The report “Flexible Plastic Packaging Market by Type (Pouches, Rollstocks, Bags, Wraps), Material (Plastic & Aluminum Foil), Application (Food, Beverage, Pharma & Healthcare, Personal care & Cosmetics), Technology, and Region – Global Forecast To 2025“, The global flexible plastic packaging market size is projected to grow from USD 160.8 billion in 2020 to USD 200.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for flexible plastic packaging for food, beverage, and cosmetics products across the globe. Furthermore, the flexible plastic packaging market has witnessed a significant increase in its demand for the supply of grocery, drugs, and vegetables & meat through online channels, during the ongoing COVID-19 pandemic.
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Browse 138 market data tables and 47 figures spread through 228 pages and in-depth TOC on “Flexible Plastic Packaging Market”
Driver: Cost-effectiveness and Increased product shelf-life
Due to busy lifestyles, the demand for convenient products has increased, thus leading to a rise in demand for flexible packs. Flexible plastic packaging requires fewer resources and energy for packaging; hence, flexible packs are available at low costs and occupy 35% less retail shelf space, rendering them cost-effective as compared to other forms of packaging. Robbie Fantastic Flexibles, a member of the Flexible Packaging Association, states that the manufacturing of 780,000 flexible pouches consumes 87% less coal, 74% less natural gas, and 64% less crude oil in comparison to the manufacturing of rigid clamshell packages. Moreover, there has been a gradual shift in consumer choice from traditional methods of preparing food at home to buying packaged products.
Restraint: Poor Infrastructure facilities for recycling
Recycling of plastic packaging waste is a process that requires state-of-the-art infrastructural facilities. It is a time-consuming process that needs personnel expertise. However, some parts of the world lack these facilities for recycling. Even in developed countries such as the US, the problem of sub-standard infrastructure for recycling persists. Every year, in the US itself, recyclable containers worth more than USD 11 billion are thrown away due to a lack of recycling facilities. According to the UN Environment Programme, the world produces around 330 million tons of plastic waste each year. To date, only 9% of the plastic waste ever generated has been recycled, and only 14% is collected for recycling now.
Opportunity: Sustainable and new flexible plastic packaging solutions
Dynamic industry changes, such as the introduction of new regulatory initiatives, have encouraged manufacturers to develop new packaging options. Growing concerns regarding the use of bio-degradable plastics for flexible packaging and its impact on the environment have also driven manufacturers to develop sustainable packaging options that are safe and secure. In order to reduce the cost pressure and maintain the integrity of product packages, manufacturers are considering sustainable packaging solutions that require fewer materials and energy to manufacture a package, reduce transportation expenses, and offer extended shelf-life to the product.
Challenge: Recycling & environmental concerns associated with flexible plastic packaging
According to the World Economic Forum, every year, at least 8 million tons of plastic leaks into the ocean, which is equivalent to dumping the contents of one garbage truck into the ocean every minute. This is expected to increase to two per minute by 2030 and four per minute by 2050, which can destroy the ecosystem. About 90% of all the trash in the oceans is from plastic. Estimates suggest that flexible plastic packaging represents the major share. Hence, recycling becomes a major challenge in the flexible plastic packaging industry, which provides re-use value, and results in lower wastage.
Constantia Flexibles (Austria), Amcor (Australia), Berry Global Inc. (US), Mondi (Austria), Sonoco (US), and Sealed Air Corporation (US) are the key players operating in the flexible plastic packaging market. Expansions & investments, acquisitions, agreements, and new product launch are some of the major strategies adopted by these key players to enhance their positions in the flexible plastic packaging market.
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