Flexible Plastic Packaging Market Outlook 2031
The global flexible plastic packaging market size was USD 168.27 Bn in 2022 and is likely to reach USD 245.79 Bn by 2031, expanding at a CAGR of 4.3% during 2023–2031. The market growth is attributed to the high demand for packaged food and beverage products across the globe.
Flexible packaging is a type of packaging, which uses non-rigid packing materials to offer economical and customizable packaging alternatives to consumers. Flexible packaging is highly efficient and cost-effective than other types of packaging, which makes it a popular option in the packaging industry.
Flexible packaging is a type of packaging, in which the whole or any part of packaging changes its shape during the usage of that packaging. Paper, aluminum foil, plastic, and other materials are used to produce flexible packaging products that include pouches, wraps, liners, rollstocks, bags, and others.
Flexible packages are mostly used in various industries such as personal care, food & beverages, and pharmaceutical industries. The benefits of flexible packaging include improved production efficiency, environmentally friendly, innovative package design & customization, enhanced product life, user-friendly packaging, and simplified shipping & handling.
Flexible packaging comes in different types of materials, sizes, and shapes, which are used to produce in formed or unformed configurations. Formed products are pre-shaped, while unformed products come on a roll that are sent to the co-packers for filling. The flexible packaging materials are used increasingly, as they are easy to manipulate and customized in various styles such as sample pouches, printed pouches, sachets, printed roll stock, and stock bags.
Plastic packaging is defined as a plastic wrapping or casing that is used to seal products to protect them from getting mixed with other products and get contaminated or polluted. Plastic wrappings come with tamper-proof seals and products are labeled before the sale. These labels and seals offer important information regarding the products to consumers. Plastic is a strong, durable, lightweight, sustainable, versatile, and cost-effective packaging material that offers several benefits to the packaging industry.
COVID-19 Impact
The COVID-19 pandemic has mixed impact on the flexible plastic packaging market. The market faced several problems like supply chain disruption and factory shutdown in the initial part of the pandemic, due to stringent lockdown regulations globally. The global market has witnessed the continuous demand for flexible packaging, due to the increasing transactions of online food and grocery shopping across the globe.
Moreover, the demand for packaged food & beverages rose, due to the pandemic restrictions and to keep the market afloat. Manufacturers took the required precautions to fulfill the demand for packaging solutions. For instance, ProAmpac, a leading global flexible packaging solutions company, kept all its locations active to maintain its customer-base and meet the customer’s needs during the pandemic.
ProAmpac ensured that the packaging products are made with less disturbance to meet the packaging needs and adhere to the pandemic-related regulations. The flexible plastic packaging market is expected to witness significant growth, as the pandemic-related restrictions are relaxed in recent years.
Flexible Plastic Packaging Market Dynamics
The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global flexible plastic packaging market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
Which Major Factors are Likely to Drive the Demand for Flexible Plastic Packaging?
Increasing Demand for Sustainable Packaging
A growing number of manufacturers are engaging and boosting the development of bio-based and sustainable flexible plastic packaging materials to offer environmentally friendly packaging solutions globally. Manufacturers and governments are pacing up and making plans to propel the environmental sustainability process with the rising awareness about the toxicity of plastic.
For instance, DOW, a global leader in delivering sustainable and innovative packaging, consumer care, and infrastructure solutions, has prepared a checklist for 2050 that aims to reduce plastic waste and increase recyclable plastics by 2030. DOW company plans to collect 1 million metric tons of plastic to recycle and reuse by 2030.
High demand for sustainability is expected to lead to the development of bio-based packaging solutions in the coming years. Flexible plastic packaging solutions are expected to eventually contribute to the growth of the global market during the forecast period.
Growing Food & Beverage Industry
The expanding food & beverage industry is expected to boost the flexible plastic packaging market during the forecast period. An increasing number of consumers stocking food and groceries in bulk, the growing trend of ordering food through online platforms, and the rising demand for packaged food during the pandemic have affected the food & beverages industry positively.
The usage of flexible plastic packaging raw materials such as polystyrene, polyethylene terephthalate, and polyethylene is increasing, as the demand for packaged food items is growing as well. Moreover, increasing imports and exports activities, high investments, and other factors are boosting the growth of the global market. High export activities and investments in the food & beverages industry are expected to increase the usage of flexible plastic packaging solutions, which is driving the flexible plastic packaging market during the forecast period.
