According to MarketsandMarkets’ report "Flexible Plastic Packaging Market by Type (Pouches, Rollstocks, Bags, Wraps), Material (Plastic & Aluminum Foil), Application (Food, Beverage, Pharma & Healthcare, Personal Care & Cosmetics), Technology, and Region – Global Forecast To 2025," the global flexible plastic packaging market size is projected to grow from $160.8 billion in 2020 to $200.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025.
The market is projected to grow in accordance with the increase in the demand for flexible plastic packaging for food, beverage, and cosmetics products across the globe. Furthermore, the flexible plastic packaging market has witnessed a significant increase in its demand for the supply of grocery, drugs, and vegetables and meat through online channels, during the ongoing COVID-19 pandemic.
The pouches segment, by type, accounted for the largest market share in the flexible plastic packaging market. The increase in the demand for pouches can be attributed to the rise in the demand for processed food packed in pouches, lightweight, and convenient packaging solutions across end-use industries.
Manufacturers of food and beverage products prefer stand-up pouches to differentiate their brands and gain a competitive advantage in the market. Pouches have the flexibility of being tailored to offer unique designs, styles and sizes.
Food segment, by application, accounted for the largest demand for flexible plastic packaging in 2019, in terms of value and volume. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for flexible plastic packaging solutions.
The APAC region is projected to lead the flexible plastic packaging market, in terms of both value and volume from 2020 to 2025.