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Flexible packaging is one of the fastest growing segments of the packaging industry, and it integrates the best qualities of plastic, film, paper and aluminum foil to offer an extensive range of protective properties. It essentially takes the shape of a bag, pouch, liner, or overwrap, or any part of a package whose shape can readily be changed. Such packaging is used for consumer products and in industrial applications, to protect, market, and distribute a variety of products.
The surge in consumerism is a key factor fuelling the growth of the packaging industry. Reports that investigate the packaging and transport industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market possesses the potential to acquire USD 129 billion in earnings with a CAGR of 5.2% approximately by the end of the forecast period.
The rising use of bags, pouches, liners, or overwraps in ensuring the safe transportation of products while improving on its aesthetic element is a key factor bolstering the flexible plastic packaging market. Additionally, the factors such as augmented intake of processed foods & beverages and innovation in flexible packaging are boosting the market share substantially. Moreover, the environmental benefit of flexible plastic packaging is likely to create new growth prospects in the forecast period.
Segmental Analysis
The segmental analysis of the market for flexible plastic packaging is carried out on the basis of printing technologies, types, regions, and applications. On the basis of product type, the flexible plastic packaging market consists of gusseted, flat pouches, stand-up pouches, bags, and others. Based on the printing technology, flexible plastic packaging market has been segmented into digital printing, flexography, and others. Additionally, based on the applications the flexible plastic packaging market is segmented into pharmaceuticals, food & beverages, personal care, among other industries. Based on the regions, the flexible plastic packaging market comprises of Asia Pacific, Europe, North America and rest of the world.
Regional Analysis
The regional evaluation of the flexible plastic packaging market is carried out on the basis of Asia Pacific, Europe, North America and the rest of the world. As per the analysis, the Asia Pacific governs the flexible packaging market with the principal market segment. It covers nations such as India, China, and Japan, which spearhead the export of goods to many areas of the world. Besides, the upsurge in consumer income has directed to development in demand for good-quality packaged food. Similarly, the increase in population in several countries has steered to an upsurge in food & beverage intake, which eventually enhances the demand for flexible packaging products. The growing exports from these nations are directing to the development of the flexible packaging market. The thriving e-commerce market in the region is also adding to the development of the flexible packaging market. The e-commerce market is inspired by the growing internet penetration evident in the region.
The monetary inflows in the market are being directed towards increasing the innovations in the core product offering offered in the market so that the growth doesn’t stagnate in the forthcoming period. The reduction in the barrier to trade is expected to offer new areas for growth in the upcoming years. Also, the competition being observed in the market is not detrimental to the individual player’s development in the market. The market has developed an incremental pace in the past few years, which is highlighted by the achievements in terms of valuation. The development of the resources needed to sustain against competition has improved greatly leading to an unprecedented growth rate. The intensification of investors in the market has played a pivotal role in the progress of the market. The governments around the world have also played a substantial role in the growth of the market in recent years.
The foremost contenders operating in the flexible plastic packaging market globally are Sealed Air Corporation (North Carolina), Constantia Flexibles Group GmbH (Austria), Amcor Limited (Victoria), Mondi Group (Johannesburg), Sonoco Products Company (U.S.), Huhtamaki Group (Finland), Coveris Holdings S.A. (U.S.), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.) to name a few.
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