Flexible Plastic Packaging Market Developments and Forecast to 2023
Market Overview
In various industrial sectors, flexible plastic packaging plays a
primary role in securing the contents of packages. As per the report that has
been published by Market Research Future (MRFR), the global Flexible
Plastic Packaging Market is anticipated to expand moderately at a
CAGR of 5.2% during the forecast period of 2017-2023.
Market Drivers and Restraints
The flexible plastic packaging is currently the fastest growing
packaging type in the global market. Extensive utilization of this packaging in
various industrial sectors is fuelling the growth of the global flexible
plastic packaging market. Flexible plastic packaging offers improved packaging
designs, use of recyclable materials and increases the shelf life of
products.
Flexible plastic packaging is utilized extensively in food and beverages
industry. Various food and beverage products are packed using this packaging
such as coffee, tea, frozen food, baked goods, chocolates, confectionery,
snacks and others. Increasing consumption of these food and beverage products
is inducing high demand for flexible plastic packaging in the global market,
which in turn is resulting in the expansion of the global flexible plastic
packaging market.
Spiraling demand for flexible plastic packaging in pharmaceutical,
cosmetic and other industries is also propelling the growth of the global
flexible plastic packaging market. Increasing availability of recyclable
packaging materials owing to the rising environmental concerns is impacting
positively on the expansion of the global flexible plastic packaging market.
However, strict regulatory framework for environmental protection and
increasing concern regarding plastic waste are likely to restrain the growth of
the global flexible plastic packaging market during the forecast period.
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Market Segmentation
The global flexible plastic packaging market has been segmented on the
basis of type, printing technology and application. Based on type, the flexible
plastic packaging market has been segmented into stand-up pouches, flat
pouches, gusseted, bags and others. The stand-up pouches segment is anticipated
to account for the largest market share during the forecast period due to
growing consumption of dairy products, cosmetics, food & beverages and
personal care products that are usually packed using flexible plastic
packaging.
Based on printing technology, the flexible plastic packaging market has
been segmented into flexography, digital printing and others. Based on
application, the flexible plastic packaging market has been segmented into food
and beverages, pharmaceutical, personal care and others.
Regional Analysis
Geographically, the global flexible plastic packaging market has been
segmented into North America, Europe, Asia Pacific and the rest of the world.
The Asia Pacific region is projecting dominance over the global flexible
plastic packaging market owing to the increasing utilization of plastic
packaging for various goods that are being exported from the emerging economies
like India, China and Japan and high demand for good quality food packaging in
this region. Growing demand for flexible plastic packaging in rapidly expanding
food and beverages, pharmaceutical and other industries is fuelling the growth
of the flexible plastic packaging market in the North America and Europe
regions.
Industry Updates
In September 2018, Amcor has announced that it will invest more than $25
Mn to expand and upgrade an existing facility in Madison, Wisconsin.
In September 2018, Mondi and Werner & Mertz have announced that they
will be introducing new, patented fully recyclable pouches with detachable
decorative panels in the year 2019.
Key Players
The leading players that are profiled by MRFR in the report on the
global flexible plastic packaging are Amcor Limited(Victoria), Constantia
Flexibles Group GmbH (Austria), Mondi Group (Johannesburg), Sealed Air
Corporation (North Carolina), Sonoco Products Company (the U.S.), Coveris
Holdings S.A. (the U.S.), Huhtamaki Group (Finland), Bemis Company Inc. (the
U.S.) and Ampac Holdings LLC (the U.S.).
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