Increasing Demand for Consumer Products
The increasing demand for consumer products is boosting the flexible packaging market across the globe. Growing fast-paced and busy lifestyles of consumers have increased the saturation of processed and packed products in every household across the globe.
An increasing number of manufacturers prefer plastic flexible packaging to pack a variety of consumer goods, as plastic is considered a cost-effective material with higher shelf life than other materials. Additionally, the flexible shape of the products packed in flexible packaging reduces the shelf space utilized by the products.
Increasing Demand for Innovative Flexible Packaging
An increasing number of companies are focusing on using few natural resources and reducing greenhouse gas emissions in the manufacturing process of flexible packaging materials, which drives the growth of the global market. Moreover, flexibility offers innovative designs which provide a modest use of flexible plastic packaging is boosting product demand.
What are the Major Restraining Factors that can Hamper the Global Flexible Plastic Packaging Market Expansion?
Difficulties in Recycling
The process of recycling plastic waste requires advanced infrastructure facilities. Infrastructure facilities across the globe are facing difficulties in recycling plastic materials. For instance, in the US every year more than USD 11 billion in plastic products are thrown away, due to recycling difficulties. According to the United Nations Environment Programme, each year 330 million tons of plastic waste has been produced globally.
Only 9% of plastic has been recycled and 14% of plastic is collected for recycling. Difficulties in recycling plastic materials are restraining the growth of the flexible plastic packaging market. Difficulties occurring in the recycling process of plastic products are anticipated to hamper the growth of the flexible plastic packaging market in the coming years.
Environmental Concerns
Increasing environmental concern is estimated to restrict the growth of the market during the forecast period. Globally non-recyclable plastic bags have become a major source of pollution. Tons of plastic waste have been found in several oceans all over the world.
Plastic waste blocks sewers and the enormous flow of plastic is killing wildlife including in oceans. Many countries have strict rules regarding plastic usages, such as China has completely banned the usage of plastic bags. These environmental concerns have proved to be a restraint to the market growth.
What are the Growth Opportunities in the Global Flexible Plastic Packaging Market?
High demand for sustainable packaging solutions
New regulatory initiatives taken by several governments across the globe encourage plastic packaging product manufacturers to venture into new packaging solutions to expand the packaging industry.
Manufacturers are increasingly inclined toward producing sustainable packaging solutions to reduce prices and to maintain the integrity of the packaged products. Sustainable packaging solutions require few materials reduced transportation expenses, and extended shelf-life of the product.
Manufacturers are expected to develop recyclable and sustainable flexible plastic packaging solutions, owing to strict government regulations, environmental pressures, and changing consumer preferences. Key focus areas for manufacturers include the development of bio-plastic solutions such as bio polypropylene and polybutylene along with the disposal and price of bioplastics, which is expected to surge the usage bio-plastics of flexible plastic packaging.
Scope of The Flexible Plastic Packaging Market Report
The global flexible plastic packaging market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Flexible Plastic Packaging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Material (Polyethylene, Polyvinyl Chloride, Polypropylene, Polystyrene, Polyamine, and Others), Type (Rollstocks, Wraps, Pouches, Bags, and Others), and Application (Food & Beverage, Personal Care, Healthcare, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Amcor; Mondi; Clondalkin Group; Berry Global Inc.; Sealed Air Corporation; Sonoco; Coveris; Clondalkin Group; Transcontinental Inc.; Bemis Company, Inc.; Uflex Ltd; AR Packaging Group AB; Rengo Co. Ltd.; Epac LLC; Printpack, Inc.; Interflex Group Inc.; Bryce Corporation; and Glenory, Inc.
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Flexible Plastic Packaging Market Segment Insights
What Key Factors Contribute to the Significant Expansion of the Polyethylene Segment?
High Mechanical, Chemical, and Thermal Properties
Based on material, the global flexible plastic packaging market is divided into polyethylene, polyvinyl chloride, polypropylene, polystyrene, polyamine, and others. The polyethylene segment is expected to dominate the market. Polyethylene is used to produce from the polymerization of ethylene and has high mechanical, chemical, and thermal properties. Polythene can be recycled & reused resources.
The polypropylene segment is anticipated to hold a key market share during the forecast period. Polypropylene (PP) is a thermoplastic polymer. Thermoplastic polymer is widely used in the flexible plastic packaging market, due to its beneficial features such as stiffness, high strength, and impact resistance.
