Comparing 25 vendors in Flexible Packaging Market across 96 criteria.
POWERED BY MARKETSANDMARKETS
Mar 20, 2023
360 Quadrants releases its list of “Top 25 Flexible Packaging Companies, Worldwide 2023” in partnership with MarketsandMarkets. The report recognizes standouts in the flexible packaging market, ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over 200 companies, of which the top 25 were categorized and recognized as the new economic quadrant leaders.
Key trends highlighted in 360 Quadrants:
- Based on material type, the plastic segment accounted for the largest share (nearly 64%) of the flexible packaging market in 2022. The paper material segment is expected to grow due to rising demand for environmental sustainability and stringent governmental norms against the use of plastics.
- In terms of packaging type, pouches are witnessing an increase in demand due to their superior properties, such as their versatile nature, low weight, and easy transportability. In 2022, this segment accounted for the largest share (30%) of the flexible packaging market in terms of value. This is further projected to rise at a CAGR of 6% between 2022 and 2027.
- The flexible packaging market incorporates various types of printing technologies such as flexography, rotogravure, digital printing, and others. Digital printing has been the fastest-growing market, accounting for 45% of the flexible packaging market, followed by rotogravure with a 20% share.
- The growth of the flexible packaging market is attributed to the increase in demand for lightweight, convenient, cost-effective packaging products and solutions for pharmaceutical, personal care, and food & beverage applications.
- Factors such as the growing convenience food industry, constantly changing demographics, and rapid industrialization in emerging economies like China and India are the prime reasons for the growth of the flexible packaging market in the Asia Pacific region. In 2022, this region dominated the flexible packaging market, accounting for nearly 49% in terms of value.
- In terms of the geographical split, 12 out of the top 25 flexible packaging companies in the world are based in North America, while 9 are based in Europe, and the rest are based in Asia Pacific, the Middle East, and Africa.
- Berry Global Group (USA), Amcor Ltd. (Switzerland), Mondi Group (UK), Huhtamaki Oyj (Finland), and Constantia Flexibles (Austria) are the key market players and have undertaken various development strategies pertaining to the flexible packaging market, where the cumulative share of these top five companies was between 18 to 25% of the total market in 2022.
- Collectively, the top 10 flexible packaging companies generated revenue of USD 86,600 million, where WestRock (USD 21,256 million) had the highest, followed by Berry Global Group Inc (USD 14495 million) and Amcor (USD 12,468 million), while Ahlstrom stood last, with (USD 3,000 million) during 2021.
- Leading players adopted new product launches as the key growth strategy, along with partnerships and acquisitions between 2019 and 2022. In September 2022, Berry Global collaborated with Mars, Inc. to launch its popular pantry-sized treats in polyethylene terephthalate (PET) jars that have been optimized to be lighter weight and include 15% post-consumer resin (PCR). Amcor Ltd. closed the acquisition of a world-class flexible packaging plant located in the Czech Republic in August 2022. The acquisition was aimed at accelerating the organic growth momentum of its flexible’s business in Europe in attractive segments.
The Full List
The Full List
|Logo||Rank & Company||Headquarters||Year Founded||Holding Type|
|1. Mondi||Weybridge, UK||1967||Public|
|2. Sonoco||Hartsville, USA||1899||Public|
|3. Amcor||Southbank, Australia||1896||Public|
|4. Berry Global||Evansville, USA||1967||Public|
|5. Westrock||Atlanta, USA||2015||Private|
|6. UFlex||Noida, India||1985||Public|
|7. Cosmo First||New Delhi, India||1976||Public|
|8. Sealed Air||Charlotte, USA||1960||Public|
|9. Novus||Cape Town, South Africa||2008||Public|
|10. TC Transcontinental||Montreal, Canada||1976||Public|
|11. Novolex||Hartsville, USA||2003||Private|
|12. PPC Flex||Buffalo Grove, USA||1968||Private|
|13. Huhtamaki||Espoo, Finland||1920||Public|
|14. Ahlstrom||Helsinki, Finland||1851||Private|
|15. Wihuri||Helsinki, Finland||1901||Private|
|16. ProAmpac||Cincinnati, USA||2015||Private|
|17. Constantia Flexibles||Vienna, Austria||2004||Private|
|18. Linear Plastics||Centurion, South Africa||2006||Private|
|19. DS Smith||London, UK||1940||Private|
|20. Gualapack||Alessandria, Italy||1986||Private|
|21. Bischof+Klein||Lengerich, Germany||1892||Private|
|22. Silafrica||Nairobi, Kenya||1986||Private|
|23. C-P Flexible||York, USA||1958||Private|
|24. Printpack Inc.||Atlanta, USA||1956||Private|
|25. Aluflexpack AG||Reinach, Switzerland||1987||Public|