Technavio estimates the global flexible plastic packaging market to grow by USD 34.02 billion, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Flexible Plastic Packaging Market 2020-2024 (Graphic: Business Wire)
The market is driven by the need for improving shelf life of products. However, the high cost involved in the manufacture of flexible plastic packaging might challenge growth.
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Flexible Plastic Packaging Market: Product Landscape
Based on the product, the market saw maximum growth in the pouches segment in 2019. The segment is driven by the enhanced visual appeal of pouch packaging and the extensive use of pouches for the packaging of dry foods, candies, confectioneries, agriculture products, and liquids. The market growth in the segment will be significant over the forecast period.
Flexible Plastic Packaging Market: Geography Landscape
49% of the market's growth originated from APAC in 2019. The rapid expansion of end-user industries, such as e-commerce, fast-moving consumer goods (FMCG) is the major factor fueling the growth of the flexible plastic packaging market in APAC.
China and India are the key markets for flexible plastic packaging solutions in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Flexible Plastic Packaging Market Vendors:
Amcor Plc operates its business through the Flexibles and Rigid Packaging segments. The company offers flexible plastic packagings under the brands Vento, AmLite Ultra, Charta, AmLite HeatfFlex, and others.
Berry Global Group Inc.
Berry Global Group Inc. operates its business through segments such as Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene Specialties. The company offers flexible plastic packaging under the brands Rigid Lens, Fortitude, WinLock, Clear-seal, SteamQuick, Cutterbox, and others.
CCL Industries Inc.
CCL Industries Inc. operates its business through segments such as CCL, Avery, Checkpoint, and Innovia. The company offers flexible plastic packaging solutions for various end-user industries, including home and personal care, premium food and beverage, healthcare and specialty, and others.
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Related Reports on Materials Include:
Global PET Packaging Market Global PET packaging market is segmented by end-user (beverages, household goods, food, and pharmaceutical) and geography (APAC, Europe, MEA, North America, and South America). Get a free sample report to know more
Global Modified Atmosphere Packaging Market Global modified atmosphere packaging market is segmented by material (ethylene vinyl alcohol, polyethylene, polyethylene terephthalate, polyamide, and others), geography (North America, Europe, APAC, MEA, and South America), and application (bakery and confectionary, poultry, seafood, and meat products, fruits and vegetables, and others). Get a free sample report to know more
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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What our reports offer:
- Market share assessments for the regional and country-level segments
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