Global Flexible Plastic Packaging Market Size By Material Type, By Product Type, By End-Use Industry, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal Flexible Plastic Packaging Market Size By Material Type, By Product Type, By End-Use Industry, By Geographic Scope And Forecast
Flexible Plastic Packaging Market Size And Forecast
Flexible Plastic Packaging Market size was valued at USD 212.65 Billion in 2023 and is projected to reach USD 347.57 Billion by 2030, growing at a CAGR of 6.7 % during the forecast period 2024-2030.
Global Flexible Plastic Packaging Market Drivers
The market drivers for the Flexible Plastic Packaging Market can be influenced by various factors. These may include
- Sustainability Initiatives The need for environmentally friendly packaging solutions has grown as environmental awareness and concern have grown. When recyclable or biodegradable materials are used in the design of flexible plastic packaging, these sustainability objectives can be met, spurring market expansion.
- Convenience and Portability Lightweight, portable, and easily storable packaging options are provided by flexible plastic packaging. The need for convenient packaging forms for food, beverages, personal care goods, and home items is growing as consumer lifestyles become increasingly fast-paced, which is propelling market expansion.
- Cost-effectivenessWhen considering stiff packaging shapes like glass or metal, flexible plastic packaging is frequently more economical. This cost advantage encourages producers who want to save expenses on packaging without sacrificing product quality, which will increase market share and acceptance.
- Technological Developments Innovations in flexible plastic packaging are the result of ongoing developments in materials science, production techniques, and printing technologies. Through improved product performance and appeal, these advances lead to greater barrier qualities, increased shelf life, improved branding and information printing capabilities, and customisation options that drive market expansion.
- Changing customer PreferencesThe need for flexible plastic packaging solutions is being driven by changing customer preferences, which include the desire for single-serve packaging, portion control, and on-the-go snacks. Furthermore, the market is growing because of factors like urbanization, demographic shifts, and changes in lifestyle that increase demand for packaging choices that are both convenient and adaptable.
- Regulatory Environment The use of flexible plastic packaging may be impacted by regulations intended to decrease food waste, improve product safety, and encourage sustainability. Market dynamics and industrial innovation are shaped by adherence to waste management, recycling, and packaging material restrictions.
- E-commerce Growth As e-commerce platforms have expanded quickly, there has been a greater need for packaging solutions that protect goods during transit, save money, and create a visually appealing unboxing experience. Flexible plastic packaging is ideal for e-commerce applications since it is lightweight and durable, which is fueling the expansion of the market.
Global Flexible Plastic Packaging Market Restraints
Several factors can act as restraints or challenges for the Flexible Plastic Packaging Market. These may include
- Environmental Concerns Flexible plastic packaging is becoming more and more scrutinized because of its effects on the environment, despite its affordability and ease. Calls for lowering plastic consumption and locating more sustainable alternatives have arisen as a result of worries about plastic pollution, marine debris, and the buildup of plastic trash in landfills. The demand for eco-friendly solutions and increased awareness of the issue may limit the market for flexible plastic packaging from expanding.
- RegulationsGovernments all around the world are putting laws into place to discourage the use of plastic, encourage recycling, and promote the use of substitute materials. Certain plastic packaging types may be prohibited or subject to limitations, recycling goals may need to be met, or extended producer responsibility (EPR) programs may be implemented. The production and usage of flexible plastic packaging may become more expensive and difficult in order to comply with these laws, which could limit market expansion.
- Transition to a Circular Economy The idea of a circular economy, which stresses material reuse, recycling, and regeneration, is gaining popularity throughout the world. Growing interest has been shown in creating packaging options that are easily recyclable or compostable as part of this shift. In this situation, flexible plastic packaging may encounter difficulties that result in limitations on the market, particularly if it is not intended for recycling or is composed of non-recyclable materials.
- Customer Perception and Preferences The market for flexible plastic packaging may be impacted by shifting customer perceptions of plastics, especially single-use plastics. Customers may select alternatives like paper-based or biodegradable packaging due to health and safety concerns, as well as preferences for more environmentally friendly packaging options. Market expansion may be impeded by unfavorable opinions about plastic packaging, particularly in areas where consumer preferences play a significant role in purchase decisions.
