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2020/10/28
Flexible Plastic Packaging Market Worth $200.5 Billion by 2025
Flexible Plastic Packaging Market Worth $200.5 Billion by 2025
Source from: https://www.flexpackmag.com/articles/90703-flexible-plastic-packaging-market-worth-2005-billion-by-2025
According to a new market research report from MarketsandMarkets, "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 and meat through online channels during the ongoing COVID-19 pandemic.
In terms of value and volume, the pouches segment is estimated to lead the flexible plastic packaging market in 2019.
The pouches segment, by type, accounted for the largest market share in the flexible plastic packaging market. The increase in the demand for pouches can be attributed to the rise in the demand for processed food packed in pouches, lightweight and convenient packaging solutions across end-use industries. Manufacturers of food and beverage products prefer stand-up pouches to differentiate their brands and gain a competitive advantage in the market. Pouches have the flexibility of being tailored to offer unique designs, styles, and sizes. The increasing opportunities in the e-commerce and offline retail sectors have resulted in the accelerated demand for flexible plastic pouches for their packaging applications.
The 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 during the 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.
Constantia Flexibles (Austria), Amcor (Australia), Berry Global Inc. (U.S.), Mondi (Austria), Sonoco (U.S.) and Sealed Air Corporation (U.S.) are the key players operating in the flexible plastic packaging market. Expansions and investments, acquisitions, agreements and new product launches are some of the major strategies adopted by these key players to enhance their positions in the flexible plastic packaging market.