Global Flexible Plastic Packaging Market Soars to New Heights: Projected to Reach USD 171.6 Billion by 2033

Flexible Plastic Packaging MarketFlexible Plastic Packaging Market

Future 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.

Core Concepts in the Flexible Plastic Packaging Industry

  • Market Size (2023): Valued at US$ 36,978 million.
  • Growth Forecast (2023-2033): Expected to register a CAGR of 4.8%.
  • Historical Performance (2018-2022): Recorded a CAGR of 3.9%.
  • Limiting Factors: Lack of optimization in the e-packaging sector.
  • Leading Product Type: Films and wraps segment dominates the market.
  • Market Drivers:
    1. Increasing demand for lightweight and durable packaging.
    2. Growing e-commerce industry boosting packaging needs.
  • Regional Insights: Significant growth is anticipated in emerging markets, especially in Asia-Pacific.

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E-Commerce Surge Boosts Flexible Packaging Demand

The COVID-19 pandemic underscored the critical role of flexible packaging in sustaining the global e-commerce sector. As the pandemic accelerated online shopping trends, the demand for flexible plastic packaging skyrocketed, opening up significant growth opportunities for the printing and packaging industry. This trend continues post-pandemic, with flexible packaging solutions becoming indispensable for businesses worldwide.

Sustainable Solutions Gain Traction

In response to growing environmental concerns, an increasing number of manufacturers are developing and promoting bio-based and sustainable flexible plastic packaging materials. The shift towards environmentally friendly packaging solutions is gaining momentum, with companies investing heavily in innovative technologies to meet global sustainability goals.

Rising Demand in Food and Beverage Industry

The rising demand for packaged food items is propelling the use of flexible plastic packaging materials such as polystyrene, polyethylene terephthalate, and polyethylene. High levels of export activity and investment in the food and beverage industries are expected to further drive the adoption of flexible plastic packaging solutions, ensuring longer shelf life and cost-effectiveness for a wide range of consumer goods.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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              

  1. Amcor Ltd.
  2. Constantia Flexibles Group GmbH
  3. Berry Global Group, Inc.
  4. Huhtamäki Oyj
  5. Sonoco Products Company
  6. Bemis Company, Inc.
  7. Sealed Air Corporation
  8. AR Packaging Group AB
  9. Mondi Group
  10. DS Smith Plc
  11. 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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