NEWARK, Del, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The flexible plastic packaging market is predicted to be worth US$ 108.2 billion in 2023, and rise to US$ 164.3 billion by 2033. Demand is expected to increase at a CAGR of 4.3% during the projected period.
The strong demand for home necessities and medical supplies increases the market for flexible plastic packaging. Additionally, the rise in online shopping may increase demand for flexible plastic packaging options, which guarantee prompt delivery and product safety until they are used by the intended recipients.
The flexible plastic packaging sector may benefit from the introduction of a number of novel package designs and styles by diverse producers, including bag-in-box, collapsible pouches, compostable films, and others.
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The demand for packaged food goods, increased consumer health consciousness, and growing preference for convenience packaging have all contributed to a recent strong rise in the global flexible plastic packaging industry. Additionally, it is anticipated that the market would expand during the forecast period as a result of the growing demand for environmentally friendly packaging options. However, rising raw material costs may impede market expansion.
Key Takeaways
- In 2022, the United States ruled the flexible plastic packaging market, with a share of 14%.
- The flexible plastic packaging market increased at a 5.4% CAGR between 2016 and 2022, citing FMI's study.
- The flexible plastic packaging market was expanding, with a value of US$ 102.9 billion in 2022.
- The expansion in China is anticipated to expand at an adequate CAGR of 5.3% by 2033.
- In 2022, Japan was expanding significantly in the flexible plastic packaging market, with a share of 4.3%
- By 2033, the flexible plastic packaging sector is likely to increase in India with a size of US$ 8.05 billion.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 2.7% by 2033.
- Based on product type, the bags and sacks led the market share in 2022, and continues to dominate the sector during the forecast period.
- Based on end use, consumer packaging led the market with a share of 94.8 in 2022.
- Based on material type, the bio-plastics segment led the market share in 2022, and continues to dominate the sector during the forecast period.
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Key Strategies in the Industry
Leading industry players provide customization in flexible plastic packaging to promote the products and enhance the user experience, which aids in the market's growth over the coming years. Market participants are being encouraged to create new biodegradable plastics for flexible packaging, as a result of the rising popularity of sustainable packaging and the prohibition on single-use plastic. Market participants are also attempting to recycle flexible plastic packaging in order to lessen their carbon footprint.
- Mengniu announced the commercial launch of collation post-consumer recycled (PCR) shrink film for the food and beverage sector on June 15, 2021.
- In June 2021, Huhtamaki completed the acquisition of Jiangsu Hihio-Art Packaging Co. Ltd.'s assets in China.
- A new line of compostable products manufactured from bioplastic packaging materials was introduced by KM Packaging in 2021.
- Bell Germany's thinly sliced gourmet ham is now packaged by Mondi in a recyclable WalletPack beginning in March 2021.
Competitive Landscape: Flexible Plastic Packaging Market
- Amcor Ltd.
- Constantia Flexibles Group GmbH
- Berry Global Group, Inc.
- Huhtamäki Oyj
- Sonoco Products Company
- Bemis Company, Inc.
- Sealed Air Corporation
- AR Packaging Group AB
- Mondi Group
- DS Smith Plc
- CCL Industries Inc.
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Key Segments
By Material Type:
- Oil Base Polymers
- Bio-Plastics
By Product Type:
- Pouches
- Bags & Sacks
- Tubes
- Sleeve Labels
- Films & Wraps
By Packaging Type:
- VSP (Vacuum Skin Packaging)
- MAP (Modified Atmospheric Packaging)
- General Barrier
By End-Use:
- Food
- Beverages
- Personal Care
- Homecare
- Pharmaceuticals
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Table of Content
1. Executive Summary | Flexible Plastic Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
Click Here for Flexible Plastic Packaging Market 319 pages TOC Report
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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