Global Flexible Plastic Packaging Market 2017-2021
About Flexible Plastic Packaging
Flexible plastic packaging is gaining market traction as a primary and secondary packaging solution across all consumer goods packaging sectors. The food and beverage and pharmaceutical sectors are the major end-users of the flexible plastic packaging market. As an advanced plastic packaging technique, it increases the shelf life of products and reduces storage and transportation costs. For instance, a recent innovation in the flexible plastic packaging market, called modified atmospheric packaging (MAP), reduces the packaging cost by around 30%-33% in comparison to rigid plastic packaging. There are many aspects of flexible plastic packaging that can surpass the benefits of its immediate substitute, rigid plastic packaging.
Technavio’s analysts forecast the global flexible plastic packaging market to grow at a CAGR of 6.03% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global flexible plastic packaging market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of flexible plastic packaging.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Flexible Plastic Packaging Market 2017-2021
Technavio recognizes the following companies as the key players in the global flexible plastic packaging market: Amcor, Bemis Company, Berry Global, and Huhtamaki
Other Prominent Vendors in the market are: Clondalkin Group Holdings BV, Constantia Flexibles, Coveris, Mondi, ProAmpac, DuPont, Innovia Films, Reynolds Group, Sealed Air, and Sonoco
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing market consolidation. The fragmented nature of the market and high competitive pressure from large vendors are forcing the small players to combine with the large ones through mergers or acquisitions. This is encouraged by the large players as they can expand their market presence and enter new markets. Mergers and acquisitions help small players adopt new technologies from the large players to survive in the competitive market.”
According to the report, one of the major drivers for this market is Growing global plastic film market. The global plastic film market is anticipated to grow 5%-6% during the forecast period. The food segment is expected to show a higher demand for flexible plastic films. Flexible plastics films can be used as stretch films and shrink films to be used in wrapping processed food items, meat, and vegetables. There are certain properties of plastic films which improve the shelf life of food items. In addition, the plastic film can reduce the overall transportation and warehouse cost in comparison with other types of packaging.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in polymer prices. The global polymer industry is facing a reduction in polymer prices since the past few years. Low energy and feedstock cost are the major reasons for the declining polymer prices. In addition, the reducing crude oil prices will also reflect on the polymer price since polymers are the byproducts of crude oils. For example, in 2016, the price of polyvinylidene chloride (PVDC) and EVOH polymer declined by around $0.1-0.3 per Kg. In the same year, the polyvinyl alcohol (PVA) prices decreased by around $0.2-$0.4 per kg. The reduction in polymer prices is expected to help flexible plastic packaging manufacturers reduce their overall purchasing and operational costs, besides encouraging them to purchase polymer in bulk.
Amcor, Bemis Company, Berry Global, and Huhtamaki, Clondalkin Group Holdings BV, Constantia Flexibles, Coveris, Mondi, ProAmpac, DuPont, Innovia Films, Reynolds Group, Sealed Air, and Sonoco
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook