Companies are under pressure, facing higher prices for their supplies and some are trying to pass that onto consumers in a phenomenon called shrinkflation.

Flexible packaging accounts for 19 percent of the overall packaging market and is expected to grow at a rate of 3.9 percent CAGR by 2023, according to the 2019 Flexible Packaging Marketing Assessment by PMMI, The Association for Packaging and Processing Technologies.

A report by GlobalData reveals that two-thirds of consumers worldwide think that living an ethical or sustainable lifestyle is important to creating a feeling of well-being. This increased focus on environmental impact is creating new opportunities for sustainable packaging material producers.