Driven by moving buyer inclination from customary packaging items to stand-up pockets and re-closable packaging, the flexible plastic packaging market is estimate to arrive at valuation of US$ 98 Billion toward the finish of 2021, tracks down Future Market Insights (FMI) in a review
The flexible plastic packaging market with its material portion, item fragment, and packaging section will produce deals of over 33.6 million tons in 2021, as per the yearly market examination led by Future Market Insights.
Rising urbanization and occupied way of life have energized the interest for helpful and quick food sources, consequently prompting expansion sought after for flexible packaging. These packaging arrangements are liked over hard packaging as they require less energy for creation, consume restricted assets, promptly accessible and are helpful to store and utilize.
Customers are moving towards purchasing bundled and handled food things as opposed to utilizing conventional way to deal with planning feasts in this manner helping the interest for flexible plastic packaging.
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The Natural Resources Defense Council announced that Americans squander in excess of 400 pounds of food for each individual consistently. The squandered food brings about creating contamination identical to 37 million vehicles each year.
Flexible plastic packaging is arising as a critical answer for stay away from food wastage as it further develops timeframe of realistic usability of the item as well as makes high hindrance lessening the tainting of food. This strategy decreases the putting away and transporting costs. These variables will decidedly impact the deals of flexible plastic packaging.
Expanding government financing towards creating bio-plastics and further developing the reusing framework for effective handling along developing mindfulness among shoppers in regards to the utilization of manageable packaging will help the flexible plastic packaging market development in impending years.
Flexible plastics packaging is supplanting unbending packaging attributable to its most noteworthy manageability advantages and Superior quality to give on the way security to items. Expanding center by market players around changing over old packaging into new packaging designs, or a large group of different items will set out open doors for market development over the figure period
Key Takeaways from FMI’s Flexible Plastic Packaging Market Study
- North America flexible plastic packaging market will grow at 3.0% CAGR during the assessment period owing to thriving e-commerce industry and increasing demand for convenient packaging solutions from restaurants and food services.
- Europe market will exhibit a growth rate of 2.6% CAGR from 2021 to 2031, driven by increasing research on developing flexible bio-plastics and elevated export and production of flexible plastic packaging in the region.
- Japan will hold more than 14% of the East Asia market in 2021, backed by increasing development in recycling infrastructure and limited usage of non-biodegradable plastics in the country.
- Polylactic acid (PLA) bioplastics are gaining traction owing to their superior durability, recyclability and lightweight nature. The segment is predicted to expand by 1.11x of its current valuation over the assessment period.
- General barrier packaging will account for more than 80% of the global market share by the end of 2031. Increasing demand for safe and sterile packaging options for packing vegetables and fruits will be the key growth driver.
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“Rising usage of flexible plastic packaging in online retail and e-commerce industry and increasing consumer reliance on online delivery of essential products especially during pandemic will drive the flexible plastic packaging market growth over the forecast period,” says the FMI analyst.
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.
Prominent players operating in the flexible plastic packaging market are:-
- Amcor Plc
- Sealed Air Corporation
- Berry Global Inc
- Winpak Ltd.
- Sonoco Products Company
More Insights On The Global Flexible Plastic Packaging Market
In its latest report, FMI offers an unbiased analysis of the global flexible plastic packaging market, providing historical data for the period of 2018-2028 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of material type (oil base polymers and bio-plastics), product type (pouches, bags & sacks, tubes, sleeve labels, and films & wraps), packaging type (VSP (vacuum skin packaging), MAP (modified atmospheric packaging), and general barrier), end use (food, beverages, personal care, homecare, pharmaceuticals, industrial packaging, and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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