Flexible Plastic Packaging Industry Growth Rate, Future Scope, Analysis, Business Development And CAGR To 2023
Summary
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Flexible Plastic Packaging Industry. The growth sectors of the Gl Flexible Plastic Packaging Industry are identified with precision for a better growth perspective
Flexible Plastic Packaging Industry Overview
The Global Flexible Plastic Packaging Industry is anticipated to expand moderately at a CAGR of 5.2% during the forecast period of 2017-2023.
The market is driven by various factors such as increased consumption of processed foods & beverages, innovation in flexible packaging, and environmental advantage of flexible plastic packaging. The higher disposable income in these developing countries increases the purchasing power. Hence, consumer dependence on processed, pre-cooked and packed foods, here, will increase. As a result flexible packaging market has been impacted, positively. However, Flexible Plastic Packaging Industry has various restraints that hinder the market growth such as fluctuating raw material prices and stringent regulations on packaging material waste and recycling.
Segmentation
The global Flexible Plastic Packaging Industry has been segmented on the basis of type, printing technology and application. Based on type, the Flexible Plastic Packaging Industry 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 Industry has been segmented into flexography, digital printing and others. Based on application, the Flexible Plastic Packaging Industry has been segmented into food and beverages, pharmaceutical, personal care and others.
Key Players
The major player operating in the market of global flexible plastic packaging are Amcor Limited(Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.).
Regional Analysis
Asia Pacific dominates the global flexible packaging market with the largest market share. It comprises countries such as China, India, and Japan, which lead in in the export of goods to various parts of the world. Moreover, increase in consumer income has led to a growth in demand for good-quality packaged food.
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