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 Technavio has announced its latest market research report titled Global flexible plastic packaging market 2024-2028](https://mma.prnewswire.com/media/2479484/Technavio__Global_flexible_plastic_packaging_market_2024_2028.jpg)
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Flexible Plastic
Packaging Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.6%
|
Market growth
2024-2028
|
USD 43.9
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.2
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 43%
|
Key
countries
|
US, China, UK, Germany,
and India
|
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.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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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.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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