How Trends in Flexible Plastic Packaging Are Shaping the Industry (2024-2032)

The global flexible plastic packaging market was valued at USD 149.32 billion in 2023 and is projected to grow from USD 157.74 billion in 2024 to USD 250.34 billion by 2032, exhibiting a CAGR of 5.94% during the forecast period. A massive range of protective attributes and assurance pertaining to minimal material usage is provided by flexible plastic packaging. The minimal cost of production, extensive deployment of the packaging in many end-use industries, and ease of customization and reusability are fostering the market growth.

Fortune Business Insights™ provides this information in its research report, titled “Flexible Plastic Packaging Market, 2024-2032”.

Segmentation:

By Material Type

• Polyethylene (PE): Widely used due to its flexibility and durability; accounts for a large share of the market.
• Polypropylene (PP): Offers clarity, high tensile strength, and resistance to chemicals.
• Biodegradable Plastics: Emerging segment, experiencing rapid growth driven by regulatory pressures and sustainability demands.

By Application

• Food & Beverages: The largest application segment due to the growing demand for packaged, ready-to-eat food products.
• Pharmaceuticals: Increasing demand for flexible, sterile, and secure packaging for medicines, syringes, and medical devices.
• Personal Care & Cosmetics: Demand for premium, aesthetically appealing packaging for skincare, haircare, and other personal products.

By Packaging Type

• Pouches: Versatile and increasingly popular due to their flexibility, lightweight nature, and ability to extend shelf life.
• Wraps: Used widely for packaging food products, offering protection and convenience.
• Bags: Popular across various industries, especially for food and grocery applications.

Report Coverage

The report provides a comprehensive coverage of the key driving and restraining factors impacting the market growth. In addition, it offers vital insights into the top trends, the impact of the COVID-19 pandemic on the market growth, and notable industry developments. Besides this, the report mentions the strategic measures implemented by top companies in detail.

Drivers and Restraints:

Surging Demand for Biodegradable Packaging to Escalate the Market Growth

One of the key factors propelling the flexible plastic packaging market growth is a rise in the demand for biodegradable packaging. The market is witnessing the emergence of this type of packaging as a feasible alternative to address concerns related to sustainability. It has more cost-effectiveness than eco-friendly alternatives including glass or metal.

However, the advantages offered by rigid packaging over flexible may hamper the market growth.

Regional Insights:

Asia Pacific Leads Due to Growing E-commerce Industry

The Asia Pacific market for flexible plastic packaging accounts for the largest share. This is on the back of the surging e-commerce industry in emerging countries.

North America is the second-leading region due to initiatives adopted by manufacturers for new product development.

Competitive Landscape:

Leading Companies Deploy Collaboration Strategies to Introduce Innovative Products

The flexible plastic packaging market depicts a highly competitive and fragmented structure. Huhtamaki, Amcor, Sonoco Products Company, Berry Global, Sealed Air, and others are some of the key companies in the market. Many strategic measures, including joint ventures, product innovations, and capacity expansions, are being focused on by leading companies to boost their industry standing. Several companies are also focusing on collaborations to launch innovative products.

Get More Information: https://www.fortunebusinessinsights.com/flexible-plastic-packaging-market-108075

Key Industry Development:

November 2023: Mondi announced a collaboration with Skånemejerier to develop a mono-material, polypropylene (PP) based packaging for cheese. Moreover, high barriers against water vapors and oxygen are provided by the mono-material solution.

List of Key Players Mentioned in the Report:

• Amcor (Switzerland)
• Berry Global (U.S.)
• Sealed Air (U.S.)
• Aluflexpack AG (Switzerland)
• Bak Ambalaj Sanayi (Türkiye)
• Constantia Flexibles (Austria)
• Clondalkin Group (Netherlands)
• Danaflex Group (Russia)
• Printpack, Inc. (U.S.)
• ProAmpac Intermediate, Inc. (U.S.)
• Huhtamaki (Finland)
• Mondi (U.K.)
• Sonoco Products Company (U.S.)
• Coveris (Austria)
• Transcontinental Inc (Canada)