Flexible Plastic Packaging Industry Size, Share, Growth Rate, Trends, Analysis, Future Scope, Forecast To 2023
Market Overview
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.
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),
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.
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. Also, the rise in population in many countries, has led to an increase in food & beverage consumption, which ultimately increases the demand for flexible packaging products. The increasing exports from these countries is leading to the growth of the flexible packaging market.
Plastic packaging market expansion will continue to profit from the drive to replace traditional materials such as glass and metal, with lighter-weight, more cost-effective and higher performance plastic materials in various markets. Flexible plastic packaging is cheap, visually appealing and chemically inert. These features increase their demand in products that are used in packaging, and are made in a wide variety of innovative shapes, sizes and appearances. They include components, such as handles; and opening and reclosing features, such as zips and spouts. Such packaging helps in reducing the wastage of food due to the increased shelf life of the food product, according to Industry Council for Research and Packaging on the Environment (INCPEN). Advanced packaging for milk pouches, makes transportation easy and without any refrigeration.
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