According to a new market research report "Flexible Plastic Packaging Market by Type (Stand-Up Pouches, Flat Pouches, Gusseted Bags, Wicketed Bags, Wraps, Rollstock), Material (Plastic Films, Paper, Aluminum Foil, Bioplastics), Printing Technology, Application, and Region - Global Forecast to 2022", The Flexible Plastic Packaging Market is projected to grow from $102.2 billion in 2017 to reach $131.7 billion by 2022, growing at a CAGR of 5.2% during the forecast period.
The rise in manufacturing activities and growth in the demand for conveniently packaged products are driving the market.
The growing demand from the food & beverage industry also provides an opportunity for the market to grow, especially in the emerging economies of Asia Pacific and South America.
The global flexible packaging market is emerging with positive growth due to the rising consumption of flexible packages in end-use applications such as food, beverage, personal care products, and pharmaceuticals.
There is a continuous need for innovations in the flexible packaging industry to gain a competitive edge over the other players. There is no other substitute for packaging, so more innovation and versatility are required in the existing products. Therefore, all the key companies have their research and development departments to provide new and innovative packaging to their customers.
The rising health concerns and environmental risks have promoted various regulations, which have further resulted in increased consumption of flexible packages in a different end-use segment as well as in different regions. To achieve this hike, innovations are being undertaken to meet the synchronization of consumer needs as per their requirements. The demand for renewable and sustainable resins is also gaining hold in this industry.
The stand-up pouches segment is projected to account for the largest market share in 2022, mainly because of the growing consumption of food & beverage, dairy, and cosmetics products. Stand-up pouches are both appealing and functional as they offer various features such as slider closure, zipper re-seal, and release valves. The growing healthcare industry also provides an opportunity for the market to further grow due to the rising consumption of over-the-counter products that use stand-up pouches.
Raw materials such as plastic films, aluminum foil, paper, and bioplastic are used for flexible packaging. Plastic films are categorized further into polyethylene, polypropylene, PVC, BOPET, EVOH, polyamide, and polystyrene. They offer excellent visibility of the product and provide secure and attractive packaging. They are primarily used in the packaging of food & beverage products, as they protect them from oxidation and also extend their shelf life.
Key regions of the flexible plastic packaging market include North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2016 and is projected to grow at the highest rate between 2017 and 2022, in terms of value.
This is mainly due to the increasing demand for flexible packaging in China and India and the growing food & beverage industry in these countries. Due to the increasing disposable incomes, the urbanized population is shifting toward healthy and safe packaged foods. Therefore, rising income and consumption levels would also lead to the growth of the flexible packaging market in this region.