Pune, India, July 24,2019- The report [215 pages] "Flexible Plastic Packaging Market by Type (Stand-Up Pouches, Flat Pouches, Gusseted Bags, Wicketed Bags, Wraps, Rollstock), Material (Plastic Films, Paper, Aluminum Foil, Bioplastics), Printing Technology, Application, and Region - Global Forecast to 2022", is projected to grow from USD 102.19 Billion in 2017 to reach USD 131.65 Billion by 2022, at a CAGR of 5.2%. The global flexible plastic packaging market is witnessing a growth in demand, owing to the rise in manufacturing activities and growth in the demand for conveniently packaged products. The growth in the demand from the food & beverage industry also provides an opportunity for market growth, especially in the emerging Asia-Pacific and South American regions.
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In terms of value, the plastic films segment, by material, accounted for the largest market share and is projected to grow at a higher CAGR during the forecast period. This growth is due to its application in almost all types of packaging variables, as it offers good visibility to the product and provides secure & attractive packaging. Plastic films are also used as raw materials to manufacture flexible plastic, which is widely used in the packaging sector as it is durable, clean, lightweight, transparent, and cost-effective.
Under the application, the food & beverages sector is projected to grow at the highest rate due to the high demand for food & beverages packaging as it offers durability, product protection, and extends the shelf life of the product. Flexible plastic packaging for food & beverage products reduces the possibility of product contamination. It also protects products from moisture, gas, light, and temperature.
In 2016, the Asia-Pacific region accounted for the largest share in the total market for flexible plastic packaging, in terms of value, followed by North America and Europe, owing to manufacturers’ focus on developing low-cost flexible plastic packaging options. The Asia-Pacific region is projected to register the highest growth during the forecast period; this is attributed to the large customer base for FMCG products and consumer durables, due to the growth in population in countries of this region; this, in turn, is expected to lead to the growth of the flexible plastic packaging market. The flexible plastic packaging market in the North American region is developed and matured; the markets in the U.S. and Canada are projected to grow the highest rates from 2016 to 2022.
The market ecosystem involves various stakeholders in the flexible plastic packaging market. It starts with the raw material suppliers such as Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Constantia Flexibles Group GmbH (Austria), Sealed Air Corporation (U.S.), and Huhtamäki Oyj (Finland), that are the manufacturing companies of the flexible plastic packaging. The next level in the chain involves the assembly team that is monitored by the manufacturers such as Coveris Holdings S.A. (U.S.), Sonoco Products Company (U.S.), Berry Plastics Group, Inc. (U.S.), Mondi Group (Austria), Reynolds Group Holdings (New Zealand), and Reynolds Group Holdings (Netherlands). It is followed by the marketing and sales of the finished products, which is only possible if an efficient distribution channel is developed. Finally, the end products are distributed to the consumers.
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