Connect with us
Prague Gaming & TECH Summit 2024

Uncategorized

Flexible Packaging Market to Reach $325.8 Billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research

Published

on

flexible-packaging-market-to-reach-$3258-billion,-globally,-by-2032-at-5.1%-cagr:-allied-market-research

 
Allied Market Research published a report, titled, ‘Flexible Packaging Market by Packaging Type (Stand-up Pouch, Films, Bag-in-box, and Others), Material (Paperboard, Plastic, Aluminum Foil, PET Film, and Others), End-use Industry (Food & Beverage, Personal Care, Pharmaceutical, Household Care, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.’ According to the report, the global flexible packaging market was valued at $197.4 billion in 2022, and is projected to reach $325.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
Prime determinants of growth
Increase in demand for fast-moving consumer goods and rise in e-commerce activities & food delivery services fuel the market’s growth. In addition, rise in concerns regarding the recyclability and disposability of plastic packaging products and implementation of stringent government regulations on plastic packaging products present a significant hurdle to their market penetration. On the contrary, the development of nano-food packaging and shift in focus toward renewable and innovative packaging solutions are expected to provide remunerative opportunities for the expansion of the flexible packaging market during the forecast period.
Download Sample Pages of Research Overview:  https://www.alliedmarketresearch.com/request-sample/2028
Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size In 2022

$197.4 Billion

Market Size In 2032

$325.8 Billion

CAGR

5.1 %

No. Of Pages In Report

394

Segments Covered

Packaging Type, Material, End-Use Industry, And Region.

Drivers

Increase In Demand For Fast-Moving Consumer Goods
Rise In E-Commerce Activities And Food Delivery Services

Restraints

Rise In Concerns Regarding Recyclability And Disposability Of Plastic Packaging Products
Stringent Government Regulations On Plastic Packaging Products

Opportunities

Development Of Nano-Food Packaging
Shifting Focus Toward Renewable And Innovative Packaging Solutions

Red Sea Crisis Impact Scenario

The Red Sea Crisis has disrupted global supply chains, affecting around 11% of global trade, especially Asia–Europe shipping routes.
Increased shipping costs and delays due to rerouting of vessels around the Cape of Good Hope resulted in approximately $900,000 extra in fuel costs.
Supply chain disruptions due to rerouting may result in temporary deficits of crucial components or manufactured goods.
Container shortages due to longer transit times, particularly in Asian ports, affect the timely and efficient transportation of raw materials.
Inflationary pressures from these disruptions could escalate across Europe, impacting the profit margins of flexible packaging companies.
Freight rate fluctuations due to prolonged sailing times and heightened operational costs are expected to increase freight rates, intensifying the financial burden on companies.
These challenges can escalate production costs of flexible packaging products, exceeding budgetary limits.

The film segment to maintain its leadership status throughout the forecast period
Depending on packaging type, the film segment held the highest market share in 2022, accounting for more than two-thirds of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the film segment is projected to register a CAGR of 5.16% from 2023 to 2032. This is attributed to the fact that packaging films are generally made of plastic, as it is lightweight and relatively cheaper. These enable the preservation of the products for long durations. These are preferred by consumers in the food & beverages industry, owing to their aesthetic appeal that aids in their promotion, which is expected to propel the growth of the market during the forecast period. Furthermore, the market is expected to witness growth in the consumption of biodegradable films during the forecast period.
Procure Complete Report (394 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3SOMDEk
The paperboard segment to maintain its leadership status throughout the forecast period
By material, the paperboard segment held the highest market share in 2022, accounting for more than two-fifths of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the paperboard segment is projected to register a CAGR of 5.38% from 2023 to 2032. This is attributed to the fact that the demand for paperboard-based flexible packaging materials is predominantly driven by the food & beverages industry, as they market their products such as milk, dairy products, juices, and soft drinks in cartons, tetra packs, and boxes. Furthermore, recent advances in environmentally friendly packaging are helping packaging manufacturers meet the demand for recyclable products as consumers seek to reduce waste and limit the harmful impact of modern living on the environment. In addition, advancements in paperboard packaging is a major factor that fosters market growth.
The food & beverage segment to maintain its leadership status throughout the forecast period
On the basis of end-use industry, the food & beverage segment held the highest market share in 2023, accounting for nearly three-fifths of the global flexible packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the pharmaceutical segment is projected to reach a CAGR of 7.4% from 2023 to 2032, owing to the fact that pharmaceutical packaging is witnessing high demand as healthcare demand rises and consumers become more conscious of the need to live a healthier lifestyle. Furthermore, enhanced drug delivery; expanding economy markets such as India, Thailand, and China; as well as new packaging solutions that improve patient comfort and compliance drive the pharmaceutical packaging industry.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global flexible packaging market revenue and is likely to dominate the market during the forecast period. However, North America is expected to witness the fastest CAGR of 6.03% from 2023 to 2032. U.S. is the dominant country in the region in terms of market share, followed by Canada. Mexico shares the lowest share in the market. This is attributed to a rise in activities in the on-site application of flexible packaging in the region. The presence of big corporations and industrial giants drives the demand for flexible packaging. Moreover, the development of the personal care industry in Mexico acts as a key driving factor for the North America flexible packaging market. In addition, rise in demand for pharmaceuticals in Canada contributes to the market growth.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/flexible-packaging-market/purchase-options
Leading Market Players: –

