Flexible Plastic Packaging Market To Surpass USD 200.5 Billion Threshold By 2025: Exclusive Report by MarketsandMarkets™
The global "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 is projected to grow at a CAGR of 4.5% from 2020 to 2025, reaching USD 200.5 billion. The increase in demand for flexible plastic packaging for food, beverage, and cosmetics products, as well as the rise in online grocery and drug delivery during the COVID-19 pandemic, are factors driving this growth.
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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”
In terms of value & volume, the pouches segment is estimated to lead the flexible plastic packaging market in 2019.
The pouches segment is the largest in the flexible plastic packaging market, due to its popularity in the food and beverage industry for its lightweight, convenient, and customizable packaging solutions. Stand-up pouches are preferred by manufacturers to differentiate their brands and gain a competitive edge. The growth of e-commerce and offline retail is also driving the demand for flexible plastic pouches.
Food segment is estimated to be the largest segment in the flexible plastic packaging market in 2019.
The food segment is the largest in the flexible plastic packaging market, accounting for the largest market share in 2019. The demand for flexible plastic packaging for food products, such as processed foods, snacks, and confectioneries, has increased due to factors such as the convenience and versatility of the packaging, as well as the growth of the food and beverage industry.
The APAC region is projected to account for the largest share in the flexible plastic packaging market during the forecast period.
The APAC region is projected to lead the flexible plastic packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for flexible plastic packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving the global economy, expanding the working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for flexible plastic packaging.
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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