Polypropylene can be recycled several times without any loss of quality. Chemical and temperature resistant polypropylene is considered suitable for various applications in the food & beverage industry along with the pharmaceuticals industry.
What are the Main Aspects for Boosting the Pouches Segment?
Increasing Demand for Pouches in the Food & Beverages Industry
On the basis of type, the global market is segregated into rollstocks, wraps, pouches, bags, and others. The pouches segment is anticipated to expand during the forecast period. Demand and usage of pouches is increasing in several industries such as food & beverages and cosmetics & personal care. Surging demand for lightweight and convenient packaging is expected to increase the demand for the pouches segment during the forecast period.
How is the Food & Beverages Segment Generating More Revenue Share in the Global Flexible Plastics Packaging Market?
Increasing Demand for Frozen Food and Packaged Meals
Based on application, the global flexible plastic packaging market is segmented into food & beverage, personal care, healthcare, and others. The food & beverage segment is anticipated to account for a major market share in the coming years, due to the growing demand for the packaging of vegetables, fruits, and other food items.
Flexible plastic packaging such as pouches, bags, and others are used for manufacturing frozen foods, juices, packaged meals, and others. Increasing health awareness and rising disposable income among consumers are expected to boost the demand for flexible plastic packaging in the food & beverage industry during the forecast period.
The healthcare segment is accounted to hold the market share, due to significant demand for packaged products during the forecast period. Healthcare application significantly requires protection of medicines and drugs. Healthcare applications include product differentiation and enhancement of the product appeal for the flexible plastic packaging market.
Why is Asia Pacific dominating the Global Flexible Plastic Packaging Market?
Asia Pacific to Dominate the Market
In terms of regions, the global flexible plastic packaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of Asia Pacific is expected to dominate the market during the projected period. Factors such as the increasing working population, improving economy in Asia Pacific, and demand for ready-to-eat & convenient food products are anticipated to fuel the growth of the market for flexible plastic packaging in the region.
Functional materials such as plastic offer several beneficial features to flexible plastic packaging such as durability, lightweight, safety, eco-friendly, strength, cost-effectiveness, and handling convenience. These features boost the demand for flexible plastic packaging solutions across Asia Pacific.
According to Indian report, the export of meat, dairy, and poultry products has increased USD 483.5 million in 2020 and USD 1022.5 million in 2021 during the forecast period and also India received a foreign direct investment (FDI) for the food sectors.
North America is anticipated to expand at a rapid pace during the forecast period, due to the well-established flexible plastic packaging market in the region. Increasing innovations in flexible plastic packaging, rising demand in the retail industry, and the developing lifestyle of consumers are expected to boost the flexible plastic packaging market in the region.
Segments
The global flexible plastic packaging market has been segmented on the basis of
Material
- Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Polystyrene
- Polyamine
- Others
Type
- Rollstocks
- Wraps
- Pouches
- Bags
Application
- Food & Beverage
- Personal Care
- Healthcare
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amcor
- Mondi
- Clondalkin Group
- Berry Global Inc.
- Sealed Air Corporation
- Sonoco
- Coveris
- Clondalkin Group
- Transcontinental Inc.
- Bemis Company, Inc.
- Uflex Ltd
- AR Packaging Group AB
- Rengo Co. Ltd.
- Epac LLC
- Printpack, Inc.
- Interflex Group Inc.
- Bryce Corporation
- Glenory, Inc.
Competitive Landscape
Key players competing in the global flexible plastic packaging market are Amcor; Mondi; Clondalkin Group; Berry Global Inc.; Sealed Air Corporation; Sonoco; Coveris; Clondalkin Group; Transcontinental Inc.; Bemis Company, Inc.; Uflex Ltd; AR Packaging Group AB; Rengo Co. Ltd.; Epac LLC; Printpack, Inc.; Interflex Group Inc.; Bryce Corporation; and Glenory, Inc.
Some of these major companies have adopted a series of business development strategies including mergers and acquisitions, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
- In November 2021, Berry Global Group, Inc. announced an agreement with PureCycle is expected to provide Berry with PureCycle’s Ultra-Pure Recycled (UPR) with advanced recycled resin. This agreement is the latest in a growing list of advanced recycling material solutions. Berry company is the second based in North America.
- In April 2022, Amcor launches more sustainable high shield laminates to pharmaceutical packaging industries. The new low carbon, high barrier, and recycle-ready packaging options deliver required performance that supports the pharmaceutical companies’ recyclability needs.
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