The global flexible plastic packaging market size is projected to grow from USD 160.8 billion in 2020 to USD 200.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast year. According to the Flexible Packaging Association, “flexible packaging is any package or any part of a package whose shape can be readily changed.” Some of the most common examples of flexible packaging include bags, pouches, shrink films, tubes, sleeves, and carded packaging. It find application in in numerous industries, such as food, beverages, pharma & healthcare, and Cosmetics industries. Flexible packaging is considered to be the most convenient and economical way to preserve, distribute, and package food items, beverages, pharmaceutical products and several consumables. In a way, flexible plastic packaging ensures a prolonged shelf life of the products that helps in efficient distribution and minimizing losses.
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The market for flexible plastic packaging is segmented, on the basis of type, into pouches, wraps, rollstock, bags, and others (include labels, sachets, and stick packs). Pouches segment is projected to dominate the market for flexible plastic packaging by 2025. The flexible plastic packaging market has witnessed a significant increase in the demand for pouches for the supply of medecines, vegitable, meat, and goods to the respective stores, retailers, pharmacies, and hospitals, during the COVID-19 pandemic. Furthermore, the increasing opportunities in e-commerce and offline retail sectors have resulted in accelerating demand for pouches in the flexible plastic packaging applications.
On the basis of application, food segment is projected to be the largest segment in the flexible plastic packaging market during the forecast period. The increase in exports of vegitables and meat from Southeast Asia and Europe is expected to boost the demand for flexible plastic packaging, by 2025. The fruits and meat distributors prefer flexible flexible plastic packaging to pack their products, due to their low cost and ability to offer longer shelf life to the product. In a way, flexible plastic packaging ensures a prolonged shelf life of the products that helps in efficient distribution and minimizing losses.
The flexible plastic packaging market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2019, in terms of both value and volume. Furthermore, the market for flexible plastic packaging in the APAC region is also projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.
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The flexible plastic packaging market has thousands of companies which thrive in their domestic market. A few of the major players are, Berry Global Inc. (US), Sealed Air Corporation (US), Amcor (Australia), Sonoco (US), Mondi (Austria), Sealed Air Corporation (US), Coveris (Austeria), Clondalkin Group (The Netherlands), Transcontinental Inc. (Canada), and Constantia Flexibles (Austria). These players have adopted various growth strategies, such as acquisitions, expansions & investments, new product launch, and agreements to increase their market shares and enhance their product portfolios.
Expansions and investments accounted for the largest share of all the strategic developments that took place in the flexible plastic packaging market between 2016 and 2020. Key players such Coveris (Austeria), Berry Global Inc. (US), Transcontinental Inc. (Canada), Constantia Flexibles (Austria), Sonoco (US), Sealed Air Corporation (US),and Mondi (Austria) adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the flexible plastic packaging market.
Amcor (Australia) is a key manufacturer of flexible plastic packaging products & services, and it offers a range of flexible plastic packaging products. Amcor aims to provide innovative solutions that are eco-friendly and meet consumer expectations . The company caters to the food, healthcare, beverage, home, tobacco, and personal care industries through its broad range of flexible packaging products. The company through its strategic developments aims to strengthen its customer base and product offering globally.
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Berry Global Inc. is one of the key manufacturers and suppliers of a range of rigid and flexible flexible plastic packaging products. Berry Global focuses on expanding its customer base in various regions by offering attractive products for flexible plastic packaging. The company emphasizes on delivering high-quality tailor-made solutions to its customers and on manufacturing products that are designed using the latest unique manufacturing technologies. The company adopts various strategic initiatives to expand and accelerate its market presence and strengthen its customer base across the world.
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