Flexible Plastic Packaging Market Market size is set to grow by USD 43.64 billion from 2023-2027, Amcor Plc, AR Packaging Group AB and Bemis Manufacturing Co., and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, April 17, 2024 /PRNewswire/ -- The global flexible plastic packaging market market size is estimated to grow by USD 43.64 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 4.75% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of  43%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Amcor Plc, AR Packaging Group AB, Bemis Manufacturing Co., Berry Global Inc., Bischof Klein SE and Co. KG, CCL Industries Inc., Clondalkin Group Holdings BV, Constantia Flexibles Group GmbH, Coveris Management GmbH, Crownpack Pty Ltd., DS Smith Plc, Huhtamaki Oyj, Mondi plc, ProAmpac Holdings Inc, Sealed Air Corp., Sigma Plastics Group, Sonoco Products Co., Transcontinental Inc., FlexPak Services LLC, Richdale Plastics

Analyst Review

In the comprehensive market of rigid and flexible packaging, Richdale Plastics stands out as a robust vendor, continually investing in prime reasons such as printability, durability, and barrier protection. The flexible plastic packaging market faces various market facets, including competition from alternatives like paper and aluminum foil. Plastic resins, a key component, experience price fluctuations, leading to collaborations for production capacity expansion. However, concerns over plastic contamination and pollution, particularly in marine life, pose significant challenges. Despite these issues, the market's market position remains strong, with applications in packaged food and various industries ensuring growth. Plastic bags and films continue to dominate, but innovations in sustainable solutions are on the rise.

Key Market Drivers

The Flexible Plastic Packaging Market encompasses various applications, including Garbage Bags, Durable Packaging for perishable items like fruits in Biodegradable materials, and Plastic Resins for producing Plastic Bags, Plastic Films, and Plastic Wraps. Price fluctuations and Acquisitions shape market dynamics, with key players like Sealed Air Corporation and Huhtamaki Oyj expanding Production capacity. However, concerns over Plastic Contamination and Plastic Pollution, particularly in marine life, necessitate the use of Kraft Paper and exploration of Consumer Interest in alternatives. Salty Snacks, Sweet Biscuits, Sugar Confectionery, and processed food in Gulf states benefit from Pouches and Laminated Plastic, while Meats, Sauces, and Curries require Thermal Sterilization. Health awareness and Population growth drive Product Innovation, with companies focusing on Recycling Capacity and Sustane line using Recycled Polymers. Stonyfield Organic and others prioritize Sustainability in response to environmental concerns.

Challenges and Opportunities

The Flexible Plastic Packaging Market faces rising production costs due to the continuous investment required in raw materials, primarily plastic, including PE and PP. Price fluctuations have increased by around 6.2% for PP in Asia, impacting vendor profit margins. Despite these challenges, flexible packaging maintains a robust market position, offering advantages over rigid packaging in areas like printability, durability, and barrier protection for various industries, such as Packaged Food and Cosmetics. Richdale Plastics and other key players invest in collaborations to innovate and meet consumer demands for versatility, convenience, and attractive packaging, like standup pouches and lightweight packaging. Market facets include biodegradable materials, plastic resins, and energy-efficient production processes. Competition intensifies as companies address environmental concerns, focusing on material sustainability and reducing plastic contamination and pollution. Market offerings include alternatives like Kraft paper, aluminum foil, and biodegradable materials. Consumer interest in eco-friendly packaging for products like salty snacks continues to grow. Price fluctuations and acquisitions shape the market landscape, with companies expanding production capacity to meet demand for flexible packaging in various applications, such as garbage bags and durable packaging for industries like marine life and consumer goods.

The flexible plastic packaging market is experiencing significant product innovation, driven by the prime reasons of health awareness, population growth, and the shift towards processed food in various sectors. Sweet biscuits and sugar confectionery are prominent categories utilizing pouches, bags, and wraps made of laminated plastic. In the Gulf states, meats, sauces, and curries are commonly packaged using these materials due to their ability to withstand thermal sterilization. Leading vendors, such as Sealed Air Corporation and Huhtamaki Oyj, are investing continuously in product development to expand their market position. For instance, Sealed Air Corporation's collaboration with Sustane line for recycled polymers and Huhtamaki Oyj's R&D focus on recycled polymers demonstrate this trend. Moreover, companies like Stonyfield Organic are moving away from rigid packaging towards flexible options. Richdale Plastics and other robust vendors are capitalizing on this shift, ensuring a comprehensive market with competition from paper, plastic, and aluminum foil. The market's facets include packaged food, population growth, and health awareness, making continuous investment in product innovation a crucial factor. Recycling capacity and collaborations are also essential elements, as evidenced by Amcor Plc's MOU with Licella Holdings for advanced plastic recycling facilities.

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Market Overview

The Flexible Plastic Packaging Market is a significant sector in the global packaging industry. This market is driven by various factors, including the convenience and protection offered by flexible plastic packaging. The use of this type of packaging is widespread in various industries, such as food and beverage, pharmaceuticals, and cosmetics. The market is also influenced by technological advancements, which have led to the development of innovative packaging solutions. For instance, the use of biodegradable and compostable plastics is gaining popularity due to environmental concerns. Moreover, the increasing demand for on-the-go packaging solutions is fueling the growth of the flexible plastic packaging market. The market is competitive, with key players such as Amcor Plc, Sealed Air Corporation, and Berry Global Inc. dominating the landscape. The future of the flexible plastic packaging market looks promising, with continued innovation and growth expected.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio