The Global Flexible Plastic Packaging Market size is projected to grow from USD 160.8 billion in 2022 to USD 200.5 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 4.5%. The global flexible plastic packaging industry has witnessed high growth primarily because of the increasing demand for food, beverage, and pharmaceutical products worldwide, especially during the COVID-19 pandemic. Demand for sustainable, and durable protective packaging for pharmaceutical industry is another key factor contributing towards the increasing growth of the flexible plastic packaging market over the next few years.
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“In terms of both value and volume, pouches segment to lead the flexible plastic packaging market by 2031.”
The pouches segment is expected to lead the global flexible plastic packaging market by 2031. It is further projected to grow at the highest CAGR from 2022 to 2031. The increase in the demand for pouches can be attributed to the rise in the demand for lightweight and convenient packaging solutions across end-use industries. The growth of the pouches segment will be supported by the increase in demand from the manufacturers in the food, beverage, and pharmaceutical industries, coupled with growing e-commerce sector during the forecast period.
“In terms of both value and volume, cosmetic & personal care is projected to be the fastest-growing segment from 2022 to 2031, for flexible plastic packaging.”
Cosmetics & personal care segment is projected to be the fastest-growing segment in the flexible plastic packaging market. The demand for flexible plastic packaging in the cosmetics & personal care industry, is expected to remain robust as many companies have shifted from rigid to flexible plastic packaging over the last few years as it is cost-effective and requires minimal raw materials compared to rigid packaging. The growing popularity of male grooming products, which use this type of packaging, also drives this market, globally. Stringent regulations and environmental concerns are compelling packaging manufacturers to use eco-friendly options for packaging.Hence, high demand is expected for flexible plastic packaging in the cosmetics & personal care segment during the projected period.
“In terms of both value and volume, the Asia Pacific flexible plastic packaging market is projected to grow at the highest CAGR during the forecast period.”
In terms of value and volume, the Asia Pacific region is projected to grow at the highest CAGR from 2022 to 2031 due to the strong demand for the flexible plastic packaging products from countries such as China, India, and Japan. Rising demand for processed food, particularly in China and India, is expected to fuel the growth of the flexible plastic packaging market in the region. An increase in the usage of flexible packaging for snacks, grains, and fresh produce, has resulted in high demand for flexible plastic packaging in the food segment.
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In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the flexible plastic packaging market.
By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
By Designation: C-level: 40%, D-level: 35%, and Others: 25%
By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and South America: 5%
The global flexible plastic packaging market comprises major manufacturers, such as Sealed Air Corporation (US), Amcor (Australia), Berry Global Inc. (US), Mondi (South Africa), Sonoco (US), Huhtamaki (Finland), Coveris (Austria), Transcontinental Inc. (Canada), and Clondalkin Group (The Netherlands).
The market study covers the flexible plastic packaging market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on product type, material, application, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the flexible plastic packaging market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall flexible plastic packaging market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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