming years.

Challenges:

Flexible packaging forms, designs, and trends are continually changing in tandem with technological advancements. The packaging business has come to the realization that intelligent storage, sales tracking, inventory management, and product tracking demand less manual labor than they used to. The rapid improvements in technology have rendered the current flexible things on the market obsolete. In addition, many manufacturers want to increase their customer base by offering visually appealing packaging alternatives that meet a variety of consumer needs.

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The worldwide lockout that almost brought an end to the packaging supply chain caused COVID-19 to have a major short-term impact on the market. All the same, the industry was predicted to recover given the spike in internet sales. Grocery bags and flexible packaging drop-off collections were removed from certain locations as a result of the COVID-19 revelation of global supply chain vulnerabilities. Overall packaging industry effects were also impacted by the Russia-Ukraine conflict.

Additionally, some of the market key players are; Amcor PLC, Mondi PLC, Transcontinental Inc., American Packaging Corporation, Sit Group SpA, Toppan Printing Co. Ltd, Printpack Inc., Sigma Plastics Group Inc., Novolex Holdings Inc., Berry Global Inc., and others.

North America Flexible Packaging Market Segmentation

By Product Type: