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Flexible Plastic Packaging
“Flexible Plastic Packaging Market: Exactitude Consultancy Research Report Offers Comprehensive industry Overview and Future Projections”
Rising demand for flexible plastic packaging is driven by its lightweight, cost-efficiency, convenience, and growing use in food, beverage, and healthcare industries” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 27, 2024 /EINPresswire / -- Flexible Plastic Packaging market Overview:
Revenue from the global Flexible Plastic Packaging Market size is estimated to reach US$ 200.13 Billion in 2023. The market has been analyzed to climb to a value of US$ 395.56 Billion by the end of 2030, expanding at a CAGR of 8.89% over the next decade.
Flexible packaging is recognized as one of the packaging industry's most rapidly expanding sectors, combining the favorable characteristics of film, plastic, paper, and aluminum foil to offer a variety of protective benefits. It typically comes in the form of a pouch, bag, liner, or overwrap, or any flexible part of a package that is easily alterable. This type of packaging is used for both consumer goods and in industrial settings, to safeguard, promote, and distribute a variety of products. The cost-effectiveness and increased product shelf-life are key factors projected to drive growth in the flexible plastic packaging market in the upcoming period. Moreover, the expected increase in efficient use of packaging materials is also projected to drive growth in the flexible plastic packaging industry. However, the stringent regulations are expected to continue hindering the expansion of the flexible plastic packaging market during this timeframe.
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Competitive Rivalry:
The Flexible Plastic Packaging Market supports a range of applications, including supply chain analytics, risk analysis, demand forecasting, and vendor management. Solutions in this market encompass various modules such as financial surveys, real-time and batch data analysis, category management, and compliance management. Implementing these modules enhances data optimization, automates data cleansing, and facilitates sourcing category analysis.
Vital Companies Profiled in the Report are: Amcor plc, Mondi, Sealed Air, CONSTANTIA, Coveris, Goglio SpA, ProAmpac, GUALAPACK S.P.A, Huhtamaki Group, Smurfit Kappa., and others.
Industry News:
April 25, 2024– Amcor, a global leader in developing and producing responsible packaging solutions, together with Kimberly Clark, has launched packaging for its Eco Protect diapers with 30% recycled materials in Peru. The bags contain post-consumer recycled content and provide a more sustainable packaging solution for the hypoallergenic diapers made with certified, plant-based fibers.
In January 2023, Amcor Limited acquired MDK, a Chinese company that provides packaging for medical devices. This acquisition will strengthen Amcor's leadership in the Asia Pacific medical packaging segment, especially serving China, India, and Southeast Asia markets.
Market Segments by Flexible Plastic Packaging Market
Flexible Plastic Packaging Market By Material, 2020-2029, (USD Billion), (Thousand Units).
Plastic
Aluminum Foil
Flexible Plastic Packaging Market By Type, 2020-2029, (USD Billion), (Thousand Units).
Pouches
Roll Stocks
Bags
Wraps
Flexible Plastic Packaging Market By Technology, 2020-2029, (USD Billion), (Thousand Units).
Flexography
Rotogravure
Digital Printing
Flexible Plastic Packaging Market By Application, 2020-2029, (USD Billion), (Thousand Units).
Food
Beverage
Pharma and Healthcare
Personal Care and Cosmetics
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During the forecast period, the Food industry had the highest CAGR in terms of End Use Industry.
The flexible plastic packaging market is experiencing its highest CAGR during the forecast period due to the food industry's significant role in driving its growth. Several factors, such as the growing need for clean and eco-friendly food packaging, urbanization, evolving consumer habits, and disposable income, contribute to this trend. Presently, consumers prioritize food safety and aesthetic appeal, prompting manufacturers to invest in specialized R&D facilities equipped with cutting-edge technologies to develop packaging that satisfies these needs. Flexible plastic packaging offers numerous benefits that appeal to both food industry manufacturers and consumers. Its great ability to block out substances ensures the safety of food items, and being lightweight and requiring fewer resources to make, it is a more environmentally-friendly choice. Furthermore, flexible packaging has the ability to prolong the shelf life of food items, thus decreasing food wastage and enhancing the overall quality of the products. The growth of the flexible packaging market in the food industry is being driven by the rising demand for hygienic and visually attractive packaging, along with the benefits it offers.
The Pouches segment saw the highest CAGR growth in the forecast period according to Packaging Type.
The pouches segment is projected to experience the most significant CAGR in the upcoming forecast period. Pouches are compact containers created from two pliable and flat sheets sealed at the edges to create a chamber with a volume determined by the walls' placement. Two primary types of pouches are stand-up pouches (SUPs) and flat or pillow pouches. Stand-up pouches are divided into standard and retort stand-up pouches. Pouches make an excellent choice for packaging bulk coffee or food items like dried or smoked meats, being convenient, sealable, and coming in various sizes and types.
During the forecast period, the Plastic segment experienced the greatest increase in growth based on Material Type.
The move towards plastic flexible packaging choices is expected to significantly affect the future of the flexible plastic packaging industry. A variety of polymers can be used to create plastic films, which can be shaped as desired by applying heat or pressure. Plastic films are simple to shape, have high quality, are affordable, and offer great barrier properties. Therefore, they are the top choice for packaging that is made of flexible plastic. Additionally, plastic films provide the ability to reduce thickness, enabling manufacturers to use fewer resources in creating packaging. Plastic films allow for great visibility of products and offer secure and appealing packaging choices. Polyethylene, polypropylene, PVC, and polyamide are commonly utilized in the production of plastic films for flexible packaging.
Flexible Plastic Packaging Market Regional Insights
The flexible plastic packaging market in Asia-Pacific is led by increasing demand for flexible packaging solutions. Moreover, the rise in disposable income will continue to enhance the expansion of the flexible plastic packaging sector in the area throughout the projected timeframe. The flexible plastic packaging market in the Asia-Pacific region is expected to experience substantial growth, driven by increased production, exports, and imports. Additionally, the increased use of items like food, beverages, and medications is expected to drive the growth of the flexible plastic packaging industry in the area in the near future.
The market is primarily led by North America as the second most dominant region. Companies like Berry Global, Sealed Air, and Sonoco Products Company, as well as other important players, are driving market expansion through innovative product development and technology integration.
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