Visiongain has published a new report entitled Flexible (Converted) Plastic Packaging Market Report 2024-2034: Forecasts by Printing Technology (Flexography Technology, Rotogravure Technology, Digital Printing Technology), by End-use Industry (Food & Beverage Industry, Healthcare Industry, Personal Care & Cosmetics Industry, Other), by Material (Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Other), by Type (Pouches, Bags, Wraps, Films, Sachets, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global flexible (converted) plastic packaging market was valued at US$157.3 billion in 2023 and is projected to grow at a CAGR of 5.4% during the forecast period 2024-2034.
Sustainability and Eco-Friendly Innovations
The increasing emphasis on sustainability has driven innovations in eco-friendly flexible plastic packaging solutions. Manufacturers are developing bio-based and recyclable materials, responding to consumer concerns about environmental impact. Notable examples include bio-based polyethylene films derived from sugarcane or recyclable flexible pouches made from materials like polyethylene terephthalate (PET). This sustainability-driven approach addresses the need for environmentally conscious packaging solutions, fostering market growth.
Extended Shelf Life and Preservation
The flexible plastic packaging market benefits from its ability to extend the shelf life of products by providing an effective barrier against moisture, air, and light. This preservation capability is particularly crucial in the food and beverage industry, where perishable goods require protection to maintain freshness and quality. Vacuum-sealed flexible plastic bags for coffee or modified atmosphere packaging for fresh produce are examples of how this preservation feature contributes to the market's growth by meeting industry-specific demands.
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How has COVID-19 had a significant negative impact on the Flexible (Converted) Plastic Packaging Market?
The COVID-19 pandemic had a multifaceted impact on the flexible converted plastic packaging market, influencing demand, supply chains, and consumer behaviours. The pandemic prompted a significant shift in consumer behaviour, with more people opting for packaged goods and home deliveries to minimize in-person shopping. This led to an increased demand for packaging materials that could ensure the safety and hygiene of products. Flexible plastic packaging, especially in the food and healthcare sectors, played a crucial role in protecting products and meeting the needs of a changed consumer landscape.
The healthcare industry experienced a surge in demand for flexible plastic packaging as it played a central role in the packaging of pharmaceuticals, personal protective equipment (PPE), and medical supplies. Manufacturers in this sector quickly adapted to meet the rising needs, emphasizing the importance of sterile and tamper-evident packaging. In the food and beverage industry, the pandemic drove a shift in consumer preferences, with a growing emphasis on packaged, shelf-stable, and ready-to-eat products. Flexible plastic packaging solutions that extended shelf life and provided reseal ability became highly sought after, resulting in increased demand for these types of packaging.
How will this Report Benefit you?
Visiongain’s 407-page report provides 124 tables and 176 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global flexible (converted) plastic packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Flexible (Converted) Plastic Packaging. Get financial analysis of the overall market and different segments including printing technology, end-use industry, material, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing flexible (converted) plastic packaging market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Better Substitute for Traditional Packaging Material
The increasing demand for better substitutes for traditional packaging materials is a key driver propelling market growth in the packaging industry. One of the primary factors contributing to this trend is the growing awareness and concern about environmental sustainability. Traditional packaging materials, such as certain plastics and non-biodegradable substances, have raised environmental issues due to their long degradation periods and contribution to pollution. Consumers, governments, and businesses are increasingly recognizing the need for eco-friendly alternatives that can reduce the environmental impact of packaging.
Moreover, stringent regulations and policies aimed at curbing the use of non-recyclable and single-use plastics are pushing industries to adopt more sustainable options. The shift towards better substitutes aligns with global initiatives to achieve a circular economy and reduce the overall carbon footprint. Companies are motivated to invest in research and development to discover materials that are not only environmentally friendly but also cost-effective and efficient in preserving the quality and safety of packaged goods.
Upsurge in Demand from End-Use Industries
The market is currently witnessing notable growth, primarily propelled by a substantial upsurge in demand from various end-use industries. Several factors contribute to this heightened demand, driving the positive momentum within the market. One of the key drivers is the continuous expansion and diversification of end-use industries. As sectors such as manufacturing, healthcare, consumer goods, and automotive witness growth, there is a concurrent increase in the need for packaging solutions. This demand stems from the requirement for efficient and reliable packaging materials that cater to specific industry needs, ensuring the safe transport, storage, and presentation of products.
Additionally, advancements in technology and manufacturing processes have played a crucial role in driving the demand from end-use industries. Innovations in packaging materials, such as those offering enhanced durability, flexibility, and sustainability, align with the evolving needs of diverse sectors. Industries are increasingly seeking packaging solutions that not only protect their products but also contribute to cost-efficiency and overall operational effectiveness.
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Where are the Market Opportunities?
Rising Demand from E commerce Industry
The rapid and continued growth of the e-commerce industry presents a significant opportunity for the flexible converted plastic packaging market. This surge in demand from e-commerce platforms is driven by various factors that are reshaping the packaging landscape. E-commerce companies often seek to create a distinctive brand image and enhance the customer experience. This provides an opportunity for packaging manufacturers to offer customized and branded packaging solutions. As online retailers compete to stand out, they are increasingly willing to invest in unique and eye-catching packaging designs. This not only adds value to the product but also allows flexible plastic packaging companies to provide tailored solutions that cater to the individual branding needs of e-commerce clients.
Governments and Regulatory Bodies are Increasingly Focusing on Packaging Waste Reduction
The heightened focus of governments and regulatory bodies on packaging waste reduction presents a significant opportunity for the flexible converted plastic packaging market. As environmental concerns continue to gain prominence globally, there is growing pressure on industries to adopt more sustainable practices. This has led to an increased demand for eco-friendly packaging solutions that use recyclable, biodegradable, or compostable materials. Manufacturers operating in the flexible plastic packaging sector have a chance to align with these sustainability objectives and develop innovative packaging materials that cater to the evolving consumer sentiment. By investing in research and development and embracing sustainable alternatives, companies can not only meet regulatory requirements but also gain a competitive edge in the market.
Competitive Landscape
The major players operating in the flexible (converted) plastic packaging market are Amcor plc, AptarGroup, Inc., Berry Global Group, Inc, Clondalkin Group Holdings B.V., Constantia Flexibles Group GmbH, Coveris Group, Huhtamäki Oyj, Innovia Films, Mondi plc, Novolex Holdings Inc., Polytex Environmental Inks, Printpack, Pro Ampac LLC, Sealed Air Corporation, Sonoco Products Company, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 19 Sept 2023, Constantia Flexibles Group GmbH launched a new line of sustainable flexible packaging products made from renewable materials. The new products are part of Constantia Flexibles' commitment to reducing its environmental impact and helping customers achieve their sustainability goals.
- 18 Aug 2023, Sealed Air Corporation has acquired Automated Packaging Systems (APS), a leading provider of automated bagging and packaging systems. The acquisition is expected to strengthen Sealed Air's position in the flexible packaging market and expand its product offerings.
- 04 Aug 2023, Amcor plc launches new line of recyclable plastic packaging for fresh produce.
- 01 March 2023, Berry Global Group, Inc. launches new line of sustainable packaging products
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To find more Visiongain research reports on the packaging sector, click on the following links:
- Beverage Packaging Market Report 2023-2033
- Cosmetics Packaging Market Report 2023-2033
- Paper Packaging Market Report 2023-2033
- Renewable Plastic Packaging Market Report 2021-2031
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