Flexible Plastic Packaging Market| Industry Growth Drivers, Platforms Type and Geographical Overview 2023-2031
Flexible Plastic Packaging Market Overview
Flexible Plastic Packaging Market Size was valued at USD 200.13 Billion in 2021. The Flexible Plastic Packaging market industry is projected to grow from USD 227.96 Billion in 2022 to USD 450.65 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.89% during the forecast period (2022–2030).
Flexible Plastic packages need a few resources so they are cheaper and easily available as compared to other packaging materials. Manufacturing plastic packages needs lesser fuel consumption so it is possible to save a significant amount of crude oil, natural gas, and coal. All these factors have contributed to the Flexible Plastic Packaging Market significantly.
The use of flexible plastic packaging increases the shelf-life of foods and beverages thus shipping and warehouse costs get saved. This is another reason for the continuous growth of this market throughout the globe.
The steep rise in the consumption of processed foods and beverages across the globe has worked as an important market driver for the growth of the global Flexible Plastic Packaging Market.
Though flexible plastic packages are cheap, chemically inert, and visually appealing, recycling these packaging materials need high-standard infrastructure. This is a restraint on the growth of the Flexible Plastic Packaging Market.
Though the market had faced supply-chain interruptions due to low production and logistic problems during the COVID-19 pandemic, the demand for flexible plastic packaging material was high in the pharmaceutical and healthcare sector. So, the Flexible Plastic Packaging Market Revenue is expected to grow steadily in the coming years.
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Market Segmentation
The segmentation of the global Flexible Plastic Packaging Market is done on applications, printing technologies, types, and regions.
Based on the product type, the market is further divided into flat pouches, stand-up pouches, bags, and others.
Based on the printing technology, the market is divided into digital printing, flexography, and others.
Based on application, the global Flexible Plastic Packaging Market is categorized into pharmaceuticals, food & beverages, personal care, and others.
Regional Classification
Based on the region, the global Flexible Plastic Packaging Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World.
The Asia-Pacific region dominates the largest Flexible Plastic Packaging Market Share. Due to the increase in income group and busy lifestyles, the demand for ready-to-cook and ready-to-serve foods is rising in the countries such as Japan, India, and China. This has helped in the substantial growth of the plastic packaging market in this region. During the forecast period, the Asia-Pacific region is expected to achieve a huge amount of Flexible Plastic Packaging Market Revenue and one of the key factors is the significant growth of the export sector.
The market of Europe and North America are expected to have a steady growth in the Flexible Plastic Packaging sector.
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Industry News
The sudden rise in the demand for flexible plastic packaging materials in hospitals, pharmaceutical companies, beauty products manufacturers, and PPE-kit manufacturers has opened up lots of growth opportunities for the global Flexible Plastic Packaging Market.
Amcor Company partnered with Espoma Organic in June 2020 to launch a new product that contains 25% bio-based ingredients.
Berry Global Group collaborated with Mondelez International to supply packaging material manufactured from recycled plastic.
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