Amcor Plc
Berry Global Inc.
Constantia Flexibles
Coveris
Flexpak Services
Mondi
Sealed Air
Sonoco Products Company
Transcontinental Inc.
Huhtamaki

The report provides a detailed analysis of these key players in the global flexible packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Similar Reports:

Carbon Nanotubes Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Paints and Coatings Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Epoxy Coatings Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Nanocoatings Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Synthetic Rope Market: Global Opportunity Analysis and Industry Forecast, 2018 – 2025

The post Flexible Packaging Market to Reach $325.8 Billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

Klarna says its AI assistant does the work of 700 people after it laid off 700 people

Published

on

klarna-says-its-ai-assistant-does-the-work-of-700-people-after-it-laid-off-700-people

 
The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.

Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company

The post Klarna says its AI assistant does the work of 700 people after it laid off 700 people appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

ASTRI fully supports Budget to invest in the future

Published

on

astri-fully-supports-budget-to-invest-in-the-future

 
The Hong Kong Applied Science and Technology Research Institute (ASTRI) welcomes the Financial Secretary’s robust and actionable initiatives outlined in the latest Budget, reinforcing Hong Kong’s status as a leading international hub for innovation and technology (I&T). These strategic moves are designed to enhance the city’s appeal for investment and talent, catalysing the growth of I&T ecosystem with a focus on fostering a green future and advancing digitalisation, injecting fresh impetus into Hong Kong’s high-quality development.
ASTRI is at the forefront with a cache of mature innovative technologies, ranging from AI, Blockchain, Cybersecurity, Digital Twins, Eco-Tech, FinTech and Micro-electronics, that are ready for commercialisation and adoption. These technologies are poised to expedite the green and digital transformation of local businesses, and support Hong Kong to develop as an international green financial centre and establish a highly efficient data ecosystem.
Realise I&T commercialisation
Ir Sunny Lee, Chairman, ASTRI, expressed gratitude for HKSAR Government’s unwavering support towards innovation and technology, bringing new partners and investments for the sector.  ASTRI is committed to collaborating with the government, and developing more applied technologies that positively impact the business and society, with a focus on commercialisation and industrialisation for the greater good.
He added that the I&T sector is actively engaged in the national development plan, seizing “Greater Bay Area” (GBA) and “Belt and Road” (B&R) opportunities, and promoting high-quality development with a focus on technological advancement and green sector. “With ASTRI’s newly-opened office in Shenzhen Futian District, we will further promote GBA companies to adopt Hong Kong-invented innovative technologies to upgrade and transform. With the advanced Hong Kong platform, we aim at helping technologies developed in the region to go global, tapping into B&R countries and beyond.”
Focus on Fintech and Green Tech
Dr Denis Yip, Chief Executive Officer, ASTRI said he is pleased that more resources will be allocated on supporting I&T sector, building I&T ecosystem and strengthening collaboration among government, industry, academia and research institutes, investing the future together. “Technology and finance are the twin engines for the city’s economic development. ASTRI-develop fintech and green tech would revolutionalise traditional industries, and promote the development of new sector such as digital assets, bringing new opportunities for I&T companies and new areas of growth.”
Dr Yip stressed that apart from promoting green finance and digitisation, ASTRI is also committed to the development of the whole I&T ecosystem. He added that three alliances have been set up in the past year, namely, Microelectronics Technology Consortium, Smart Mobility Technology (C-V2X) Alliance and Fintech and ESG Alliance. The fourth one on ConTech and PropTech is on the way, facilitating knowledge transfer and technology innovation. ASTRI will also facilitate industrial transformation and economic growth through I&T. Looking ahead, ASTRI will continue incubating new blood through various talent programmes, expanding the I&T talent pool in the city.
The post ASTRI fully supports Budget to invest in the future appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

