The Global flexible plastic packaging market is on a significant growth trajectory, projected to reach a value of US$108.3 billion in 2023 and expected to surge to US$171.6 billion by 2033, with a remarkable compound annual growth rate (CAGR) of 4.7%. The COVID-19 pandemic underscored the crucial role of flexible packaging in supporting the global e-commerce industry, leading to a post-pandemic surge in demand for these materials. This surge has created abundant business opportunities and growth in the printing and packaging sector.
The surging demand for packaged food, coupled with high export activities and investments in the food and beverage sectors, propels the flexible plastic packaging market. Manufacturers increasingly rely on materials like polystyrene, polyethylene terephthalate, and polyethylene for cost-effective and shelf-life-extending packaging.
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The ubiquity of processed goods in households, driven by hectic lifestyles, further fuels this trend. Responding to environmental concerns and regulations, manufacturers are shifting towards recyclable and sustainable solutions, emphasizing the development of bio-plastics like bio polypropylene and polybutylene. The evolving landscape reflects a dynamic pursuit of eco-friendly alternatives within the flexible plastic packaging industry.
Key Takeaways:
- 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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Growth Opportunities in Flexible Plastic Packaging Market:
- Sustainable Packaging Solutions: The increasing focus on environmental sustainability presents an opportunity for the development and adoption of eco-friendly and biodegradable flexible plastic packaging materials.
- E-commerce Packaging Demand: With the surge in online shopping, there’s a growing need for packaging solutions that offer durability, flexibility, and cost-effectiveness, positioning flexible plastic packaging as a preferred choice.
- Innovation in Materials: Advancements in polymer technology and material science offer opportunities for the creation of high-performance and customizable packaging solutions, meeting specific needs of different industries.
- Rising Disposable Income in Emerging Markets: As disposable incomes rise in emerging economies, there is an expanding consumer base for packaged goods, driving the demand for flexible plastic packaging in various industries.
- Customization and Personalization: The trend towards personalized and customizable packaging solutions provides an avenue for manufacturers to differentiate their products and cater to the evolving preferences of consumers.
Industry Trends in Flexible Plastic Packaging Market:
- Shift Towards Recyclability: The industry is witnessing a notable trend towards recyclable and recycled content in flexible plastic packaging, aligning with global efforts to reduce plastic waste and promote a circular economy.
- Emphasis on Lightweight Packaging: As sustainability gains importance, there is a trend towards lightweight packaging to minimize material usage, transportation costs, and environmental impact throughout the packaging lifecycle.
- Digital Printing Technologies: The adoption of digital printing technologies enables more vibrant and intricate designs on flexible plastic packaging, allowing brands to enhance product visibility and appeal to consumers.
- Evolving Regulatory Landscape: Stringent regulations regarding plastic usage and disposal are influencing industry practices, leading to the development of packaging solutions that comply with environmental standards.
- Growing Demand for Convenience Packaging: Consumers are increasingly seeking convenience in packaging, leading to the rise of resealable, easy-to-open, and single-serve flexible plastic packaging formats across various product categories.
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Key Companies Profiled
- Amcor Ltd.
- Constantia Flexibles Group GmbH
- Berry Global Group, Inc.
- Huhtamäki Oyj
- Sonoco Products Company
- Bemis Company, Inc.
- Sealed Air Corporation
- AR Packaging Group AB
- Mondi Group
- DS Smith Plc
- CCL Industries Inc.
Key Segmentation:
By Material Type:
- Oil Base Polymers
- Bio-Plastics
By Product Type:
- Pouches
- Bags & Sacks
- Tubes
- Sleeve Labels
- Films & Wraps
By Packaging Type:
- VSP (Vacuum Skin Packaging)
- MAP (Modified Atmospheric Packaging)
- General Barrier
By End-Use:
- Food
- Beverages
- Personal Care
- Homecare
- Pharmaceuticals
- Industrial Packaging
- Consumer Packaging
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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