A Future Market Insights (FMI) survey offers comprehensive analysis on flexible plastic packaging market outlook. Increasing investment in bio-plastics will enable the market to register spurring sales. Trend will continue as leading market players focus on product development as key strategy to gain competitive strength.
The global flexible plastic packaging market is anticipated to grow at 5% CAGR between 2021 and 2031 owing to rising inclination of consumers towards stand-up pouches and re-closable packaging solutions over traditional packaging products. The market will exhibit 4.9% year-on-year growth with sales reaching over 33.6 million tons in 2021.
Historically, sales increased at 4.3% CAGR between 2016 and 2020. Increasing inclination and preference for on-the-go and online food delivery is fueling demand for flexible plastic packaging across the globe.
Flexible plastic packaging is widely used by e-commerce retailers as it is waterproof, durable, lightweight, and easily recyclable. Rising demand for domestic essentials and medical supplies is expected to increase online retail sales, thereby, accelerating demand for flexible plastic packaging solutions.
Manufacturers are focusing on boosting their portfolio in the flexible plastic packaging market by developing novel packaging styles such as compostable films, collapsible pouches, and bag-in-box, among others.
For instance, in 2021, KM Packaging introduced a new biodegradable product line built from bio-plastic packaging materials. Shrink wrap, stretch wrap, sticky tape, netting, and bags are all part of the C-range. This broadened KM’s product line of sustainable flexible packaging solutions and enabled the company to access a larger client base.
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In March 2021, Mondi introduced a mono-material recyclable WalletPack for Bell Germany’s thinly sliced gourmet ham. This new product was created in accordance with German recycling regulations. This innovative product is anticipated to replace multi-material non-recyclable plastic solutions, consuming 37% less material than normal plastic packaging, according to the manufacturer. Such innovations will create opportunities for flexible plastic packaging sales growth.
Market players are therefore focusing on new product launches and participating in strategic merger and acquisitions to leverage on increasing demand of bio-plastics across the globe.
“Ban on single-use plastic packaging across various nations has compelled market participants to create biodegradable and recyclable plastic packaging alternatives. This is in turn bolstering demand for flexible plastic packaging,” said a Future Market Insights (FMI) analyst.
Key Research Findings
Growth Drivers:
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Competitive Landscape
Key players are focusing on expanding production capacities, developing partnership, strategic merger and acquisition to increase market revenue. For instance,
Key players profiled in the market include
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More Insights on the Global Outlook of Flexible Plastic Packaging Market
Future Market Insights, in its new offering, provides an unbiased analysis of the flexible plastic packaging sales, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on flexible plastic packaging demand with a detailed segmentation on the basis of:
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Key Questions Covered in the Global Flexible Plastic Packaging Market Report
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