Natural Personal Care Ingredients Market worth $7.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

Published

on

natural-personal-care-ingredients-market-worth-$7.9-billion-by-2028-–-exclusive-report-by-marketsandmarkets™

 
The report “Natural Personal Care Ingredients Market  by Type (Emollients, Surfactnats, Rheology Modifiers, Preservatives, Active Ingredients), Application (Skin Care, Hair Care, Make-up, Oral Care), and Region – Global Forecast to 2028″, Natural Personal Care Ingredients Market size was USD 5.3 billion in 2022 and is projected to reach USD 7.9 billion by 2028, at a CAGR of 8.3%, between 2023 and 2028.
The market is projected to grow because of the evolving lifestyle across globe. These natural Ingredients play a crucial role in various skin care, hair care, oral care, make-up, and other applications such as foundations, serums, shampoos, bath soaps, shower gels, creams, face masks, sun care products, lip balms, lipsticks, color cosmetics and others. In addition, due to the increasing population, increasing demand for natural ingredients, technological advancements and changing consumer preferences the demand for natural personal care ingredients can increase due to various applications.
Browse in-depth TOC on “Natural Cosmetics Ingredients Market”

198 – Tables        
68 – Figures
241– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=181363323
“Surfactants are projected to register the highest CAGR, in terms of value, of the global natural personal care ingredients market during the forecast period.”
Surfactants are expected to grow rapidly in the natural personal care ingredients market due to increased demand for sustainable products in cosmetics and personal care, as well as their use in pharmaceuticals. They function as surface-active agents, meaning they help reduce surface tension between different substances, allowing them to mix more effectively. Therefore, surfactants are crucial in skincare, haircare, and cosmetics like creams and lotions. Also, the rising awareness of natural ingredients in personal care boosts the demand for natural surfactants. Thus, surfactants are widely used in applications such as skin care, hair care, make-up, oral care, and others, which will increase demand for them in the future.
“The hair care is estimated to be the second-largest application of natural personal care ingredients market, in terms of value, during the forecast period.”
As individuals tackle with a different hair-related issues, ranging from hair loss and thinning to dryness and damage, the demand for effective solutions continues to rise. Combined by the diverse array of hair types, each with its unique needs, such as curly, straight, fine, or coarse, the market for tailored hair care products grows rapidly. Moreover, escalating levels of pollution, characterized by airborne toxins and particulate matter, further exacerbate hair woes, triggering issues like scalp irritation, dullness, and accelerated hair aging. Consequently, the hair care application within the natural personal care ingredients market stands composed for sustained growth, driven by the imperative for complete solutions that address these multifaceted challenges while prioritizing natural and sustainable ingredients.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=181363323
“Europe is estimated to be the largest market for the natural personal care ingredients market, in terms of value, during the forecast period.”
The adoption of natural personal care ingredients in this region has increased due to changing environment, concerns about increasing health hazards linked to synthetic ingredients, and shift in lifestyle preferences towards eco-conscious and sustainable products. Moreover, The European region is estimated to be the second-fastest growing regions in the world, with rising disposable incomes. This is creating a favourable environment for the growth of the natural personal care ingredients market. Accordingly, Europe will be the largest market for natural personal care ingredients market during the forecast period.
The key players profiled in the report include BASF SE (Germany), Croda International Plc (UK), Ashland Inc. (US), The Lubrizol Corporation (US), Evonik Industries AG (Germany), Dow Inc. (US), Symrise AG (Germany), and others.
Browse Adjacent Market: Specialty Chemicals Market Research Reports & Consulting
Related Reports:
Green Preservatives Market – GLOBAL FORECAST TO 2028
Biosurfactants Market – GLOBAL FORECAST TO 2028
The post Natural Personal Care Ingredients Market worth $7.9 billion by 2028 – Exclusive Report by MarketsandMarkets™ appeared first on HIPTHER Alerts.

Continue Reading
Advertisement

Latest News

Trending