The new report by Expert Market Research titled, ‘Global Flexible Plastic Packaging Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the flexible plastic packaging market, assessing the market based on its segments like printing technology, application, type and material. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market supported the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size 2020: USD 154.7 billion
- Forecast CAGR (2023-2028): 4.2%
- Forecast Market Size 2026: USD 198 billion
The global need for flexible packaging material is increasing rapidly, owing to developments in packaging technologies. Furthermore, flexible packaging has grown in favour among consumers since it is a cost-effective solution to storage difficulties, reduces product waste, and keeps food safe and healthy. Flexible packaging has also been boosting demand in the pharmaceutical and nutraceutical industries since it provides them with a sustainable and recyclable polymer-based alternative. Customizability, safety assurance, reusability, transparency, and reliability are some of the other aspects that are currently driving the industry.
In the forecast period, the flexible plastic packaging market would be propelled by the growing food sector. The pandemic boosted the food sector, with people storing up on bulk goods and supermarkets, ordering more food online, and increasing demand for packaged meals. Increased food consumption necessitates the use of flexible plastic packaging solutions composed of polyethylene, polyethylene terephthalate, polystyrene, and other raw materials. High investment, a surge in imports and exports, and other factors are also propelling the industry forward.
Flexible Plastic Packaging Industry Definition and Major Segments
The use of flexible plastic as a packaging material is known as flexible plastic packaging. It’s a light-weight plastic produced from plastic film and very thin layers of other materials like metal. Packaging material is a resource-efficient material because of its flexible shape.
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The flexible plastic packaging market can be divided into categories such as type, material, printing technology and application.
Based on type:
- Stand-up Pouches
- Flat Pouches
Based on material:
- Poly Vinyl Chloride
Based on printing technology:
- Digital Printing
Based on application:
- Food and Beverage
- Personal Care
On the basis of regional markets, the segmentation of the flexible plastic packaging industry includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Flexible Plastic Packaging Market Trend
The growing demand for consumer goods is propelling the global market for flexible plastic packaging. This upward tendency can be ascribed to people’s busy lifestyles around the world, as well as the widespread availability of processed foods in every home. Flexible plastic is also the ideal packaging material for companies due to its low cost and longer shelf life as a resource-efficient material. Furthermore, the products’ flexible and economical design takes up less shelf space.
Another aspect assisting the product’s market growth is the use of fewer natural resources and lower greenhouse gas emissions in the manufacturing of flexible packaging material. Furthermore, flexibility allows for a variety of unique designs, giving businesses a competitive advantage in the usage of flexible plastic packaging, which is a major driver of product demand. Meanwhile, the difficulty of recycling this material could be a stumbling block to the market’s expansion. However, timely infrastructure development is likely to overcome such challenges.
Key Market Players
The major players within the market are Amcor plc, Sealed Air Corporation, ProAmpac Intermediate, Inc., Sigma Plastics Group, Coveris Management GmbH and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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