Regional Insights: Asia-Pacific and North America at the Forefront of Flexible Paper Packaging Market Growth by 2026
Flexible packaging is one of the growing trends in the packaging industry. Flexible plastic packaging involves various types of plastic material used for the packaging of different products. The type of material to be used in packaging depends upon the application and type of product to be packaged. Generally, plastic material such as Polyethylene, Polypropylene, polystyrene, and polyvinyl chloride are used in flexible plastic packaging. Flexible packaging is considered to be the most convenient and economical way to preserve, distribute and package food items, beverages, pharmaceutical products and several consumables.
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The growth of this market is attributed to the increase in the demand for light weight and cost-effective packaging solutions globally due to the surge in demand for foodstuffs and pharmaceutical goods during the COVID-19 pandemic. The growth in the end-use industries (such as food, beverage, cosmetics, and pharma & healthcare) has generated new opportunities for the flexible plastic packaging market. However, factors such as volatility in the raw material prices and recyclability of plastic may inhibit the growth of the market.
According to MarketsandMarkets, The global flexible plastic packaging market size is projected to grow from USD 64.4 billion in 2021 to USD 79.1 billion by 2026 at a CAGR of 4.2% from 2021 to 2026. The market for flexible plastic packaging is segmented, based on type, into pouches, wraps, rollstock, bags, and others (include labels, sachets, and stick packs). Pouches segment is projected to dominate the market for flexible plastic packaging by 2025. The flexible plastic packaging market has witnessed a significant increase in the demand for pouches for the supply of medecines, vegetables, meat, and goods to the respective stores, retailers, pharmacies, and hospitals, during the COVID-19 pandemic. Furthermore, the increasing opportunities in e-commerce and offline retail sectors have resulted in accelerating demand for pouches in flexible plastic packaging applications.
Based on application, the food segment is projected to be the largest segment in the flexible plastic packaging market during the forecast period. The increase in exports of vegitables and meat from Southeast Asia and Europe is expected to boost the demand for flexible plastic packaging, by 2025. The fruits and meat distributors prefer flexible flexible plastic packaging to pack their products, due to their low cost and ability to offer longer shelf life to the product. In a way, flexible plastic packaging ensures a prolonged shelf life of the products that helps in efficient distribution and minimizing losses.
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The flexible plastic packaging market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2019, in terms of both value and volume. Furthermore, the market for flexible plastic packaging in the APAC region is also projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.
The growth of the flexible plastic packaging market is attributed to the increase in demand from various end-use applications. Consumers are resorting to panic-buying and bulk stocking due to the fear of lockdowns during the COVID-19 pandemic. The increasing number of people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for flexible plastic packaging solutions.
Amcor Limited (Australia), Mondi Group (UK), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), Sappi Global (South Africa), DS Smith (UK), Coveris Holding SA (UK), Sabert (US), Wihuri (Finland), amongst others, are the key players operating in the flexible paper packaging market.
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