The report “Flexible Plastic Packaging Market by Packaging Type (Pouches, bags, roll stock, films & wraps), Printing Technology (Flexography, Rotogravure, Digital Printing), End-user Industry, Material (Plastics, aluminum Foils,) and Region – Global Forecast to 2027”, is approximated to be USD 182.4 billion in 2022, and it is projected to reach USD 264.9 billion by 2030, at a CAGR of 4.8%.
Some of the prominent key players are:
· Huhtamaki Oyj (Finland)
· Berry Global Group Inc. (US
· Amcor Limited. (Australia)
· Mondi Group. (UK)
· Sonoco Products Company (US)
· Westrock Company (US)
· Constantia Flexibles (Austria)
· Sealed Air Corporation (US)
· Transcontinental Inc (Canada)
· DS Smith (UK)
Opportunities: Implementing sustainable packaging solutions to meet growing consumer demand and preferences
Consumers prefer brands that adopt sustainability in their products. Similarly, they refrain from using brands that irresponsibly and negatively impact the environment. As a result, many flexible plastic packaging companies are investing in research and development to find new, sustainable packaging materials. They are also implementing recycling programs and designing packaging that is easier to recycle. As consumers continue to demand more sustainable options, the industry will likely continue to evolve and innovate to meet these demands and thus giving an opportunity to flexible plastic packaging manufacturers to attract them toward their sustainable packaging
By Material, Aluminum Foils accounted for the 2nd largest share in 2021.
Aluminum foil is a thin aluminum sheet (produced from bauxite ore) and is a lightweight metal with a silvery-white appearance. It is also the world’s most abundant metal in free and combined states. The aluminum used in Flexible plastic packaging is in the form of rolled products. Aluminum foil packaging with multilayered plastics is widely used for packaging fresh and processed meat, poultry, and fish, as they provide better hygiene and increase product shelf-life. They are extensively used in the food & beverage and healthcare sectors for packaging products, such as cheese cubes and blister packs. Aluminum has high ductility, and barrier protection, making it an ideal packaging material. It increases the shelf-life of products by keeping food, drinks, and other products safe and fresh. Another factor that enhances the use of aluminum for packaging purposes is its unparalleled recyclability.
North America accounted for the largest share of the Flexible plastic packaging Market in 2021
The flexible plastic packaging market in North America is growing owing to the rising demand for single portion packs or small packs, high disposable income levels, growing demand for convenience food, improving economic situation, and increasing consumption of packed food. An increase in the export of food products is expected to fuel the growth of the market in North America during the forecast period. Technological advancements drive the growth of the flexible plastic packaging market in North America in the food, beverage, and healthcare industries.
Recent Developments :
• In January 2023, Amcor Limited acquired MDK, a Chinese company that provides packaging for medical devices. This acquisition will strengthen Amcor’s leadership in the Asia Pacific medical packaging segment, especially serving China, India, and Southeast Asia markets.
• In December 2022, Amcor Limited signed a Memorandum of Understanding (MOU) with Licella Holdings to invest in plastic advanced recycling facilities in Australia. This deal strengthens Amcor and Licella's commitment to developing a local circular economy for soft plastics in Australia and advances Amcor toward achieving its objective of having 30% recycled content in all of its products by 2030.
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