Unwrapping Opportunities: Riding the Wave of Consumer Demands and Market Dynamics, Flexible Plastic Packaging Market Set to Flourish at 4.8% CAGR and Reach US$ 57967.38 million by 2033

The flexible plastic packaging market is experiencing robust growth due to its widespread adoption across various industries. Flexible plastic packaging offers numerous advantages such as lightweight, cost-effectiveness, versatility, and barrier properties that preserve product freshness and extend shelf life. The food and beverage industry, in particular, heavily relies on flexible plastic packaging for convenience and portability.

Additionally, the rising popularity of e-commerce and online shopping further drives market demand for flexible plastic pouches and bags for product transportation. The market's continuous innovation in sustainable materials and recycling initiatives also contributes to its growth as consumers and industries prioritize eco-friendly packaging solutions.

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The market for flexible plastic packaging is anticipated to reach US$ 36,978 million in 2023 and US$ 57967.38 million by 2033. Throughout the projection period, flexible plastic packaging sales are anticipated to increase significantly at a CAGR of 4.8%. Flexible plastic packaging demand is being fueled by a number of sources, including

versatile packaging During the COVID-19 pandemic, the global E-commerce industry was saved, and after the pandemic, the need for flexible packaging has risen. The business opportunities and growth in the printing and packaging sector have increased as a result of this change.

The flexible plastic packaging market with its material segment, product segment, and packaging segment will generate sales of over 33.6 million tons in 2021, according to the annual market analysis conducted by Future Market Insights.

Rising urbanization and busy lifestyle have fueled the demand for convenient and fast foods, thus leading to increase in demand for flexible packaging. These packaging solutions are preferred over hard packaging as they require less energy for production, consume limited resources, readily available and are convenient to store and use.

Consumers are shifting towards buying packaged and processed food items rather than using traditional approach to preparing meals thus boosting the demand for flexible plastic packaging.

The Natural Resources Defense Council reported that Americans waste more than 400 pounds of food per person every year. The wasted food results in generating pollution equivalent to 37 million cars per year.

Flexible plastic packaging is emerging as a key solution to avoid food wastage as it improves shelf-life of the product as well as creates high barrier reducing the contamination of food. This method reduces the storing and shipping expenses. These factors will positively influence the sales of flexible plastic packaging.

Increasing government funding towards developing bio-plastics and improving the recycling infrastructure for efficient processing along growing awareness among consumers regarding the use of sustainable packaging will boost the flexible plastic packaging market growth in upcoming years.

Flexible plastics packaging is replacing rigid packaging owing to its highest sustainability benefits and Superior quality to provide in-transit protection to products. Increasing focus by market players on converting old packaging into new packaging formats, or a host of other products will create opportunities for market growth over the forecast period.

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Key Takeaways from FMI's Flexible Plastic Packaging Market Study

North America flexible plastic packaging market will grow at 3.0% CAGR during the assessment period owing to thriving e-commerce industry and increasing demand for convenient packaging solutions from restaurants and food services.

Europe market will exhibit a growth rate of 2.6% CAGR from 2021 to 2031, driven by increasing research on developing flexible bio-plastics and elevated export and production of flexible plastic packaging in the region.

Japan will hold more than 14% of the East Asia market in 2021, backed by increasing development in recycling infrastructure and limited usage of non-biodegradable plastics in the country.

Polylactic acid (PLA) bioplastics are gaining traction owing to their superior durability, recyclability and lightweight nature. The segment is predicted to expand by 1.11x of its current valuation over the assessment period.

General barrier packaging will account for more than 80% of the global market share by the end of 2031. Increasing demand for safe and sterile packaging options for packing vegetables and fruits will be the key growth driver.

"Rising usage of flexible plastic packaging in online retail and e-commerce industry and increasing consumer reliance on online delivery of essential products especially during pandemic will drive the flexible plastic packaging market growth over the forecast period," says the FMI analyst.

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# Competitive Landscape

Leading market players are focusing on new product development to expand their product portfolio and penetrate new markets. They are also working towards devising new methods for sustainable packaging to gain the competitive edge in flexible plastic packaging market.

For instance, in 2021, ThyssenKrupp's plant engineering business won another order to construct a new bioplastics plant in South China. The plant will be based on patented PLAneo technology and is predicted to produce 30,000 tons of polylactide (PLA) annually.

In January 2021, Yum China which holds major stakes in leading fast food joints in China launched plastic reduction and sustainable packaging initiatives and aims for 30% reduction in non-degradable plastic packaging weight in the next five years.

# Key Segments Covered in the Flexible Plastic Packaging Market Report

By Material Type:

Oil Base Polymers
Bio-Plastics

By Product Type:

Pouches
Bags & Sacks
Tubes
Sleeve Labels
Films & Wraps

By Packaging Type:

VSP (Vacuum Skin Packaging)
MAP (Modified Atmospheric Packaging)
General Barrier

By End-Use:

Food
Beverages
Personal Care
Homecare
Pharmaceuticals
Industrial Packaging
Consumer Packaging
Others

By Region

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
Middle East & Africa (MEA)

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.