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(Medical-NewsWire.com, July 25, 2022 ) According to new research report "Flexible Plastic Packaging Market by Type (Pouches, Rollstocks, Bags, Wraps), Material (Plastic & Aluminum Foil), Application (Food, Beverage, Pharma & Healthcare, Personal care & Cosmetics), Technology, and Region – Global Forecast To 2025", The global flexible plastic packaging market size is projected to grow from USD 160.8 billion in 2020 to USD 200.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for flexible plastic packaging for food, beverage, and cosmetics products across the globe. Furthermore, the flexible plastic packaging market has witnessed a significant increase in its demand for the supply of grocery, drugs, and vegetables & meat through online channels, during the ongoing COVID-19 pandemic.
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Food segment is estimated to be the largest segment in the flexible plastic packaging market in 2019.
Food segment, by application, accounted for the largest demand for flexible plastic packaging in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for flexible plastic packaging solution across the food industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for flexible plastic packaging solutions.
The APAC region is projected to account for the largest share in the flexible plastic packaging market during the forecast period.
The APAC region is projected to lead the flexible plastic packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for flexible plastic packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving the global economy, expanding the working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for flexible plastic packaging.
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Browse in-depth TOC on "Flexible Plastic Packaging Market”
138 - Market Data Tables
47 - Figures
228 - Pages
Expansions and investments accounted for the largest share of all the strategic developments that took place in the flexible plastic packaging market between 2016 and 2020. Key players such Coveris (Austeria), Berry Global Inc. (US), Transcontinental Inc. (Canada), Constantia Flexibles (Austria), Sonoco (US), Sealed Air Corporation (US),and Mondi (Austria) adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the flexible plastic packaging market.
Amcor (Australia) is a key manufacturer of flexible plastic packaging products & services, and it offers a range of flexible plastic packaging products. Amcor aims to provide innovative solutions that are eco-friendly and meet consumer expectations . The company caters to the food, healthcare, beverage, home, tobacco, and personal care industries through its broad range of flexible packaging products. The company through its strategic developments aims to strengthen its customer base and product offering globally.
Berry Global Inc. is one of the key manufacturers and suppliers of a range of rigid and flexible flexible plastic packaging products. Berry Global focuses on expanding its customer base in various regions by offering attractive products for flexible plastic packaging. The company emphasizes on delivering high-quality tailor-made solutions to its customers and on manufacturing products that are designed using the latest unique manufacturing technologies. The company adopts various strategic initiatives to expand and accelerate its market presence and strengthen its customer base across the world.
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