High demand for flexible plastic packaging especially in food and beverages, electrical, consumer electronics, and e-commerce industries owing to its lightweight and high durability will boost the market growth in upcoming years. According to Flexible Packaging Market by Future Market Insights, the global flexible plastic packaging market is anticipated to grow at 5% CAGR between 2021 and 2031 owing to rising inclination of consumers toward stand-up pouches and re-closable packaging solutions versus traditional packaging products.
Key Research Findings
- Increasing e-commerce sales in U.S. will boost demand for flexible plastic packaging in the country.
- Increased demand in the healthcare industry for general barrier, long-life, and durable plastics is projected to boost market growth in Germany.
- Increasing government expenditure in upgrading recycling facilities in China is likely to bode well for the flexible plastic packaging market over the forecast period.
- Rising awareness regarding benefits of recycling and bioplastics in India has elevated demand for flexible plastic packaging.
- Government measures are supporting the adoption of bio-plastics, while prohibiting the use of non-biodegradable and single-use.
- By product type, flexible plastic films and wraps will gain traction since they are lightweight, resilient, and offer great protection to a wide range of items, particularly when traveling.
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, which is expected to accelerate demand for flexible plastic packaging solutions.
Manufacturers are focusing on boosting their portfolio in the 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. This broadened KM’s product line of sustainable flexible packaging solutions and enabled the company to access a larger client base.
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 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 packaging sales growth, according to the report.