Market Highlights:
The flexible packaging industry has the ability to be an important part of packaging solutions as it offers packaging in different sizes; innovations that help extend the shelf life of the product, and keep the package, safe. Innovation in terms of developments surrounding absorption of food odors, retard oxygen migration, and longer preservation, has been driving flexible packaging. Packaging also acts as a barrier against moisture, microbes, change in temperatures and dirt, focusing on extending the shelf life of food and check spoilage, leading to less wastage of food. Flexible plastic packaging market is expected to reach the market size of ~USD 120 billion by the end of forecast period with CAGR of ~5.2% during the forecast period.
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To remain competitive, manufacturers have to make process improvements and invest in equipment designed to minimize scrap and deliver the required lower basis?weight materials in sufficient quality and quantity. The packaging industry relies on sophisticated printing and converting machinery to deliver the quality, efficiency and innovation that the market demands. This drives its relatively high capital intensiveness. In the developed world, overall demand for consumer goods has been relatively static. However, demographic changes and increased market share competition between established FMCG producers has driven innovation in packaging.
For consumers, flexible plastic packaging has some of the best following advantages to offer those are as follows—
Market Segmentation:
The global flexible plastic packaging market has been segmented on the basis of type, printing technology and application. Based on type, the flexible plastic packaging market has been segmented into stand-up pouches, flat pouches, gusseted, bags and others. The stand-up pouches segment is anticipated to account for the largest market share during the forecast period due to growing consumption of dairy products, cosmetics, food & beverages and personal care products that are usually packed using flexible plastic packaging.
Based on printing technology, the flexible plastic packaging market has been segmented into flexography, digital printing and others. Based on application, the flexible plastic packaging market has been segmented into food and beverages, pharmaceutical, personal care and others.
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Regional Analysis:
Geographically, the global flexible plastic packaging market has been segmented into North America, Europe, Asia Pacific and the rest of the world. The Asia Pacific region is projecting dominance over the global flexible plastic packaging market owing to the increasing utilization of plastic packaging for various goods that are being exported from the emerging economies like India, China and Japan and high demand for good quality food packaging in this region. Growing demand for flexible plastic packaging in rapidly expanding food and beverages, pharmaceutical and other industries is fuelling the growth of the flexible plastic packaging market in the North America and Europe regions
In a country like India, among the rest of the world, a majority of FMCG and household products are welcomed with wrapped and packed in plastics. The plastic packaging presentation of consumer goods has been increasing at a swift rate.
Recently a market research company ‘Market Research Future’ has stated in its latest report that the flexible plastic packaging market is expected to keep rising with market size of ~USD 129 billion by the end of the estimated years of expansion (2022-2030) with CAGR of ~5.2%. The market will eventually wear out optimistically in the future. It also states that the market forecasts that the flexible plastic packaging market in India will be growing at a CAGR of 24.21% over the same period of expansion. These research figures, coupled with the growing demand for flexible plastic packaging, ascertain that the industry is firmly on the upward trajectory, and the modern consumer is totally obsessed with it.
Many of India’s largest flexible plastic packaging companies strongly believe that the most significant advancement in the field of packaging is flexible packaging. The companies have always been working towards creating sustainable options of flexible plastic packaging that bring immense value to the customers. Being on the edge of innovation, the companies offer packaging solutions to top-notch brands of the world that sell the products safe and fresh. With continuing R&D for bringing safer, environment-friendly, and innovative packaging, the companies remain committed to smart and sustainable packaging solutions at the most competitive price.
Key Players:
The leading players that are profiled by MRFR in the report on the global flexible plastic packaging are Amcor Limited(Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (the U.S.), Coveris Holdings S.A. (the U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (the U.S.) and Ampac Holdings LLC (the U.S.).
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Industry Updates:
In September 2018, Amcor has announced that it will invest more than $25 Mn to expand and upgrade an existing facility in Madison, Wisconsin.
In September 2018, Mondi and Werner & Mertz have announced that they will be introducing new, patented fully recyclable pouches with detachable decorative panels in the year 2019.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.