Rising Demand from End-use Industries and Increasing E-commerce Sales is expected to drive the global flexible plastic packaging market
The global flexible plastic packaging market size is projected to reach USD 282.2 Billion by 2028. The flexible plastic packaging market is driven by numerous factors such as innovation in flexible packaging solutions, rising intake of processed foods & beverages, and eco-friendly benefit of flexible plastic packaging. The greater disposable income in the emerging countries upsurges the purchasing power. Therefore, consumer dependency on pre-cooked, processed, and packed foods, is expected to increase. However, inconsistent raw material prices and strict laws and regulations on packaging material waste and recycling are expected to hinder the target market growth.
The global flexible plastic packaging market is segmented into roll stock, pouches, bags, wraps, and others. Based on the material, the market is segmented into aluminum foil, plastic, and others. Based on the technology, the market is segmented into flexography, rotogravure, digital printing, and others. Based on the application, the market is segmented into food, beverage, pharma & health care, personal care & cosmetics, and others. Among these, the personal care & cosmetics segment is likely to attain the highest CAGR in the global flexible plastic packaging market. The demand for flexible plastic packaging solutions in the personal care & cosmetics industry is projected to continue vigorously as various companies have lifted from rigid to flexible plastic packaging in the given time frame as it is cheap and needs nominal raw materials compared to rigid packaging.
The global flexible plastic packaging market has strong competition among the well-established and new emerging players. These key players aim to attain a competitive advantage over the other players by joining in mergers, partnerships, and acquisitions and escalating their businesses.
The global flexible plastic packaging market finds its scope in North America, Europe, APAC, South America, and the Middle East & Africa. The Asia Pacific is anticipated to attain the largest market share in the global flexible plastic packaging in the given timeframe, in terms of revenue. The Asia Pacific is projected to gain the major market share in the target industry, in terms of revenue. Owing to the huge population and developing countries, such as China, and India, the region is anticipated to eyewitness significant growth in the given timeframe.
Furthermore, growth in disposable income has led to progress in demand for superior packaged food. Similarly, the upsurge in populace worldwide has led to an upsurge in food & beverage intake, which eventually surges the demand for flexible packaging products. The rising exports from these countries are prominent to the development of the global flexible packaging market. The thriving e-commerce in the Asia Pacific region due to growing internet penetration is also contributing to the growth of the global flexible packaging market.
The major players of the global flexible plastic packaging market are Amcor plc, Ball Corporation, Berry Global, Inc., Dow Inc., DS Smith PLC, Genpak LLC, Huhtamäki Oyj, Reynolds Group Holdings Limited, Sealed Air Corporation, and WestRock Company.
Key Segments of the Global Flexible Plastic Packaging Market
By Material Overview, 2018-2028 (USD Billion)
By Applications Overview, 2018-2028 (USD Billion)
- Alcoholic beverages
- Non-alcoholic beverages
- Fruits and vegetables
- Dairy products
- Bakery & Confectionery
- Meat & Poultry
By Packaging type Overview, 2018-2028 (USD Billion)
- Paper & Paperboard Packaging
- Flexible Packaging
- Rigid Packaging
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
- South America
- Rest of South America