Flexible Plastic Packaging Market Size to Reach USD 225.04 Billion by 2028
The global flexible plastic packaging market size is expected to reach USD 225.04 Billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. The rising disposable income of consumers in developing countries is resulting in high demand for convenience products, including stand-up pouches, processed and pre-packaged foods, and flexible plastic films, which in turn, is expected to drive market revenue growth. Growing demand for flexible and convenient packaging solutions among food and beverage companies is also expected to drive market growth during the forecast period.
Food brands are increasingly adopting flexible plastic packaging solutions for more types of Consumer Packaged Goods (CPG). Advantages offered by flexible plastic packaging solutions are becoming more widely recognized across various industries which include cost savings and marketing adaptability. In countries such as the U.S., demand for flexible packaging is expected to rise by 3.2% per year in 2021. The ability of flexible plastic packaging solutions to offer a broad range of protective properties, while minimizing materials and costs is resulting in increasing demand across a wide range of end-use industries.
Technological innovations in flexible plastic packaging help in combining the mechanical and physical features of multiple layers of different polymers to balance environmental concerns, functionality, and business considerations. Increasing adoption of smart packaging for intelligent storage, sales tracking, product tracking, and inventory management with less physical handling is resulting in increasing usage of flexible plastic packaging solutions as it is compatible with smart retail. Moreover, technological innovations in flexible packaging machinery help in the production of packaging solutions with high speed, efficiency, and improved sealing properties.
Some Key Highlights in the Report:
- In April 2019, Amcor launched unique, recyclable, high-barrier flexible packaging that can reduce a pack’s carbon footprint by up to 64%. AmLite Ultra Recyclable launched by Amcor is its first packaging product made from the company’s revolutionary, more sustainable high-barrier polyolefin film. The new high barrier laminate can package a range of food, home and personal care, and pharmaceutical products, and also be recycled in existing polyolefin recycling streams. AmLite Ultra Recyclable is the latest addition to the successful AmLite product line of Amcor, which was created in 2015 to provide metal-free barrier packaging that significantly reduced the packaging’s carbon footprint.
- Polyethylene segment is expected to account for largest revenue share in the global flexible plastic packaging market over the forecast period, owing to its enhanced durability and excellent rigidity. Polyethylene offers excellent rigidity in comparison to other forms of plastic and help in maintaining a firm protective structure, as well as exhibits excellent moisture resistant properties. Moreover, enhanced durability and resistance to external influences offered by polyethylene in order to ensure the content is well-preserved is boosting its application for the manufacturing of flexible plastic packaging solutions.
- Stand-up pouches segment is expected to register significant revenue growth over the forecast period. Growing interest of consumers in efficiency and waste reduction is resulting in increasing popularity of stand-up pouches, which is one of the most convenient and flexible packaging solutions. Potential benefits of stand-up pouches include resealability, transparency, recyclability, durability, and the need for less material, which is resulting in its increasing demand.
- Food and beverage segment is expected to account for a steady revenue share in the global flexible plastic packaging market. Growth in the number of e-commerce channels in recent years and change in purchasing patterns of consumers, owing to rising disposable income are resulting in increasing order of fresh food and beverages through online channels, thereby supporting demand for flexible plastic packaging solutions.
- Flexible plastic packaging market in Asia Pacific is expected to account for largest revenue share over the forecast period. Rapid urbanization, rising disposable income, and a fast-growing economy are significant factors that are influencing the popularity of flexible plastic packaging in developing countries such as India and China.