New York, USA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Flexible Plastic Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Flexible Plastic Packaging Market Information By Type, Printing Technology, Application and Region - Forecast till 2028”, the market is estimated to grow at a 5.5% CAGR to reach USD 390 Billion by 2028.
Market Synopsis
Despite rigid packaging providing significant barrier packaging solutions, the demand for flexible plastic packaging is strikingly higher owing to its superior flexibility, durability, as well as extended shelf life.
More and more retailers worldwide are making use of flexible plastic packaging since it is durable, waterproof, easily recyclable, and lightweight. The robust demand for medical items and household essentials should raise the need for flexible plastic packaging. Moreover, the surge in online retail could foster the demand for flexible plastic packaging solutions as these ensure timely delivery and safety of the products till they reach their respective end users.
The emergence of a variety of novel packaging designs and styles like bag-in-box, collapsible pouches, compostable films, and others by various manufacturers could be opportune for the flexible plastic packaging industry.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 390 Billion |
| CAGR | 5.5% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Printing Technology, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing demand from the food and beverage industry, pharmaceutical industry |
| The increasing demands for over counter pharmaceutical products |
Market Competitive Landscape:
The important companies in the flexible plastic packaging market are
- Sealed Air Corporation (US)
- Amcor (Australia)
- Berry Global Inc. (US)
- Mondi (South Africa)
- Sonoco (US)
- Huhtamaki (Finland)
- Coveris (Austria)
- Transcontinental Inc. (Canada)
- Clondalkin Group (The Netherlands)
The flexible plastic packaging market is seeing extreme competition, given the presence of medium and small domestic players as well as large international companies.
The massive popularity and the preference for sustainable packaging in line with the bans on the use of single-use plastic are encouraging players to develop biodegradable plastics for use in flexible packaging. They are also focused on recycling flexible plastic packaging to bring down carbon footprint.
The surge in partnerships, mergers, and acquisitions as well as agreements among the companies will help solidify their positions in the market.
Market USP Covered:
Market Drivers:
The best attributes and properties of plastics, as well as films, are blended in flexible packaging. In industries like pharmaceuticals, food & beverages, and personal care, flexible packaging has emerged as a crucial component. Flexible packaging bolsters the value as well as the marketability of the items by combining the best qualities of film, plastic, aluminum foil, and paper to offer a vast range of protective characteristics with the minimum amount of material. This type of packaging is an extremely cost-effective and efficient approach to distributing, preserving, and packaging a variety of products.
The packaging sector has moved considerably toward flexible packaging, given its multi-fold environmental and energy advantages. In addition, surging concerns with regard to the toxic effects of bio-degradable plastics’ use in flexible packaging and their environmental impact compel manufacturers to come up with sustainable packaging options that are secure and safe.
Flexible plastic packaging helps prevent moisture from entering the packages and also raises the resistance to corrosion. These benefits provided by flexible plastic packaging will enhance the market size during the given period.
Opportunities
Dynamic market changes, including the emergence of new regulatory policies, compel manufacturers to come up with new packaging options. Soaring concerns with regard to biodegradable plastics for use in flexible packaging and their effect on the environment also encourage manufacturers to create sustainable packaging options that are secure and safe. For reducing the cost pressure while maintaining the product package’s integrity, manufacturers are creating sustainable packaging solutions that need lesser materials as well as energy, bring down transportation expenses, and provided a high shelf-life.
Owing to strict government regulations, evolving consumer preferences, and high environmental pressures, developers are more focused on circularity and are leveraging new plastic technologies for the development of sustainable and recyclable solutions that include certain properties such as moisture, light, oxygen, puncture, chemical resistance, as well as easy-tear propagation.
Market Restraints:
The recycling process of plastic packaging waste can be extremely tedious, requiring state-of-the-art technologies and infrastructural facilities. This time-consuming procedure requires personnel expertise, which can mean slowed-down growth of the worldwide market.
Browse In-depth Market Research Report (110 Pages) on Flexible Plastic Packaging: https://www.marketresearchfuture.com/reports/flexible-plastic-packaging-market-4845
COVID 19 Analysis
The flexible plastic packaging industry’s growth was significantly impacted by the COVID-19 pandemic. In the pandemic scenario, various countries went under lockdown, to curb the escalating cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The unpredictable costs of the key raw materials that are used for developing packaging alongside the pandemic restricted the market’s development rate. On the bright side, the situation is getting back to normal, which can translate into a swift market recovery in the future.
Market Segmentation
By Type
Sachets, Wraps, Bags, Rollstock, Pouche, stick packs, and Labels are the types of flexible plastic packaging available in the market.
By Material
Aluminum Foil, Plastic, Coating adhesive, and Coating ink are the major materials considered in the review study.
By Technology
Rotogravure, Flexography, Screen, Digital Printing, Letterpress printing, and Offset are the key technologies discussed.
By Application
The primary applications of flexible plastic packaging solutions are Food, Beverage, Pharma & Health Care, Personal Care & Cosmetics, Consumer Goods, Oil & Lubricants, Agriculture, Automotive, Household Products, Tobacco, and Sporting Goods.
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Regional Analysis
The Asia Pacific is the most bankable market, with the leaders in the region identified as Japan, China, and India. The demand for food products, pharmaceutical items, and personal care goods is extremely high, which explains the strong market growth.
North America will remain a strong contender in the worldwide market throughout the conjectured period, on account of the mounting spending on research & development activities. Also, the rising innovations in flexible plastic packaging, soaring demand in the retail industry, and the evolving lifestyles of consumers will further solidify the market position.
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