Flexible plastic packaging makes use of thin and stretchable plastics that preserve and maintain the properties of products and are puncture and wear resistant. The global flexible plastic packaging market has witnessed a robust growth path due to several aspects impacting it. The rise in population especially middle class, growing demand for flexible plastic packaging from the food and beverage industry and pharmaceutical industry, and rising preference of convenient packaging and handling are few of the aspects fuelling the growth of the flexible plastic packaging market. Moreover, this growth can be attributed to the rising adoption of plastic flexible packaging owing to various benefits it offers, such as, light weight, easy to store, carry and reseal, inexpensive, supports the shelf life of the products, creates appeal, enables visibility of the products within, easy to transport, can be used to package a wide variety of products, indicates and maintains freshness, gives sufficient room for innovations and designing, and delivers effective product to package ratio. These factors are expected to contribute in pushing the growth of the flexible plastic packaging in the years to come. However, unstable prices of raw material can pose restraints to the growth of the global market for flexible plastic packaging.
A comprehensive research report on “Flexible Plastic Packaging Market: Global Industry Analysis (2012-2016) and Forecasts (2017-2022)” by Persistence Market Research uncovers various market facts that can be used as guidelines by the reader to achieve stability in the changing dynamics of the market and plan future expansions on a global basis. As per the research study, the global flexible plastic packaging market is projected to witness a high 6.7% CAGR during the period of assessment 2017-2022.
5 Key Highlights on Global Flexible Plastic Packaging Market
- Food and beverage segment is expected to dominate the global flexible plastic packaging market by end use category to reflect a high market value in 2017 and likely to retain this trend throughout the period of assessment, 2017-2022. This segment reflects a high market share of 67.4% in 2017 and is poised to grow at a high CAGR during this assessment period
- Personal care products segment by end use is projected to grow at the highest pace throughout the assessment period and projected to register a 7.9% CAGR. This segment is the third largest segment with respect to market share in the end use category. Flexible plastic packaging is also widely used in the packaging of tobacco products, which is driving the growth of the tobacco products segment. Food and beverage and tobacco products segment show similar pace during the 2017-2022 period
- Asia-Pacific excluding Japan (APEJ) region is the largest region from the market share perspective and is set to lead the global market in the coming years. Moreover, APEJ also shows high growth rate throughout the assessment period, to register a CAGR of 7.3%. This is the most lucrative region with higher market attractiveness in the global flexible plastic packaging market. From growth standpoint, after APEJ, North America, Middle East and Africa, Japan and Europe regions reflect a moderate growth rate
- Sachet and pouches segment by pack type show high potential and poised to grow at a high 7.7% CAGR throughout the period of assessment
- Polyethylene segment in material type category is the largest segment enjoying a high market share of about 50% and is expected to lead the global market in the coming years. BOPP segment is projected to show high pace during the 2017-2022 period
Global Flexible Plastic Packaging Market: Competitive Assessment
The research report on global flexible plastic packaging market includes profiles of key players operating in this market. Tier companies like Bischof & Klein GmbH & Co. KG, Ampac Holdings LLC, Constantia Flexibles Group GmbH, Huhtamaki Oyj, Sonoco Products Company, Mondi Group plc, Berry Global Group, Inc., Sealed Air Corporation, Bemis Company, Inc., and Amcor Ltd., are described in this research report.