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The flexible plastic packaging market is estimated to grow at a CAGR of 4.75% between 2022 and 2027. The market size is forecasted to increase by USD 43.64 billion. The growth of the market depends on several factors, including the rising focus on improving the shelf life of products, the shift from rigid packaging to flexible plastic packaging, and the increasing use of stand-up pouches.
This flexible plastic packaging market report extensively covers market segmentation by product (pouches, bags, films and wraps, and others), end-user (food and beverage, healthcare, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising focus on improving the shelf life of products is notably driving market growth, although factors such as the high cost involved in manufacturing flexible plastic packaging may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising focus on improving the shelf life of products is notably driving market growth. The rise in the shelf life of products helps manufacturers reduce product wastage. It also helps in transporting and exporting perishable products such as food, beverages, and medicines without any damage. For flexible plastic packaging, the extension of shelf life is achieved using modified atmosphere packaging (MAP). Some vendors are focusing on offering new products with extended shelf life.
The need for an extended shelf life of food items has led to the emergence of resealable flexible plastic packaging. This technology allows consumers to properly secure the package for later use. The rise in the availability of such products with added features is likely to increase the demand for flexible plastic packaging during the forecast period. These factors are expected to fuel the growth of the global flexible plastic packaging market.
The emergence of recyclable flexible plastic packaging is a key trend in the market. The rise in the need for sustainable packaging and the reduction in the use of plastic packaging due to environmental concerns have led to an increase in the demand for recyclable flexible plastic packaging. Most end-users have been focusing on introducing various initiatives to increase the use of recyclable packaging.
Some vendors have been focusing on the introduction of recyclable flexible plastic packaging owing to the demand from end-users. According to the European Strategy for Plastics, all plastic packaging in the EU must be recyclable or reusable by 2030. Hence, many businesses are focusing on achieving this goal by 2025. For instance, in February 2021, Coveris Management GmbH supported C&D Foods in a smooth transition to sustainable mono-material bags. Therefore, the rise in new product developments of recyclable flexible plastic packaging is expected to support market growth during the forecast period.
The high cost involved in manufacturing flexible plastic packaging may impede market growth. The cost of manufacturing flexible plastic packaging is high due to the rise in the price of raw materials. Plastic is the primary raw material used in the manufacturing of flexible plastic packaging, which includes PE, PP, and others. The prices of different types of plastics have increased. For instance, the price of PP in Asia rose by around 6.2% in the first quarter of 2022. The rise in the price of raw materials is expected to reduce the profit margins of vendors due to an increase in the production costs of flexible plastic packaging. Hence, vendors pass on these costs to end-users by raising the prices.
Some flexible plastic packaging manufacturers are increasing the prices of their products. Moreover, the prices of printing inks and coating have also increased due to the rise in the price of oil, solvents, and key monomers for polyurethane (PU) resins. In addition, the tight supply of titanium dioxide white pigment has increased the price of printing inks. These factors may have a negative impact on the demand for such products, which is expected to hinder the growth of the global flexible plastic packaging market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Flexible Plastic Packaging Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amcor Plc - The company offers flexible packaging that is useful in applications related to personal care, healthcare, home care, pet care, and beverages. Through the flexible segment, the company provides development and supply of flexible packaging globally.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the pouches segment will be significant during the forecast period. Pouches are widely used for packaging dry foods, candies, confectioneries, agricultural products, and liquids. There are various types of pouches include, such as stand-up pouches, flat pouches, side-sealed pouches, center-sealed pouches, side-gusseted pouches, vacuum pouches, spout pouches, and others.
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The pouches segment was valued at USD 60.44 billion in 2017 and continued to grow until 2021. Amcor, Berry Global, Mondi, and Clondalkin Group are some of the major vendors that offer pouches for packaging. For instance, Bemis Manufacturing Co. (Bemis) offers SmartTack EZ Peel Reseal packaging, which helps in improving shelf life and maintaining the freshness of products. Some vendors are focusing on offering innovative pouches to cater to the rise in demand. For instance, in 2021, Amcor Plc developed a recyclable flexible retort pouch. Such new developments are likely to increase the options available for end users, which, in turn, is expected to increase the use of pouches in the global flexible plastic packaging market during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The flexible plastic packaging market in APAC is growing at a steady pace. Developing economies such as China and India are expected to be the major revenue contributors to the market in the region owing to the rapid expansion of end-user industries such as e-commerce, FMCG, and personal care. The changes in lifestyle patterns of consumers in APAC are a result of the increase in disposable incomes. Urbanization also complements the demand for household appliances in this region. These factors are driving the growth of the flexible plastic packaging market in APAC.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 in 2020 negatively affected the economic growth of APAC. However, in the first half of 2021, the lifting of lockdowns resulted in the resumption of production activities in manufacturing units, including packaging. These factors are expected to boost the growth of the flexible plastic packaging market in APAC during the forecast period.
The flexible plastic packaging market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the flexible plastic packaging market as a part of the global paper packaging industry. The growth in the global paper packaging market will be driven by factors such as the increasing preference for cost-effective biodegradable packaging, strong growth in e-commerce sales, and the increase in the adoption of smart packaging. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Flexible Plastic Packaging Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
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Market growth 2023-2027 |
USD 43.64 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.11 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, India, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amcor Plc, AR Packaging Group AB, Bemis Manufacturing Co., Berry Global Inc., Bischof Klein SE and Co. KG, CCL Industries Inc., Clondalkin Group Holdings BV, Constantia Flexibles Group GmbH, Coveris Management GmbH, Crownpack Pty Ltd., DS Smith Plc, Huhtamaki Oyj, Mondi plc, ProAmpac Holdings Inc, Sealed Air Corp., Sigma Plastics Group, Sonoco Products Co., Transcontinental Inc., FlexPak Services LLC, and Richdale Plastics |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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