Global Flexible Plastic Packaging Market Forecast 2024-2032

Global Flexible Plastic Packaging Market Forecast 2024-2032

According to Inkwood Research, the global flexible plastic packaging market is expected to record a CAGR of 4.22% during the forecast period, 2024-2032. The market was valued at $214946.14 million in 2023 and is expected to reach $314722.76 million by 2032. The market study has also analyzed the impact of COVID-19 on the flexible plastic packaging market qualitatively as well as quantitatively.

Flexible packaging refers to packages or components that can easily change shape when filled or during use. This type of packaging has various advantages, such as being lightweight, cost-effective, and capable of extending the shelf life of products by creating a barrier against moisture, air, and contaminants.

Its composition, which can include paper, plastic, film, aluminum foil, or any combination of these, enables a wide range of packaging design possibilities. Rollstock, bags, pouches, liners, wraps, and other flexible items are a few examples of flexible packaging. Due to its versatility, it is employed for diverse products, ranging from food & beverages to pharmaceuticals and personal care items.

MARKET INSIGHTS

Key growth enablers of the global flexible plastic packaging market:
• Growing focus on reducing food wastage and the cost-effectiveness of products

Flexible plastic packaging provides excellent barrier properties against oxygen, moisture, light, and other environmental factors that contribute to food spoilage. This extends the shelf life of products, minimizes waste along the supply chain, and benefits consumers.

When comparing the production of rigid packaging materials like glass or metal, flexible plastic packaging often uses less energy and raw materials. This translates to a more cost-effective solution for manufacturers.

Moreover, the lightweight and space-efficient design of flexible packaging minimizes shipping costs for businesses, an advantage that is often passed on to consumers.
• Rising demand for more sustainable and environmentally friendly packaging
• Increasing demand from various end-users

Key restraining factors of the global flexible plastic packaging market growth:
• Volatility in raw material prices

The desired features of moisture barriers, strength, and printability in flexible plastic packaging are typically achieved by laminating multiple layers of different materials together. However, this multi-material composition complicates recycling, as specialized equipment and techniques are required to separate and reprocess these layers effectively.

Many regions lack sufficient recycling infrastructure to handle the volume and complexity of flexible plastic packaging. This inadequacy raises concerns about plastic waste and may lead to stricter regulations or bans on certain types of flexible plastic packaging, potentially limiting market growth and increasing costs.
• Issues related to recycling plastic packaging
• Stringent environmental regulations

Global Flexible Plastic Packaging Market | Top Trends
• There is an increasing demand for convenient packaging solutions that cater to busy lifestyles. Features such as resalable closures and easy-open designs are gaining popularity, as well.
• The food & beverage industry is a major driver of the flexible plastic packaging market, driven by the growing demand for packaging that extends shelf life and ensures product safety.
• The rapid growth of e-commerce has heightened the need for efficient and lightweight packaging solutions. Flexible plastic packaging has emerged as the preferred choice for distribution due to its ability to significantly reduce shipping costs, protect products during transit, and minimize environmental impact.

SEGMENTATION ANALYSIS

Market Segmentation – Material, Type, Printing Technology, and Application.

Market by Material:
• Plastics

Plastics are widely recognized as the most cost-effective material compared to alternatives such as aluminum foils or paper laminates, making them a highly economical choice for manufacturers across various industries.

They offer a range of customizable properties, including being lightweight, flexible, durable, puncture-resistant, and available in both transparent and opaque forms. Additionally, plastics are moisture-proof and feature gas-barrier properties, which contribute to extended shelf life, product freshness, and versatile options for product visibility.

Furthermore, plastics excel in printability, enabling high-quality graphics and branding that are critical for effective marketing and consumer engagement. These combined attributes underscore plastics as a practical and adaptable solution for modern packaging needs. Moreover, the scalability of plastic production meets the extensive demand for flexible packaging across different sectors.
• Aluminum Foils
• Other Materials

Market by Type:
• Pouches
• Rollstock
• Bags
• Films & Wraps
• Other Types

Market by Printing Technology:
• Flexography
• Rotogravure
• Digital Printing
• Other Printing Technologies

Market by Application:
• Food & Beverages

The growing demand for convenient food options, fueled by urbanization and busy lifestyles, is effectively addressed by flexible packaging. This packaging solution offers benefits such as easy portability, storage, portion control, and the ability to heat ready-to-eat meals, all of which contribute to reducing food waste.

In addition, flexible plastic packaging provides critical barrier properties that protect food from light, oxygen, and moisture, thereby enhancing shelf life and reducing spoilage across the supply chain and in households. Compared to rigid alternatives such as glass or metal, flexible packaging is more cost-effective for manufacturers and consumers, highly adaptable to various shapes, and suitable for an extensive range of food & beverage products.
• Healthcare
• Cosmetics & Toiletries
• Other Applications

REGIONAL ANALYSIS

Geographical Study based on Four Major Regions:
• North America: The United States and Canada
• Europe: The United Kingdom, Germany, France, Italy, Spain, and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Australia & New Zealand, and Rest of Asia-Pacific

The Asia-Pacific region boasts several fast-growing economies with rising disposable incomes. This translates to increased consumer spending on packaged goods, which directly fuels the demand for flexible plastic packaging.

The growth of flexible plastic packaging is closely linked to the rapid expansion of the e-commerce industry, particularly in regions where lightweight and efficient packing solutions are essential for online sales and delivery. Flexible plastic packaging meets these requirements, making it an ideal choice for the fast-paced e-commerce sector.

In the Asia-Pacific region, per capita consumption of flexible plastic packaging remains significantly lower compared to industrialized regions. However, as demand in Asia-Pacific is projected to converge with that of developed markets, this gap represents a significant growth opportunity for the industry, paving the way for substantial market expansion.
• Rest of World: Latin America, the Middle East & Africa

Our market research reports offer an in-depth analysis of individual country-level market size and growth statistics. We cover the segmentation analysis, key growth factors, and macro-economic trends within the flexible plastic packaging market, providing detailed insights into –
• United States Flexible Plastic Packaging Market
• India Flexible Plastic Packaging Market
• Germany Flexible Plastic Packaging Market

COMPETITIVE INSIGHTS

Major players in the global flexible plastic packaging market:
• Amcor Plc
• American Packaging Corporation
• Berry Global Inc
• Coveris
• CCL Industries Inc
• Mondi Group

Key strategies adopted by some of these companies;
• In February 2024, Amcor, Cheer Pack North America, and Stonyfield Organic collaborated to introduce the first all-polyethylene (PE) spouted pouch. This partnership among industry leaders in sustainability resulted in a pioneering product that enhances environmental responsibility without sacrificing functionality.
• Coveris launched MonoFlex Thermoform in February 2024, a recyclable and eco-friendly thermoforming film packaging designed to replace non-recyclable materials currently used in the food industry. This innovation aligns with Coveris’ commitment to sustainable packaging solutions.

Frequently Asked Questions (FAQs):
• What are the different types of coatings used in flexible plastic packaging?

A: Flexible plastic packaging coatings vary based on the specific requirements of the product being packaged. Common coatings include barrier coatings, heat-seal coatings, and print coatings, among others.
• What are the different types of plastic packaging?

A: The market offers various types of plastic packaging, including polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and others, each offering unique properties suited for different applications.
• How is printing done on flexible packaging?

A: Printing on flexible packaging is typically done through methods like flexography, gravure printing, digital printing, or offset printing, depending on the specific requirements of the packaging design.

Please Note: The Report comes with a PDF + Excel