The global flexible plastic packaging market is poised for exponential growth, with projections indicating a valuation of US$ 108.3 billion in 2023, soaring to US$ 171.6 billion by 2033. With a significant Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period, the market is witnessing unprecedented demand, particularly in the wake of the Covid-19 pandemic.
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Flexible plastic packaging emerged as a lifeline for the worldwide E-commerce sector during the pandemic, and the post-pandemic surge in demand has propelled the market to new heights. This shift has not only expanded business opportunities in the printing and packaging industry but also underscored the vital role of flexible packaging in meeting evolving consumer needs.
To address growing environmental concerns, an increasing number of manufacturers are championing the development of bio-based and sustainable flexible plastic packaging materials. This concerted effort to provide environmentally friendly solutions reflects a global commitment to sustainability and responsible packaging practices.
Key Takeaways from FMI’s Flexible Plastic Packaging Market Study
- North America flexible plastic packaging market will grow at 3.0% CAGR during the assessment period owing to thriving e-commerce industry and increasing demand for convenient packaging solutions from restaurants and food services.
- Europe market will exhibit a growth rate of 2.6% CAGR from 2021 to 2031, driven by increasing research on developing flexible bio-plastics and elevated export and production of flexible plastic packaging in the region.
- Japan will hold more than 14% of the East Asia market in 2021, backed by increasing development in recycling infrastructure and limited usage of non-biodegradable plastics in the country.
- Polylactic acid (PLA) bioplastics are gaining traction owing to their superior durability, recyclability and lightweight nature. The segment is predicted to expand by 1.11x of its current valuation over the assessment period.
- General barrier packaging will account for more than 80% of the global market share by the end of 2031. Increasing demand for safe and sterile packaging options for packing vegetables and fruits will be the key growth driver.
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Key Segments
By Material Type:
- Oil Base Polymers
- Bio-Plastics
By Product Type:
- Pouches
- Bags & Sacks
- Tubes
- Sleeve Labels
- Films & Wraps
By Packaging Type:
- VSP (Vacuum Skin Packaging)
- MAP (Modified Atmospheric Packaging)
- General Barrier
By End-Use:
- Food
- Beverages
- Personal Care
- Homecare
- Pharmaceuticals
- Industrial Packaging
- Consumer Packaging
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
