Flexible Packaging Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Packaging of the products is one of the most vital components in many sectors including fast moving consumer goods, food and beverages, pharmaceutical and others. Packaging protects and preserves the product from damage, and at the same time act as a crucial marketing and communication tool for the business. Flexible plastic packaging refers to the use of plastic material including polypropylene (PP), polyethylene (PE), and polyethylene terephthalate (PET) etc. to create non-rigid plastic structures whose shape can readily be changed. The technologies that shaped the modern flexible plastic packaging dates to 1690 when the first paper mill was established in the US.

Need For Cost Effectiveness and Quality Propelling Market Growth

Global flexible plastic packaging market is estimated to grow at a CAGR of 6.1% during forecast period (2021-2029). Global flexible plastic packaging market is primarily driven by cost effectiveness & increased shelf-life and rising demand from end-users. According to the Flexible Packaging Association (FPA) (US), as compared to other types of packaging, flexible packaging can save cost up to 10 times thus, enables increased product yields by reducing content waste by 50-90%. Furthermore, as per Industry Council for Research and Packaging on the Environment (INCPEN), flexible plastic packaging reduced the wastage of food from 3-1% by extending the shelf-life of products such as dairy, vegetables, etc. Moreover, increasing demand for fresh food is propelling the adoption of flexible plastic packaging across the globe. As per a study by United States Environmental Protection Agency (US EPA), flexible plastic bags produce 80% less solid waste than paper and other materials and consume 40% less energy to produce. In addition, the study also stated that a pound of plastic takes 91% lesser energy to recycle as compared to a pound of paper and other materials, making flexible plastic packaging materials more cost effective than other conventional packaging materials such as paper coupled with other advantages offered by them such as increased food shelf life, downsizing of packaging, lightweight and durability. Covid 19 led lock downs had significant adverse impact on the market due to interruption in production and logistics. The report covers the impact of the pandemic in-depth.

F&B Takes The Lion Share

Global flexible plastic packaging market has been segmented on the basis of type, printing technology and application. The application segment is further sub-segmented into food & beverages, cosmetics & toiletries, healthcare and others. Food & Beverages leads the application segment in terms of revenue in the global flexible plastic packaging market with around 58% market share in terms of revenue 2020. Adoption of flexible plastic packaging is rising in food and beverage industry owing to cost-effectiveness and other benefits offered by flexible plastics. The growing demand for food across the globe primarily due to rising population coupled with increased demand for packaged food is expected to drive the demand for flexible plastic packaging in food and beverages segment.

Ban on Plastics Going Slow in Asia Makes it The Largest Market

Geographically, the global flexible plastic packaging market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia Pacific leads the global flexible plastic packaging market by capturing largest market share in terms of revenue of around 40% in 2020. Flexible plastic packaging market in Asia Pacific is primarily driven by dominant position of Asia Pacific in plastic production, high investment to set up flexible packaging production plants coupled with growth in food and beverage market. Countries of Asia accounted for approximately 50% of the world plastic production in 2019. High plastic production results in high demand of plastics from fast moving consumer goods, food and beverages, pharmaceutical and other sectors.

Mergers & Acquisitions - Key Strategy Among The Top Tier

Merger and acquisition is the primary strategy adopted by companies in the global flexible plastic packaging market. The companies increase their dominance and market share by acquiring other companies to increase their product portfolio. The top companies include Amcor limited, Printpack Inc., Mondi Group, Bemis company Inc, Sealed Air Corporation and others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories
• What are the key market segments in current scenario and in the future by regions
• What is the key impact of Covid-19 over market revenues and market determinants in the wearable injectors market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the flexible plastic packaging market and what are their key product categories and strategies?
• What are the key strategies - mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?

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