The global flexible plastic packaging market accounted for a value of USD 152.2 billion in 2019. Flexible plastic packaging market projected to register growth at a CAGR of 4.1% during forecast period.
COVID-19 has impacted all the businesses over the globe. The flexible plastic packaging market is estimated to foresee moderate decrease in growth during 2020-2021. The packaging industry is estimated to witness decline in manufacturing as the facilities were shut down due to lockdown. However, the demand for flexible plastic packaging is increasing in pharmaceuticals, food and beverages industries.
For more details, visit: Global Flexible Plastic Packaging Market By Type (Bags, Wraps, Pouches, Rollstock, Others), By Application (Food, Beverage, Pharma & Health Care, Personal Care & Cosmetics, Others), By Region– Forecast & Opportunities to 2026
The working population is expanding across the world and these populations are demanding convenient products which increases demand for flexible packs. The flexible plastic packaging requires few energy and resources for packaging. The flexible packaging is available at low cost. This drives growth in flexible plastic packaging.
On the basis of type, the flexible plastic packaging market is segmented into bags, wraps, pouches, rollstock and others. The pouches segment is estimated to hold largest market share during forecast period. The demands for pouches are increasing across various applications in pharmaceuticals, personal care, cosmetic, food and beverages industries. The demand for lightweight and convent packaging solutions is rising which further increase the demand for flexible plastic packaging during forecast period.
On the basis of application, the flexible plastic packaging market is segmented into food, beverage, pharma & health care, personal care & cosmetics and others. The food products segment is estimated to hold largest market share during forecast period. People are bulk buying and stocking food products during lockdown. People are also using ecommerce platforms to buy daily staples and fresh food. This boosts demand for flexible plastic packaging market during forecast period.
Asia-Pacific region estimated for largest market share during forecast period. The working population is increasing across the world and due to which the demand for ready-to-eat and convenience food products is growing rapidly. The market for flexible packaging is getting matured in the Asia-Pacific region. The flexible plastic packaging is adopted by various industries such as cosmetics, personal care, pharmaceutical, food and beverage industries etc. The flexible plastic packaging is cost effective, durability, strength, lightweight and eco-friendly. This drives growth in Asia-pacific region during forecast period.
The key market players in flexible plastic packaging are Berry Global Inc., Amcor, Mondi, Constantia Flexibles, Sonoco, Sealed Air Corporation, Huhtamaki, Coveris, Clondalkin Group, Transcontinental Inc., Novolex, Uflex Ltd., Proampac, Aluflexpack AG and PPC Flexible Packaging.
- What are the expected industry trends over the next three to five years?
- Which of the flexible plastic packaging type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?