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How Has the Flexible Plastic Packaging Market Size Expanded Recently and What Are the Predicted Growth Rates?
Over the years, the flexible plastic packaging market size has noted impressive growth. There's an observed increase from $166.01 billion in 2023 to $174.42 billion in 2024, marking a compound annual growth rate CAGR of 5.1%. This growth attributed to different factors including consumer convenience, sustainability concerns, food and beverage industry growth, shelf appeal and branding, transportation, and logistics.
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What Are the Forecasted Growth and Major Trends in the Flexible Plastic Packaging Market?
The flexible plastic packaging market rests on the cusp of stellar expansion. It's estimated to grow from $174.42 billion in 2024 to a staggering $219.18 billion in 2028, suggesting a vibrant compound annual growth rate CAGR of 5.9%. This promising growth in the forecast period aligns with several factors like burgeoning e-commerce and home delivery services, elements of convenience, customization and personalization, reduction of food waste and emerging market growth. There are also major trends contributing to this growth, such as a rising focus on health and hygiene, advanced barrier materials, single-use plastic alternatives, digital printing and labelling technology advancements.
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What Triggered the Growth of the Flexible Plastic Packaging Market in the Historic Period?
Food brands have increasingly adopted flexible plastic packaging, finding it the perfect way to package food products that have been frozen, canned, cooked or nutritionally altered. As a result, the high consumption of processed and packaged food gave a significant push to the flexible plastic packaging market. For instance, the Agricultural and Processed Food Products Export Development Authority APEDA, an Indian-based government agency, reported an increase in processed food products exports from $11,671 million to $ 13,261 million in 2021-22.
Who Are Some Key Players Operating in the Flexible Plastic Packaging Market?
The flexible plastic packaging market is home to significant players. Some market leaders include Constantia Flexibles International GmbH, Amcor Ltd., Berry Global Inc., Clondalkin Group Holdings BV, ProAmpac Holdings Inc., Coveris Flexibles UK Ltd., Bemis Company Inc., Bischof + Klein SE & Co KG, Aluflexpack AG, Cosmo Films Ltd., C-P Flexible Packaging, Novolex Holdings LLC, Swisspac USA, Ultimate Packaging Pty Ltd., Mondi Group plc, Sonoco Products Company, Sealed Air Corporation, TC Transcontinental Inc., Huhtamaki Oyj, WestRock Company, DS Smith plc, Silgan Holdings Inc., Uflex Ltd., Winpak Ltd., Glenroy Inc., Printpack Inc., Schur Flexibles Group, Huhtamaki PPL Ltd., Novolex Holdings Inc., InterFlex Group Europe Ltd., American Packaging Corporation.
Which Innovative Packaging Launch Influences the Industry's Growth?
The flexible plastic packaging market continues its upward trajectory, spurred by the trend of innovative packaging. Companies focus on creating pioneering and sustainable packaging solutions for end-users. One such initiative was taken by FreeForm Packaging AB, a Sweden-based packaging company, which launched a single-sided stretchable paper laminate—it's 85% paper-based and safeguards packaging content with its polyethylene layer.
How is the Global Flexible Plastic Packaging Market Segmented?
Diverse segmentation reflects the flexible plastic packaging market. Segments are defined as follows:
1 By Type: Stand-Up Pouches, Flat Pouches, Rollstock, Gusseted Bags, Wicketed Bags, Wraps, Other Types
2 By Technology: Flexography, Rotogravure, Digital Printing, Other Technologies
3 By Application: Food, Beverage, Pharms & Health Care, Personal Care & Cosmetics, Other Applications
Asia-Pacific Leads the Flexible Plastic Packaging Market in 2023—What's the Outlook for Other Regions?
Region-wise, Asia-Pacific emerged out on top in the flexible plastic packaging market in 2023. Other covered regions in the flexible plastic packaging market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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