Flexible Plastic Packaging MarketFuture Market Insights (FMI) has released a new report projecting that the global flexible plastic packaging market will grow from US$ 108.3 billion in 2023 to US$ 171.6 billion by 2033, achieving a compound annual growth rate (CAGR) of 4.7% over the forecast period. This growth is fueled by increasing demand for packaged food items, advancements in eco-friendly packaging solutions, and the booming e-commerce sector.
Fundamental Facts Cover in Flexible Plastic Packaging Industry:
- Market Size: The flexible plastic packaging market is valued at US$ 36,978 million in 2023.
- Future Growth: The market is expected to grow at a CAGR of 4.8% through 2033.
- Historical Growth: From 2018 to 2022, the market experienced a CAGR of 3.9%.
- Growth Constraints: A lack of optimization in the e-packaging sector may limit market sales.
- Leading Segment: The films and wraps sector is the leading product type segment in the market.
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Key Market Drivers and Trends
1. Post-Pandemic E-commerce Boom: The COVID-19 pandemic accelerated the growth of the e-commerce sector, which, in turn, boosted the demand for flexible plastic packaging. This trend is expected to continue as consumers increasingly prefer online shopping for its convenience.
2. Shift to Sustainable Packaging: Manufacturers are developing bio-based and sustainable flexible plastic packaging materials to meet the rising demand for environmentally friendly solutions. Innovations in bioplastics, such as bio polypropylene and polybutylene, are driving this shift.
3. Rising Demand in Food and Beverage Industry: High export activity and investment in the food and beverage sectors are increasing the use of flexible plastic packaging solutions. The cost-effectiveness and longer shelf life of flexible plastic packaging make it a preferred choice for manufacturers.
4. Government Regulations and Consumer Preferences: Stringent government regulations and changing consumer preferences are pushing manufacturers to develop recyclable and sustainable packaging solutions. This includes the adoption of bioplastics and other eco-friendly materials.
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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Business Growth Opportunities:
- 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.
- Growing E-commerce Retailers: The thriving E-commerce market, particularly in the wake of the Covid-19 pandemic, is driving the demand for flexible plastic packaging solutions as online retailers strategically invest in eye-catching packaging to attract and retain customers.
- 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.
Regional Market Insights
1. United States: The U.S. is expected to hold a significant share of 16.2%, valued at $4,648 million in 2023. The thriving e-commerce market, growing fast-food restaurant chains, and prominent end-use sectors such as personal care, healthcare, and pharmaceuticals are driving demand. The U.S. Census Bureau reported that retail e-commerce sales reached approximately US$ 215 billion in 2021, highlighting the significant role of e-commerce in the country’s economy.
2. India: India is experiencing significant growth in the flexible plastic packaging market due to government initiatives promoting eco-friendly packaging solutions. Innovations such as the Indian Institute of Technology’s development of a cost-effective and strong bioplastic are contributing to this growth.
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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