Flexible Plastic Packaging Industry size is expected to register 4% CAGR between 2023 and 2032 propelled by rising demand for convenience.
Selbyville, Delaware, June 10, 2024 (GLOBE NEWSWIRE) — Flexible Plastic Packaging Market is anticipated to record USD 250 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The rising demand for lightweight, durable, and cost-effective packaging solutions is driving the industry growth. Flexible plastic packaging offers superior barrier properties to extend product shelf life, making it ideal for the food and beverage (F&B) sector. Lately, the popularity of convenient and portable packaging formats among consumers is substantially increasing. Significant advancements in packaging technologies, like improved printing and customization options are further enhancing the product appeal and branding opportunities.
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The growing emphasis on sustainability and the development of recyclable and biodegradable flexible plastic materials are increasing the adoption of these packaging solutions. The expansion of the e-commerce and retail sectors along with the rising requirement for efficient and protective packaging solutions is also positively influencing the market growth trajectory. According to the Census Bureau of Department of Commerce, in the U.S., the total retail sales of goods via e-commerce channels in the first quarter of 2024 recorded $1,820 billion. This expansion of e-commerce sales will drive the uptake of flexible packaging solutions.
Pouches segment to hold substantial share
The pouches type segment in the flexible plastic packaging market is projected to account for sizeable revenue share by 2032. The convenience and reseal ability of pouches makes them popular among consumers for various products, including food and beverages. Pouches are lightweight and help reduce the transportation costs and environmental impacts. Rapid advancements in material technology are enhancing the durability and barrier properties of pouches, further boosting their adoption in pharmaceuticals and personal care.
Rising utilization in pharmaceuticals & healthcare
Flexible plastic packaging industry from the pharmaceuticals & healthcare application segment will grow at a significant rate through 2032, owing to the rising demand for secure, tamper-evident packaging solutions to ensure product safety and integrity. The lightweight and durable nature of flexible plastic packaging helps reduce shipping costs by enhancing the product protection. Significant advancements in barrier technologies are improving the shelf life of medical products, while customizable packaging solutions are catering to specific pharmaceutical requirements.
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Europe to record significant growth
Europe flexible plastic packaging market is projected to showcase robust expansion between 2023 and 2032, owing to the increasing demand for lightweight, cost-effective, and sustainable packaging solutions. The presence of a strong F&B sector is driving the need for packaging that extends shelf life and ensures product safety. The rise in e-commerce is driving the demand for protective and efficient packaging. Significant advancements in recycling technologies and the growing environmental awareness are further spurring the adoption of recyclable and biodegradable flexible plastics across the regional sectors.
Flexible Plastic Packaging Market Participants
Some of the leading firms operating in the flexible plastic packaging industry include Amcor Limited, American Packaging Corporation, AR Packaging Group AB, Bemis Company, Inc., Berry Global Group Inc., Bischof + Klein SE & Co. KG, and CCL Industries Inc. These market players are coming up with new products to cater to the rising end-user and consumer demands. For instance, in April 2024, Amcor and Kimberly Clark launched Eco Protect diaper packaging in Peru, featuring 30% recycled materials. These bags, made with post-consumer recycled content, offer a sustainable packaging solution for hypoallergenic diapers crafted from certified, plant-based fibers.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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