Surprising statistics reveal that a significant majority, ranging from 60% to 65%, of pharmaceutical enterprises opt for complete outsourcing of their packaging needs, citing its intricate nature as the primary reason for this decision, entrusting the task to third-party contractors.
The allure of flexible packaging lies in its eco-friendly attributes, requiring minimal water and energy during production and transportation while emitting only negligible amounts of greenhouse gases. Recent data as of May 2023 indicates that the top exporters of flexible packaging materials were India, Vietnam, and China, boasting 159,062 shipments, 4,424 shipments, and 1,207 shipments, respectively, underscoring their dominance in this global market.
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The trajectory of the flexible packaging sector is poised for steady growth, projected to achieve a Compound Annual Growth Rate (CAGR) of 4.7% from 2023 to 2030. This ascent is predominantly fueled by the burgeoning demand witnessed within the pharmaceutical and food and beverage domains. In 2022, the Asia Pacific region emerged as the frontrunner, commanding over 38% of the category share, underlining its pivotal role in this market segment. Flexible packaging offers a multitude of benefits, notably a reduction in packaging materials, with a packaging ratio significantly lower than its counterparts. Renowned for their versatility, lightweight construction, and minimal environmental footprint, these solutions are gaining traction across various industries, especially among food businesses striving for sustainable packaging alternatives. The advent of sustainable plant-based packaging solutions stands as a prominent trend within this domain.
Recent advancements have enabled the utilization of polyethylene resin and plant-derived paper in crafting flexible packaging, exemplified by TricorBraun Flex's innovative introduction of Biotre 3.0, a fully biodegradable, plant-based packaging material, in 2021. Recognizing consumer dissatisfaction with conventional packaging solutions, as evidenced by a 2022 survey conducted by the Paper and Packaging Board wherein 72% of respondents expressed discontent influencing their purchasing decisions, e-commerce platforms are increasingly adopting flexible packaging to enhance consumer satisfaction and bolster sustainability efforts.
Flexible Packaging Sourcing Intelligence Highlights
List of Key Suppliers
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