Flexible Plastic Packaging Market Size, Share & Trends Analysis Report By Material (PE, PP, PVC, PA, PS), By Product (Pouches, Films & Wraps, Rollstock, Bags), By Application, By Region, And Segment Forecasts, 2024 - 2030

Flexible Plastic Packaging Market Size, Share & Trends Analysis Report By Material (PE, PP, PVC, PA, PS), By Product (Pouches, Films & Wraps, Rollstock, Bags), By Application, By Region, And Segment Forecasts, 2024 - 2030

Flexible Plastic Packaging Market Growth & Trends

The global flexible plastic packaging market size is projected to reach USD 253.76 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% during the forecast period. Significant demand for the product in the food & beverage and healthcare industries is a key growth stimulant for the market.

Polyethylene is the most widely used material for the production of flexible plastic packaging. The segment is expected to account for the largest share in the market during the forecast period owing to its abundant availability and a considerable decline in manufacturing costs. In terms of type, the demand for flat pouches is estimated to register a significant rise over the same period owing to its applicability in various industries. These pouches are preferred for their convenience regarding storage and transportation.

The demand for the product in the food & beverage industry is backed by the growing popularity of stand-up pouches and flat pouches on retail shelves. The pharmaceutical industry offers a lucrative opportunity for the global flexible plastic packaging market owing to increasing health awareness among consumers, the burgeoning popularity of convenient packaging, and a substantial increase in processing units (product) from a manufacturer’s standpoint.

In this regard, Europe has also contributed significantly to the growth of the pharmaceutical industry, thereby strengthening the flexible plastic packaging market in the region. Some of the key countries that have witnessed an upswing in the demand for pharmaceutical products are Belgium, Denmark, France, Germany, Ireland, Italy, and Switzerland.

Asia Pacific is likely to be a promising destination for flexible plastic packaging manufacturers, notably emerging countries such as China, Japan, and India. Manufacturers are focusing on setting up their manufacturing plants close to sources of raw materials in the region, on account of their cheap availability. Low labor cost is another factor that is attracting manufacturers to strengthen businesses in this region. Asia Pacific is also the largest market for beverages. This has offered lucrative opportunities for manufacturers to cater to the packaging requirements of the beverage industry in the region.

Flexible Plastic Packaging Market Report Highlights

• In 2023, the pharmaceutical & healthcare segment dominated the industry with a revenue share of around 33.4%. It is expected to retain its prominent position over the forecast period.
• In terms of volume, the polyethylene (PE) material segment dominated with a revenue share of 26.3% in 2023. It is expected to retain its prominent position over the forecast period.
• Asia Pacific dominated the flexible plastic packaging market and accounted for the largest revenue share of around 43.0% in 2023. Asia Pacific has witnessed a significant increase in disposable income among consumers, thereby enabling them to buy products from a sizable number of retail locations.

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