The Recyclable Plastic Packaging size is projected to be valued at US$ 36,978 million in 2023 and is expected to rise to US$ 57967.38 million by 2033. The sales of flexible plastic packaging are expected to grow at a significant CAGR of 4.8% during the forecast period.
Flexible packaging is one of the packaging industry’s fastest-growing segments, combining the best qualities of film, paper, and aluminum foil to provide a broad range of protective characteristics.
The global demand for flexible packaging material is increasing rapidly, owing to advancements in packaging technology. Furthermore, the popularity of flexible packaging among consumers has grown as it provides a cost-effective solution for storage issues, minimizes product waste, and keeps food safe and healthy.
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The pharmaceutical and nutraceutical industries have also been driving the demand for flexible packaging as it provides them with a sustainable and recyclable polymer-based alternative.
The market is expanding rapidly due to flexible packaging that ensures food safety, increased product value, extended shelf-life, heating and moisture barrier, effective permeability, and ease of use.
Key Takeaways from Flexible plastic packaging Market Study
- The pouches segment accounted for 26.6% of the market. Flexible product containers sold through the B2B model include stand-up pouches, retort pouches, and lay flat/pillow pouches. The ease with which pouches can be used, as well as their persuasiveness, are driving the market growth.
- In 2021, the food and beverage end-use segment led the market with a revenue share of more than 51.5%. The widespread use of plastic packaging products, from raw food products to final packaged single-serve food products, has primarily contributed to the segment’s higher share.
- With the presence of major emerging economies such as China, India, Japan, and South Korea, Asia Pacific emerged as the leading regional market with 43.1% of global revenue share in 2021 and is expected to experience the highest CAGR from 2022 to 2030.
- In 2022, bio-based plastic held the largest share of the global flexible packaging market, accounting for 67.9%. The higher proportion is because of the tremendous need for packaging in the food industry and the growing environmental consciousness among individuals.
- The flexible packaging market in Europe is anticipated to expand at a CAGR of 5.13% yearly, mostly as a result of rapid economic growth and rising consumer disposable income. Vendors with cutting-edge machinery and the ability to produce aseptic, retort, anti-counterfeit, and child-resistant packaging have a competitive advantage.
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Competitive Landscape
- With the presence of both domestic and international players, the industry is highly fragmented. Companies in the industry specialize in customizing packaging products based on customer needs, as well as acquiring companies and developing new products to gain a competitive advantage in the market.
- On June 10, 2021, Soteria Flexibles acquired Redi-Bag, a leading manufacturer of polyethylene Recyclable Plastic Packaging. Soteria was able to enter the seafood and produce packing markets as a result of the acquisition.
- Berry Inc.’s VerdantTM line will launch an eco-friendly packaging solution in 2021. The company introduced the verdant extruded tube with 25% PCR, pushing the boundaries for PCR content in personal care packaging.
Key Segments Covered in the Flexible Plastic Packaging Market Report
By Material Type:
- Oil Base Polymers
- Bio-Plastics
By Product Type:
- Pouches
- Bags & Sacks
- Tubes
- Sleeve Labels
- Films & Wraps
By Packaging Type:
- VSP (Vacuum Skin Packaging)
- MAP (Modified Atmospheric Packaging)
- General Barrier
By End-Use:
- Food
- Beverages
- Personal Care
- Homecare
- Pharmaceuticals
- Industrial Packaging
- Consumer Packaging
- Others
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Key Companies Profiled-
- Amcor Ltd.
- Constantia Flexibles Group GmbH
- Berry Global Group, Inc.
- Huhtamäki Oyj
- Sonoco Products Company
- Bemis Company, Inc.
- Sealed Air Corporation
- AR Packaging Group AB
- Mondi Group
- DS Smith Plc
- CCL Industries Inc.
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