The flexible packaging industry has the ability to be an important part of packaging solutions as it offers packaging in different sizes; innovations that help extend the shelf life of the product, and keep the package, safe. Innovation in terms of developments surrounding absorption of food odors, retard oxygen migration, and longer preservation, has been driving flexible packaging. Packaging also acts as a barrier against moisture, microbes, change in temperatures and dirt, focusing on extending the shelf life of food and check spoilage, leading to less wastage of food. Flexible Plastic Packaging Market is expected to reach the market size of ~USD 120 billion by the end of forecast period with CAGR of ~5.2% during the forecast period.
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To remain competitive, manufacturers have to make process improvements and invest in equipment designed to minimize scrap and deliver the required lower basis‑weight materials in sufficient quality and quantity. The packaging industry relies on sophisticated printing and converting machinery to deliver the quality, efficiency and innovation that the market demands. This drives its relatively high capital intensiveness. In the developed world, overall demand for consumer goods has been relatively static. However, demographic changes and increased market share competition between established FMCG producers has driven innovation in packaging.
The prominent players in the flexible plastic packaging market includes Amcor Limited (Victoria), Constantia Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air Corporation (North Carolina), Sonoco Products Company (U.S.), Coveris Holdings S.A. (U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (U.S.) and Ampac Holdings LLC (U.S.).
Market Research Future Analysis:
Market Research Future analysis shows that the global market of flexible plastic packaging is estimated to grow at USD 120 billion by the end of year 2023. Asia Pacific is leading the market of flexible plastic packaging. With the increasing popularity of packaged food in countries such as India and China, the demand for flexible plastic packaging is expected to grow, significantly. Growing purchasing power, disposable income, rise in manufacturing activities, and growth in the demand for conveniently packaged products, have resulted in an increase in demand for flexible plastic packaging market. Asia Pacific holds the largest market share in flexible plastic packaging market, followed by North America and Europe due to factors such as growth in the demand from the food & beverage industry and increasing investment by the industry players in the region. The global flexible plastic packaging market is expected to grow at CAGR of 5.2% during the forecast period.
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