- Volatility of Raw Material Prices The flexible plastic packaging sector uses a range of raw materials, including polypropylene, polyethylene, and other polymers that come from fossil fuels. Production costs and profit margins for manufacturers can be impacted by changes in the price of these raw materials, which are influenced by variables including oil prices, supply and demand dynamics, and geopolitical events. Raw material price fluctuation might impede market expansion, particularly for businesses with narrow profit margins.
- Competition from Alternative MaterialsAlthough they may be seen as more environmentally friendly or sustainable, alternative materials like paper, cardboard, glass, and metal compete with the flexible packaging business. Novel substitutes for flexible plastic packaging have been developed, providing equal or better performance. These alternatives are the result of developments in material science and packaging technology. Due to competition from these substitute materials, demand for flexible plastic packaging solutions may be diverted, which could limit market growth.
Global Flexible Plastic Packaging Market Segmentation Analysis
The Global Flexible Plastic Packaging Market is Segmented on the basis of Material Type, Product Type, End-Use Industry, and Geography.
Flexible Plastic Packaging Market, By Material Type
- Polyethylene (PE) Materials for packaging, such as linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), and low-density polyethylene (LDPE), are included in this section. These materials are frequently utilized in products like pouches, films, and bags.
- Polypropylene (PP) Polypropylene is used to make packaging materials that have barrier qualities, heat resistance, and stiffness. PP non-woven fabrics, PP woven bags, and oriented polypropylene (OPP) films are examples of sub-segments within PP packaging.
- Polyethylene Terephthalate (PET) goods including drinks, food containers, and personal hygiene goods are frequently packaged with PET. PET bottles, trays, and thermoformed containers are examples of sub-segments.
- Others Materials like polystyrene (PS), polyvinyl chloride (PVC), and bio-based polymers may fall under this group. This category may have sub-sectors that include multi-layer laminates, compostable packaging, and specialized films.
Flexible Plastic Packaging Market, By Product Type
- Bags & Pouches This section covers a variety of bag and pouch styles, including zipper, flat, stand-up, and retort pouches. Pharmacies, food, drinks, and personal hygiene items are all packaged in these flexible configurations.
- Wraps & Films These adaptable packaging materials are used to cover trays, wrap food, and shield goods while they are being transported. Stretch, shrink, cling, and barrier films are examples of sub-segments.
- Sachets & Stick Packs These are single-serve, small-portion packaging types that are frequently used for goods including medicines, sauces, condiments, and powdered drinks. These package designs provide portion control and ease of use.
- Others This group may include customized package designs such flexible tubes, lidding films, and blister packs. This category may have sub-sectors such as squeeze tubes for cosmetics and personal hygiene items, lidding films for trays, and blister packaging for medications.
Flexible Plastic Packaging Market, By End-Use Industry
- Food & Beverage Snacks, candies, dairy goods, beverages, and frozen foods are all packaged using flexible plastic packaging, which is widely utilized in this sector. This category may have sub-segments such as barrier films for cheese and meat, shrink sleeves for drinks, and stand-up pouches for snacks.
- Healthcare & Pharmaceuticals Features including barrier qualities, tamper-evident seals, and child-resistant closures are necessary for packaging solutions for pharmaceuticals and healthcare products. Blister packs, strip packs, and pouches for medication and medical supplies are examples of sub-segments.
- Personal Care & Household A variety of personal care and domestic items, such as cosmetics, toiletries, cleaning supplies, and pet care items, are packaged in flexible plastic. Shampoo sachets, cream and lotion tubes, and refill pouches for household cleansers are a few examples of sub-segments.
- Others Applications in the automotive (lubricant and additive packaging), electronics (component protective packaging), and agricultural (agrochemicals) industries may fall under this category. Subcategories in this area may include specialized packaging options made to meet certain industrial needs.
Flexible Plastic Packaging Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Players
The major players in the Flexible Plastic Packaging Market are
- Amcor plc
- Berry Global Group, Inc.
- Mondi Group
- Sealed Air Corporation
- Constantia Flexibles Group GmbH
- Sonoco Products Company
- Huhtamäki Oyj
- Bemis Company, Inc.
- Coveris Holdings S.A.
- Winpak Ltd.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Amcor plc, Berry Global Group, Inc., Mondi Group, Sealed Air Corporation, Constantia Flexibles Group GmbH, Sonoco Products Company, Huhtamäki Oyj. |
| SEGMENTS COVERED | By Material Type, By Product Type, By End-Use Industry, By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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