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Biodegradable Plastic Packaging to unlock new Revenue Streams in Flexible Packaging Market
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The growth of the global flexible packaging market will ride on the back of substantially rising uptake of plastic films for packaging in various end-use industries, notably food and beverages. The global market is projected to expand at a modest CAGR of 5.31% from 2017 to 2021. The attractiveness of various types of plastic films packaging in the overall packaging industry is several characteristic advantages. Properties such as excellent moisture barrier, remarkable optical clarity, striking resistance to most solvents, noteworthy insulation, and toughness account for the extensive adoption of plastic films for packaging world over.
The substantial demand for plastic stretch and shrink films in wrapping a variety of processed foods, including meat and vegetables, is a notable factor accentuating the market. The use of plastic flexible packaging in enhancing the shelf life of food items is also bolstering the uptake. Apart from functional advantages that plastic films have compared to other types, they are especially useful in reducing the space required in transit and their lightweight attribute further reduces transportation costs.
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The undeniable concern of significant adverse effects of plastics pollution on human health and the ecology in various parts of the world has led to a substantial decline in its acceptance. However, the advent of biodegradable plastic films for flexible packaging has opened up a lucrative avenue in the global market. Bioplastics packaging has gathered steam in the sectors such as medical, retail, and agriculture. Stringent governmental regulations pertaining to disposal of plastics has further led manufacturers to shift toward biodegradable plastics in the flexible packaging market.
The continuing popularity of popularity of pouch packaging, especially in consumer packaged goods market, has led substantial impetus to the growth of the flexible packaging market. The widespread adoption of this type of packaging for beverages and for packaging infant food augurs well for the market. This can be attributed to their versatility of their use.
The global flexible packaging market is thrived by the scores of regional and global players. A number of emerging and prominent players are focusing on strategies related to product customizations, product differentiations, and price differentiations, in order to gain a firm foothold in the market.
Key players operating in the flexible packaging market are Sealed Air Corporation, Mondi plc., Berry Global, Bemis Company, and Amcor Limited. Some of the other prominent vendors in the market are ProAmpac, Printpack, Glenroy, DS Smith, Danaflex, Clondalkin Group, CONSTANTIA, Aluflexpack group, and Amcor Limited.
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