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Flexible Plastic Packaging Market to Surpass US$202 bn due to Rise in Demand from Food and Beverage and Pharmaceutical Industries
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Flexible plastic packaging is highly in demand on account of the convenience it provides and prolonged shelf life it offers to the products. Flexible plastic packaging is considered to be effective for distributing and packaging food items, pharmaceuticals, beverages, and consumables. It is an economical way for preserving items. This form of packaging is witnessing much demand on account of the efficient distribution and as it helps minimize losses. According to Persistence Market Research, the global flexible plastic packaging market is expected to witness a robust CAGR through 2017 to 2022. The market for flexible plastic packaging is estimated to reach a value of around US$202 bn by the end of 2022.
The report segments the global flexible plastic packaging market on the basis of pack type into the sachet and pouches, bags, tubes, films and wraps, and others. Of these, the sachet and pouches segment is witnessing highest potential of growth. This segment has been contributing the most to the flexible plastic packaging market ever since 2016. The sachet and pouches segment is anticipated to expand at the fastest pace, exhibiting a CAGR of 7.7% during the forecast period from 2017 to 2022, and is estimated to portray a high share in the market. This segment is also estimated to show a high BPS by 2022 end.
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By material type, the global flexible plastic packaging market is segmented into polyethylene, polystyrene, polyvinyl chloride, polyamide, ethylene vinyl alcohol, and polypropylene. Of these, the BOPP material is witnessing highest demand. The segment is anticipated to be in high demand for packaging potato chips, packing snacks, reusable woven bags for shopping, and in labels and wrapping films. The BOPP material is expected to expand at the highest CAGR of 10% throughout the forecast period. It is leikly to gain a high BPS by 2022.
The polyethylene segment is anticipated to continue witness steady growth and maintain an attractive market share through 2017-2022. The segment is likely to enjoy a high market share and this is attributed to its use in various FMCG products such as foil pouches, beverages, and in metallized lids. It is also used for packaging of confectioneries, yoghurt, and carton windows. In 2017, the polyethylene segment accounted for a whopping 50% market share in the global flexible plastic packaging market.
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The global flexible plastic packaging market is led by key players such as Berry Global Group, Inc., Bemis Company, Inc., Amcor Ltd., Sealed Air Corporation, Mondi Group plc, Huhtamaki Oyj, Sonoco Products Company, Constantia Flexibles Group GmbH, Bischof & Klein GmbH & Co. KG, and Ampac Holdings LLC.
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