NEW YORK, Aug. 12, 2024 /PRNewswire/ — The global flexible plastic packaging market size is estimated to grow by USD 43.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.6% during the forecast period. Rising focus on improving the shelf life of products is driving market growth, with a trend towards continuous investment by vendors and development of new products. However, high cost involved in manufacturing flexible plastic packaging poses a challenge. Key market players include Amcor Plc, AR Packaging Group AB, Bemis Manufacturing Co., Berry Global Inc., Bischof Klein SE and Co. KG, CCL Industries Inc., Clondalkin Group Holdings BV, Constantia Flexibles Group GmbH, Coveris Management GmbH, Crownpack Pty Ltd., DS Smith Plc, FlexPak Services LLC, Huhtamaki Oyj, Mondi Plc, ProAmpac Holdings Inc., Richdale Plastics, Sealed Air Corp., Sigma Plastics Group, Sonoco Products Co., and Transcontinental Inc.
Technavio has announced its latest market research report titled Global flexible plastic packaging market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Flexible Plastic Packaging Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
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Market growth 2024-2028 |
USD 43.9 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.2 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, UK, Germany, and India |
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Key companies profiled |
Amcor Plc, AR Packaging Group AB, Bemis Manufacturing Co., Berry Global Inc., Bischof Klein SE and Co. KG, CCL Industries Inc., Clondalkin Group Holdings BV, Constantia Flexibles Group GmbH, Coveris Management GmbH, Crownpack Pty Ltd., DS Smith Plc, FlexPak Services LLC, Huhtamaki Oyj, Mondi Plc, ProAmpac Holdings Inc., Richdale Plastics, Sealed Air Corp., Sigma Plastics Group, Sonoco Products Co., and Transcontinental Inc. |
Market Driver
The global flexible plastic packaging market is witnessing significant growth due to continuous investments made by key players for new product development. For instance, Amcor Plc signed an MOU with Licella Holdings in December 2022 to establish advanced plastic recycling facilities in Australia, aiming to strengthen local curricular economy for soft plastics and increase recycled content in their products. Similarly, Berry Global Inc. Collaborated with Mars in September 2022 to launch pantry-sized treats in PET jars with 15% recycled plastic content. In July 2022, Berry Global Inc. Partnered with McCormick and Company to produce bottles made from 100% post-consumer recycled plastics. Huhtamaki Oyj completed the acquisition of Jiangsu Hihio-Art Packaging Co. Ltd.’s assets in China in June 2021. These initiatives by major players are expected to encourage innovation and competition in the market, contributing to its growth during the forecast period.
The Flexible Plastic Packaging Market is experiencing significant growth, particularly in segments like pouches, bags, and wraps. Meats, sauces, curries, and processed foods are prime drivers, with laminated plastic leading the charge. Population growth and health awareness fuel demand for convenient, hygienic packaging solutions. Thermal sterilization and product innovation are key trends, with companies like Stonyfield Organic leading the way. Robust vendors invest continuously in recycling capacity and sustainability lines, using recycled polymers. Competition remains fierce in the market facets of packaged food, with plastic facing challenges from paper and aluminum foil. Printability, durability, and barrier protection for freshness are essential features. Collaborations and technological advancements will shape the future of this dynamic industry.
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Market Challenges
The flexible packaging market faces challenges from rigid packaging in areas like printability, durability, and barrier protection. Continuous investment in technology and collaborations with robust vendors are prime reasons for market growth. Flexible packaging, including plastic, paper, and aluminum foil, offers versatility, convenience, and attractive designs for various industries like packaged food, cosmetics, and consumer goods. Lightweight packaging, such as standup pouches, reduces energy consumption and landfill waste. However, competition from biodegradable materials and price fluctuations due to plastic resin costs pose challenges. Market facets like acquisitions, production capacity expansions, and the shift towards sustainable materials are shaping the future of flexible packaging. The market caters to diverse sectors, including salty snacks, sweet biscuits, sugar confectionery, and the Gulf states, among others. Despite concerns over plastic contamination and pollution, particularly in marine life, flexible packaging remains a preferred choice due to its benefits in freshness preservation and convenience. Kraft paper and biodegradable materials are gaining traction as eco-friendly alternatives.
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Segment Overview
This flexible plastic packaging market report extensively covers market segmentation by
Product
1.1 Pouches
1.2 Bags
1.3 Films and wraps
1.4 Others
End-user
2.1 Food and beverage
2.2 Healthcare
2.3 Others
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Pouches- Flexible plastic pouches are widely used for packaging various products such as dry foods, candies, confectioneries, agriculture products, and liquids. These include stand-up pouches, flat pouches, side-sealed pouches, center-sealed pouches, side-gusseted pouches, vacuum pouches, spout pouches, and others. Stand-up pouches are increasingly popular for household products due to their ability to differentiate products, offer a larger printable surface area for attention-grabbing graphics, and improve consumer experience. Major vendors in the market include Amcor, Berry Global, Mondi, and Clondalkin Group. A recent innovation in the market is resealable pouches, which allow consumers to snack repeatedly and close the package properly for later use. For instance, Bemis Manufacturing Co. Offers SmartTack EZ Peel Reseal packaging, which enhances product shelf life and maintains freshness. Vendors are focusing on offering innovative pouches to meet consumer demand. Amcor Plc recently developed a recyclable flexible retort pouch, which allows the recycling of high-performance packaging for ready-meals, soups, baby foods, and wet pet food, reducing packaging’s environmental footprint by up to 60%. These developments are expected to fuel the use of pouches in the global flexible plastic packaging market during the forecast period.
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Learn and explore more about Technavio’s in-depth research reports
The Global Flexible Packaging Market is witnessing rapid growth, driven by increasing demand for lightweight and sustainable packaging solutions. In Indonesia, the Plastic Packaging Market is a significant segment, with a rising preference for flexible packaging due to its cost-effectiveness and versatility. The market is fueled by the growing food and beverage industry and the shift towards convenience products. As consumers demand more eco-friendly options, the market is expected to see innovations in recyclable and biodegradable materials, enhancing its growth trajectory.
Research Analysis
The Flexible Plastic Packaging Market is witnessing robust growth due to its numerous advantages over traditional packaging materials like Rigid Packaging. Prime reasons for this shift include printability, durability, and barrier protection, ensuring freshness and extended shelf life for various industries, particularly Packaged food. However, market facets like plastic contamination and pollution, harming marine life, pose significant challenges. Collaborations between industry players and research institutions are focusing on developing eco-friendly alternatives. Plastic resins, price fluctuations, acquisitions, and production capacity expansion are other critical market dynamics. While Plastic bags and films dominate the market, Kraft paper and Aluminum foil also hold significant shares. Competition remains fierce, with key players continually innovating to maintain market position.
Market Research Overview
The Flexible Packaging Market is witnessing continuous investment due to its prime reasons such as versatility, convenience, and attractive packaging. Flexible packaging includes various forms like bags, pouches, wraps, and films made of plastic, paper, and aluminum foil. The market’s growth is driven by the packaging needs of various industries such as food, cosmetics, and pharmaceuticals. Printability, durability, barrier protection, freshness, and environmental benefits are the key factors influencing the market’s growth. significant concerns.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Pouches
Bags
Films And Wraps
Others
End-user
Food And Beverage
Healthcare
Others
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio