Driven by shifting consumer preference from traditional packaging products to stand-up pouches and re-closable packaging, the flexible plastic packaging market is forecast to reach valuation of US$ 98 Billion by the end of 2021, finds Future Market Insights (FMI)
The flexible plastic packaging market with its material segment, product segment, and packaging segment will generate sales of over 33.6 million tons in 2021, according to the annual market analysis conducted by Future Market Insights.
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Competitive Landscape
Leading market players are focusing on new product development to expand their product portfolio and penetrate new markets. They are also working towards devising new methods for sustainable packaging to gain the competitive edge in flexible plastic packaging market.
For instance, in 2021, ThyssenKrupp’s plant engineering business won another order to construct a new bioplastics plant in South China. The plant will be based on patented PLAneo technology and is predicted to produce 30,000 tons of polylactide (PLA) annually.
In January 2021, Yum China which holds mahor stakes in leading fast food joints in China launched plastic reduction and sustainable packaging initiatives and aims to 30% reduction non-degradable plastic packaging weight in next five years.
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Prominent players operating in the flexible plastic packaging market are:-
Amcor Plc,Sealed Air Corporation,Berry Global Inc,Winpak Ltd.,Sonoco Products Company
Rising urbanization and busy lifestyle have fueled the demand for convenient and fast foods, thus leading to increase in demand for flexible packaging. These packaging solutions are preferred over hard packaging as they require less energy for production, consume limited resources, readily available and are convenient to store and use.
Consumers are shifting towards buying packaged and processed food items rather than using traditional approach to preparing meals thus boosting the demand for flexible plastic packaging.
E-commerce retails are extensively using flexible plastic packaging as it is waterproof, durable, lightweight and can be recycled easily. The demand for household essentials and medical items is expected to increase significantly, and sales of these items through online retail will increase. This will boost the demand of flexible plastic packaging solutions to ensure safe and timely delivery of these products to their respective end users.
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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