Flexible Plastic Packaging Market Size, Share, Analysis, Trends, Growth, 2032

Flexible Plastic Packaging Industry Prospective:

The global flexible plastic packaging market size was worth around USD 187 billion in 2023 and is predicted to grow to around USD 277 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.5% between 2024 and 2032. 

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Flexible Plastic Packaging Market: Overview

Flexible plastic packaging is any package produced from adaptable or flexible plastic materials. Flexible packaging may bend, twist, and stretch unlike stiff packaging, which preserves shape.

Common instances are pouches, wraps, plastic bags, and sleeves. Because of its low cost, lightweight, and ease of customizing for varied product forms and sizes, this kind of packaging is extensively employed in many different sectors. Common applications include food, beverages, personal care goods, and medications, improved product protection, and user convenience.

The flexible plastic packaging market is being driven by several factors such as its cost-effectiveness, increasing demand for packaged food and beverages, technological advancements, growth in e-commerce and others.

Key Insights

• As per the analysis shared by our research analyst, the global flexible plastic packaging market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032).
• In terms of revenue, the global flexible plastic packaging market size was valued at around USD 187 billion in 2023 and is projected to reach USD 277 billion by 2032.
• The rising collaboration among the key players is expected to drive the flexible plastic packaging market over the forecast period.
• Based on the material, the Polyethylene (PE) segment is expected to dominate the flexible plastic packaging market over the forecast period.
• Based on its product, the pouches segment is expected to hold the largest market share over the forecast period.
• Based on the application, the pharmaceutical & healthcare segment is expected to hold the largest market share over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Flexible Plastic Packaging Market: Growth Drivers

Growing focus on increasing the shelf life of products drives market growth

One significant factor propelling market expansion is the growing emphasis on extending product shelf life. Increased product shelf life aids producers in cutting down on product waste.

Additionally, it facilitates the damage-free transportation and exportation of perishable goods like food, drinks, and medications. Modified atmospheric packaging (MAP) is used to increase the shelf life of flexible plastic packaging. Some businesses are concentrating on introducing new goods with longer shelf lives.

Flexible, resealable plastic packaging has emerged as a result of the necessity for food products to have a longer shelf life. Customers can securely save the package for later use due to this technology.

Demand is anticipated to rise during the projected period as a result of the increased availability of these products with additional features. It is anticipated that these factors will support the market's expansion.

Flexible Plastic Packaging Market: Restraints

High cost in the manufacturing of flexible plastic hinders market growth

Growth in the industry may be hampered by the high cost of manufacturing flexible plastic packaging. Because raw material prices are rising, manufacturing costs are high. The main raw material utilized in production, along with PE, PP, and other materials, is plastic. The cost of several plastic varieties has gone up.

In the first quarter of 2022, for instance, the price of PP increased by about 6.2% in Asia. It is anticipated that rising raw material prices would result in higher manufacturing costs and worse profit margins for businesses.

Therefore, businesses increase prices to cover these costs. Thereby, hindering the flexible plastic packaging market.

Flexible Plastic Packaging Market: Opportunities

Growing collaboration offers a lucrative opportunity for market growth

The increasing collaboration in the sector is expected to offer a lucrative opportunity to the flexible plastic packaging market during the forecast period.

For instance, in August 2023, pilot testing to recycle printed BOPP film horizontally into new flexible packaging film was announced this month by Toppan, Mitsui Chemicals Tohcello, and Mitsui Chemicals.

The three businesses hope to advance and broaden the horizontal recycling of flexible packaging film by leveraging network growth in the flexible packaging materials industry and establishing operational infrastructure and technologies for this purpose through this collaborative pilot testing project.

Flexible Plastic Packaging Market: Challenges

Environmental concern poses a major challenge to market expansion

The environmental impact of flexible plastic packaging is one of the main obstacles. Although flexible plastics are inexpensive and lightweight, many of their varieties are not biodegradable and greatly increase the amount of plastic trash produced.

Plastic packaging is seen negatively as a result of rising consumer knowledge of environmental sustainability and the increased focus on lowering plastic pollution. Therefore, the environmental concern might be posing a major challenge to the flexible plastic packaging market.

Flexible Plastic Packaging Market: Segmentation

The global flexible plastic packaging industry is segmented based on material, product, application and region.

Based on the material, the global flexible plastic packaging market is segmented into Polyethylene (PE), Polypropylene (PP), Polyamide (PA), Polyvinyl Chloride (PVC), Polystyrene (PS) and Others.

The Polyethylene (PE) segment is expected to dominate the flexible plastic packaging market over the forecast period. The demand for this material category was stimulated by the abundance of raw materials.

PE's pliability makes it a perfect packaging material. It is also reasonably priced and exhibits strong chemical resistance.

Based on product, the global flexible plastic packaging industry is bifurcated into pouches, rollstock, films & wraps, bags and others. The pouches segment is expected to hold the largest market share over the forecast period. This product's ease of storage has contributed to its broad appeal.

The producers of packaged beverages like milk, mineral water, and non-carbonated soft drinks are showing a growing preference for these items, which is expected to positively impact product demand.

Based on the application, the global flexible plastic packaging market is bifurcated into food, beverages, pharmaceutical & healthcare, personal care & cosmetics and others.

The pharmaceutical & healthcare segment is expected to hold the largest market share over the forecast period. The use of flexible packaging in healthcare meets the fundamental needs of providing medication protection.

Promoting product differentiation and improving the overall package's appeal are further advantages of flexible packaging in healthcare applications.

Flexible Plastic Packaging Market: Report Scope

Regional Analysis

The Asia Pacific dominates the market over the projected period

The Asia Pacific is expected to dominate the flexible plastic packaging market during the forecast period. Customers' disposable income has significantly increased throughout Asia Pacific, allowing them to purchase goods from a large number of retail establishments. To preserve the purity of their products, the major producers in Asia have begun to spend on bettering their production methods.

For instance, to enhance its packaging product operations, Sealed Air partnered with Sparck Technologies in September 2023 for automated packaging solutions. It offers 3D automated packaging solutions in South Korea, Japan, Australia, and New Zealand.

Besides, North America is expected to hold a substantial market share during the forecast period. The regional expansion is attributed to the growing pharmaceutical sector.

Flexible Plastic Packaging Market: Competitive Analysis

The global flexible plastic packaging market is dominated by players like:

• Sonoco Products Company
• Sealed Air Corporation
• Amcor Plc.
• Constantia Flexibles Group GmbH
• Berry Global Group Inc.
• Huhtamaki Oyj
• Bemis Company Inc.
• AR Packaging Group AB
• Mondi Group
• DS Smith Plc.
• CCL Industries Inc.
• Westrock Company
• Transcontinental Inc.
• Uflex Limited
• Novolex (Carlyle Group)
• Bischof + Klein SE & Co. KG
• Silafrica; ProAmpac
• PPC Flexible Packaging LLC
• Printpack Inc.
• Cosmo Films Limited
• Wihuri Group
• C-P Flexible Packaging
• Gualapack S.p.A.

The global flexible plastic packaging market is segmented as follows:

By Material

• Polyethylene (PE)
• Polypropylene (PP)
• Polyamide (PA)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Others

By Product

• Pouches
• Rollstock
• Films & Wraps
• Bags
• Others

By Application

• Food
• Beverages
• Pharmaceutical & Healthcare
• Personal Care & Cosmetics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa