The Flexible Plastic Packaging Market is projected to grow from USD 102.2 billion in 2017 to reach USD 131.7 billion by 2022, at a CAGR of 5.2% during the forecast period. The rise in manufacturing activities and growth in the demand for conveniently packaged products are driving the market. The growing demand from the food & beverage industry also provides an opportunity for the market to grow, especially in the emerging economies of Asia Pacific and South America.
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The stand-up pouches segment is expected to gain maximum market share during the forecast period.
The stand-up pouches segment is projected to account for the largest market share in 2022, mainly because of the growing consumption of food & beverage, dairy, and cosmetics products. Stand-up pouches are both appealing and functional as they offer various features such as slider closure, zipper re-seal, and release valves. The growing healthcare industry also provides an opportunity for the market to further grow due to the rising consumption of over-the-counter products that use stand-up pouches.
The plastic film segment is projected to grow at the highest rate during the forecast period.
Raw materials such as plastic films, aluminum foil, paper, and bioplastic are used for flexible packaging. Plastic films are categorized further into polyethylene, polypropylene, PVC, BOPET, EVOH, polyamide, and polystyrene. They offer excellent visibility of the product and provide secure and attractive packaging. They are primarily used in the packaging of food & beverage products, as they protect them from oxidation and also extend their shelf life.
Asia Pacific is projected to be the largest flexible plastic packaging market in 2022.
Key regions of the flexible plastic packaging market include North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2016 and is projected to grow at the highest rate between 2017 and 2022, in terms of value. This is mainly due to the increasing demand for flexible packaging in China and India and the growing food & beverage industry in these countries. Due to the increasing disposable incomes, the urbanized population is shifting toward healthy and safe packaged foods. Therefore, rising income and consumption level would also lead to the growth of the flexible packaging market in this region.
The key market players include Amcor Limited (Australia), Constantia Flexibles Group GmbH (Austria), Bemis Company, Inc. (US), Sealed Air Corporation (US), Huhtamäki Oyj (Finland), Coveris Holdings S.A. (US), Sonoco Products Company (US), Berry Plastics Group, Inc. (US), Mondi Group (Austria), Reynolds Group Holdings (New Zealand), and Reynolds Group Holdings (Netherlands). Companies have adopted strategies such as expansions, acquisitions, and new product launches to cope with the increase in demand in the emerging markets.
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