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North American Flexible Packaging Market
North American Flexible Packaging Market
Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) — The “North America Flexible Packaging Market – Forecasts from 2024 to 2029” report has been added to ResearchAndMarkets.com’s offering.
The North America flexible packaging market will reach US$42.913 billion in 2029 at a CAGR of 3.58% from US$35.998 billion in 2024.
Major regional market players are emphasizing promoting lightweight and durable packaging alternatives in food & beverage, pharmaceutical, personal care, and retail among other sectors owing to which they are showing active participation in research & development intending to provide the most lucrative packaging solution.
The growing retail sector is propelling the market growth.
Flexible packaging finds high applicability in the retail sector where different types of packaging options are required for varied consumer products. North American countries namely the USA and Canada are witnessing significant growth in their retail sector fuelled by the growing purchasing power and improvement in living standards. For instance, according to the National Retail Federation, in 2022, retail sales reached US$4.94 trillion which represented a 7% increase over 2021. As per the same source, the forecasted figure for 2024 reached US$5.23 to US$5.28 trillion, thereby representing a 2.5% to 3.5% growth.
As customers continue to use e-commerce the non-store and online sales are predicted to climb. For instance, according to NRD’s “2022 Consumer Return in Retail Industry” report, online sales accounted for 26.1% of the total retail sales and amounted to US$1.29 trillion.
Booming demand for customized packaging solutions from consumers.
Flexible packaging unlike traditional forms provides high performance benefits in terms of transparency and cost effectiveness, and with the ongoing consumer shift towards customized packaging in North America the need for flexible packaging items in the region is anticipated to show positive growth in the coming years. Moreover, the growing demand for an ideal alternative that is often designed to be resilient, portable, and lightweight has led to an upward market trajectory.
Major sectors such as food & beverage, e-commerce, retail, and pharmaceutical emphasize customized packaging to meet the diverse customer’s demands. Bolstering growth in such end-users is projected to stimulate the overall demand for flexible packaging in major regional economies such as the USA.
The growing E-Commerce sector bolsters the flexible packaging market growth in North America.
The E-commerce sector is one of the major end-users of packaging and companies are shifting towards packaging options that are durable, waterproof, and provide higher dimensional weight benefits thereby reducing the overall shipping cost. The bolstering growth in e-commerce is likely to impact the flexible packaging industry’s expansion positively.
Due to the increasing complexity of the retail chain, shipments are typically divided into individual packages for delivery, resulting in not only additional waste but also increased energy consumption and pollution.
The United States will account for a considerable market share.
Country-wise, the North American flexible packaging market is segmented into the USA, Canada, and Mexico, where the USA is anticipated to constitute a significant share of the market, which is attributable to the bolstering of end-user growth, efforts to promote sustainability in packaging solutions, followed growing consumer awareness regarding single-use plastic.
CSR efforts undertaken by market players such as Amcor PLC and Mondi PLC encourage consumers to switch from plastic-lined paper cups with low recyclability to single-substrate, clear plastic drink cups that are easier to recycle.
Key Attributes:
Report Attribute
Details
No. of Pages
105
Forecast Period
2024 – 2029
Estimated Market Value (USD) in 2024
$36 Billion
Forecasted Market Value (USD) by 2029
$42.91 Billion
Compound Annual Growth Rate
3.5%
Regions Covered
North America
Companies Featured
Amcor PLC
Mondi PLC
Transcontinental Inc.
American Packaging Corporation
Toppan Printing Co. Ltd
Printpack Inc.
Novolex Holdings Inc.
Berry Global Inc.
Sealed Air Corp.
Tetra Pak International SA
Cascades Flexible Packaging
Segmentation:
By Type
Pouch
Stand-up Pouch
Flat Pouch
Bag
Gusset Bag
Wicket Bag
Film
Wrap
By Material
Plastic
Polyethylene
Polypropylene
Polystyrene
Polyvinyl Chloride
Others
Paper
Aluminum
By End-User Industry
Food & Beverage
Personal care
Pharmaceutical
Others
By Country
For more information about this report visit https://www.researchandmarkets.com/r/t2tiuk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Publish date : 2024-08-15 02:30:00
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